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Chapter 20 - Statement Observations


Transitioning to the card payments industry is often a two-edged sword: potentially a financially rewarding endeavor, yet often difficult for the sales professional new to an unfamiliar industry. This program is designed to assist both new and seasoned veterans attain true financial success by employing a simple and effective sales process.

WHAT IS A PAYMENT PROCESSING STATEMENT?

Payment processing statements are monthly recaps of merchant sales activities tied to credit card purchases that provide important data for the business owner. The ‘processing statement’ shows important data such as sales activity, deposits into the merchants bank account, charge back occurrences, and processing fees.

HOW DO I ‘READ’ A PAYMENT PROCESSING STATEMENT?

Understanding payment processing statements (PPS) is a key skill set sales professionals in the payment industry must eventually master. This section will provide you a strong introduction to ‘making sense’ of a merchants ‘statements’. We will break a statement down into it’s four constituent parts and take our first look at specific industry fees.

WHERE CAN I FIND ADDITIONAL HELP?

Only so much can be gleaned from one chapter. Where can you go if you have additional questions regarding payment processing statements? We conclude this chapter with several recommendations, as well as outlining a process designed to assist you in growing your ‘statement analysis’ capabilities. Demystifying statements is a huge key to becoming a pro.

A vocabulary of truth and simplicity will be of service throughout your life
- Winston Churchill

Making a point

Earlier there were three questions we discussed that the sales facilitator must be prepared to answer. They were:
  • ‘Middle Man’ - PROVE the merchant processes through someone other than the bank.
    • Example: “Your bank is Eagle City Bank, yet the processor is ABC Services.  It shows you here on the statement…”
  • ‘Unnecessary costs’ - PROVE the merchant is paying high (or even unnecessary) fees.
    • Example: “You are being charged double per sale - a per item fee and a transaction fee. It shows you here on your statement...”
  • ‘Support’ - PROVE your value in the eyes of the merchant and educate them on their own statement.
    • Example: “What does this mean? (Point to an item on the statement).  That is a PCI fee that can be eliminated when you switch and I can help.”

Although this will be addressed in more detail in section 3, this is a terrific opportunity to touch on the value of such questions and how we can best address them statements in hand:

 

Question 1: I’m processing through my bank.
Answer: According to your statement you can see that it isn’t actually your bank, but another company. A middle man as it were.

Question 2: No one can beat my rates.
Answer: According to your statement you have fairly good rates compared with others who deal with this that company. They aren’t the best out there. Our program is a direct program.

Question 3: How can you save me money?
Answer: According to your statement you are paying too much on transactions swiped through your terminal – specifically debit cards. Plus your transaction fees are high. Here is a side-by-side comparison showing where we can assist you.

Question 4: Why is it so important to have a local rep?
Answer: Let’s put it this way. If you have questions currently you must call an 800 number and deal with a different person each instance. I want to be your agent. As such, if you have questions you have a local resource. You wouldn’t deal with a bank without having a banker relationship, right?

Becoming a ‘Statement Specialist’

The best sales facilitators understand the value of . . . 

iPros have access to all of the Pathfinder modules.  Join today!

iProcess - Sell Payment Processing Like a Pro!