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Chapter 9 - Why We Love Our Credit Cards

Before taking the plunge, aren’t you the least bit interested in learning more about the bank card world? Unless you are a banker, there are probably many things to learn regarding the industry. How card processing came about, who processes the actual transaction, what influences processing costs. These items will be covered in the next four chapters.

OUR LOVE AFFAIR WITH THE CREDIT CARD

You, me, and most every adult in the United States is in a scandalous affair. With their credit card! What are the 5 key benefits that attract consumers and merchants alike? How can this knowledge help your sales efforts?

MERCHANTS AND CONSUMERS

There are only two types of people in the processing word. Those who use credit cards and those who accept them. Many times one person can be both! We will take a look at the needs, concerns and issues of each, and see how one influences the other.

HOW CARDS ARE PROCESSED

Our final topic of conversation is in introduction to how payment cards are processed. We will track the dollars from consumer to merchant, and demystify the process. Thus armed, you will better understand the value which you will bring to the merchant, from both a financial and service perspective.

iProcess - Knowing the Payment Industry

Chapter 9 - Transactions, Consumers, and Merchants

Every sale has five basic obstacles: no need, no money, no hurry, no desire, no trust

- Zig Ziglar

Looking back at chapter one, we discussed two types of sales, simple and complex. In later chapters of iProcess we will go into much greater depth as to how the sales facilitator can influence 
the sales event.

At the end of this chapter we will look at the sale of a product or service in the context of the processing industry. Let’s look at a purchase made with a credit card. We call it a transaction. 

Transaction: Purchases made with a credit card are referred to as a transaction.

Statistics indicate that the preferred method of payment when consumers make a purchase is far and away the use of non-cash currency. Credit cards and their close cousins the debit card ...

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iProcess - Sell Payment Processing Like a Pro!