We get a lot of questions from merchants after they receive their first statement. Many are confused as to why the rate for different transactions isn’t always the same across the board. The key to solving this confusion is early education of merchants during the agreement phase. In-depth training during the agreement process is not always necessary, but offering a few pointers will ensure that the merchant isn’t surprised by that first statement.
Here are a few key points to pass onto your merchants:
- Certain business and reward cards result in higher rates than the qualified rate. There’s unfortunately nothing the merchant can do to avoid this, but they should be aware of it to minimize confusion upon receipt of their first statement.
- Make sure they know to never bypass or disregard terminal prompts. Sometimes the terminal will ask for address information. If the merchants skip it or enters their own zip code instead of the customer’s, it may be viewed as a higher-risk transaction and therefore be charged a higher rate. In addition, merchants should know how to, and know that they should, contact our help desk any time a message is presented by the terminal that the merchant is not familiar with.
- Remind them to batch daily. Daily batching will keep their rates as low as possible and allow for quicker payment. If Auto-Batch is selected, they should be educated to verify that a successful batch settlement report is printed daily.
With these few tips, we’ll make sure that the merchant is getting their absolute best rate and assure that this new relationship begins on the right foot.
