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