GPV
If a prospect doesn’t know their GPV, what are 3 things you can ask for to extrapolate an estimated GPV?
Avg ticket ($), transaction volume, table turns
What are the 3 main methods for card present transactions?
Swiped, dipped, tapped
What type of card can NOT be surcharged?
Debit
Which competitor is sold by a bank and is known to have IC+, Flat, or Tiered?
Clover
What are the majority of processing costs made of?
Interchange and network fees
What is a negative consequence of overestimating GPV of a prospect?
Margins will be decreased, also those customers may need to be repriced in the future because the accounts are underperforming
What are 3 examples of card not present transactions Toast supports on our hardware?
OPT, Scan to Pay (QR Code), Toast Takeout
What is the formula for calculating effective rate?
Total card processing fees in a month / Total card sales in a month = Effective rate (%)
What Competitor has been known to leverage credit surcharging to win deals?
SpotOn
Is “Visa Assessment” an example of a real or hidden fee?
Real Fee
How does overestimated GPV impact sales commissions?
It directly impacts both sales commissions and residuals which are based on margin.
What is the least secure method of a card-present transaction?
Swiping
What are 2 consequences of improper credit card surcharging?
Penalties for non-compliance, customer complaints, negative online reviews, losing repeat guests
ChowNow recently changed their rates, What was the original rate and the new rate?
New: 2.95% + 15¢
Old: 2.8% + 10¢ for VMD, 3.5% + 15¢ AMEX
What are the two components of an Interchange Rate?
Discount Rate and the Discount Per Item (DPI)
When calculating or evaluating GPV what should you should NOT factor?
Cash, as well as any 3rd party orders where payments are not processed by Toast
A guest pays in person by tapping their digital wallet on a card reader. What type of transaction is this and why?
Card present.
The guest physically presents their device for payment. (This requires a passcode or biometric validation such as Face ID or Touch ID.)
If a restaurant is providing a cash discount, what type of prices must be posted on the menu?
Prices for paying with card / non-cash prices
Square raised their rates in November 2019, what was their previous CP rate and current CP rates now?
Flat 2.75% to 2.6% +10¢ (*NOTE: Square is currently offering very low flat rates. Please let competition and payments know about these rates)
How often do the card brands modify interchange rates?
Twice per year
If a prospect has 2 locations in the US and 3 in Canada that each do $1M in GPV, what is the total GPV that we would use to calculate rates?
$2M, we only take GPV into account when the business is able to process on Toast. International/non-restaurant GPV would not be counted
What type of transactions does Toast’s real-time fraud prevention system monitor?
Online Ordering
What is the maximum percentage a business can surcharge a credit card?
Your effective rate or 4%, whichever is lower
Heartland is known to raise rates over time but subtly and in small portions in order to not draw attention – What was their most recent rate change?
On April 1 2021, Heartland raised rates on all non-EMV compliant customers by 65 bps or .65%.
What occurs when a transaction is missing data elements such as zip code when keyed, resulting in higher interchange costs?
A Downgrade