The Two Benefits of Owning a Merchant Portfolio with BOLD Payments

by boldpay | Nov 10, 2020

In this blog, we will be sharing the two benefits you receive when you own a Merchant Portfolio with BOLD Payments.

THE TWO BENEFITS OF OWNING A MERCHANT PORTFOLIO WITH BOLD

Imagine with us for a moment? Let’s say you are minutes into a card game, and you’ve strategically built up an incredible hand. Your numbers are looking exceptionally well, the value is unmatched, and you love the way control feels. When you have the upper hand, it feels nice doesn’t it? This is exactly what it’s like when you own a Merchant Portfolio with BOLD, and in this blog, we will be sharing the two benefits you receive when you do so.

You Control the Cards

Allow us to paint the picture for you. At BOLD, we are all about transparency. Through our innovative services and engaging support, we value the connection we have with our partners. That being said, we want you to win at your business transactions just as much as you do.

In creating a Merchant Portfolio with BOLD, we give you full access to do whatever you want. You can borrow against it. You can sell it. You can wait on it or you can act now. You are 100% vested starting day one, which makes the portfolio your asset. The cards have been dealt, and we allow you to control how you want the game to go.

Minimum Requirements are Non-Existent

Now that you know transparency is woven into our foundation, we want you to be the first to know that there are no minimum requirements involved when you own a Merchant Portfolio with BOLD No limitations to the size of your revenue stream means no limitations to your residual income.

What would your potential buyout look like?

Below we included an example of what a Merchant Portfolio can influence your business.

For math purposes, let’s say your average merchant’s volume is $35,000 with 50 Basis Points margin and you are only at 50% gross revenue split. If you had 500 merchants in your portfolio, you would be earning $43,750 a month in residual income. With a potential buyout of 24 times your monthly residuals, you have a chance to sell your portfolio for $1.05 million!

Example: $43.7K residual @ 24x = $1.05 Million

We believe in decisions that are based out of trust, transparency, and teamwork, which is why we are here to support you in choosing to create and grow a portfolio. Our BOLD team would love to partner with you. Call us at (877) 515-8472 or fill out the form below.

How BOLD Provides Greater Control and Financial Gain Through Payment Processing Services

by Gary Liu | Sep 14, 2020

At BOLD, we strive to provide our partners with as much information, control, and features as possible. In the following blog post, we discuss what makes us unique and how partnering with us can provide your company with a larger financial gain than other processors.

CAN YOU READ THE FINE PRINT?

Growing up, did you ever see the 1968 film, Chitty Chitty Bang Bang? Do you remember how the “Child Catcher” lured the children with free lollipops and ice cream? As an audience member, it was clear that taking the so-called “free” candies was not a wise move, but the children didn’t see it as that simply because they were naïve.

Have you ever wondered at what point in time, in our young adult life, did we start seeing the bigger picture? Nowadays, we begin to notice strategies and tactics intertwined in a sales pitch, we learn to read the fine print, and realize that nothing is technically free in life. However, are you able to catch when you are being lured into business deals when it comes from your processor?

THE THREE T’S TO EXCELLENT DEALS WITH BOLD

Before we dive into the nitty gritty, let’s take a look at what makes an excellent deal.

First, we know that every deal takes a life of its own. There are some that are going to make sense sticking with your processor. While others, it’s obvious that the wiser move is to collaborate with your partners. Secondly, as a dealer, you have to look at two things: buy rates and revenue share. Naturally, it is a case by case situation, but in examining the deals you should be able to notice which works best for your company.

When you join with BOLD, you will quickly see that we are unique to any other processing company.

Transparency

As our partner, you may not receive the amount of free hardware or software fromBOLD that other processors offer. However, when you sign an agreement with us, the profit you receive from the deal makes up for the costs of the incentives other processors give.

Team

At BOLD., we have a team that analyzes merchant statements. In cases where you don’t have the margin to track down rate reviews, our team can show you exactly what the profit numbers and fees are for each of those statements. Not only that, we are prepared to uncover where the profits come from and how to proceed.

Tools

BOLD offers a tool which allows partners to know and visually see a profit analysis for the merchant (for the partner). It shows the pricing that the merchant had and what other processors had in identical months. This gives you, as the partner, the freedom to determine mathematically what other value adds you are able to bring to your merchants.

HOW A PARTNER CHANGE CAN RESULT IN A FINANCIAL GAIN

If you’re weighing the pros and cons of working with a partner company versus your processor, let me share a specific example. Perhaps this will help draw a more black and white picture for you.

Let’s say there is a multi-site company who has worked with a partner processor for roughly 3 years, but they are currently looking to save money. The company feels they had a disservice from the payment processor, and are asking a dealer who works alongside payment partners.

Overall, if we say they have 3-4 chip reader stations at each of their locations, there is going to be a significant cost to make the change across all of their locations if they work with their bank. Realistically, it could be anywhere from $4-6K per location to maintain what the company is getting for free. That comes from adding up the retail value on the hardware; POS, machines, card readers, etc. The total cost from the processor would be around $5K, with an additional $13K to change over.

However, if the dealer brings the company to BOLD, as a partner processor, the raw cost would be more to switch over but the monthly profit is greater. To give specific numbers, the switch over would cost about $11K, but the monthly profit would be $9K. After a few months and investing in equipment, the change with BOLD would result in larger financial gain than would be expected with a processor.

TAKE ADVANTAGE OF PARTNERING WITH BOLD

We get it. As an entrepreneur and business owner, you have a lot on your plate. Taking out a magnifying glass to look for where money is being pulled and track down rate reviews is not something you want on your agenda. Our BOLD team wants to help. We want to provide you with as much information, control, and features as possible.

Our BOLD team would love to partner with you. Call us at (877) 900-4511 or fill out the form below.

Reviewing Your Merchant Support Notes is Easier Than You Might Think.

by Chris Venza | Apr 25, 2019

As a BOLD partner, you have the ability to review all support notes left for you merchants in MX ISO Agent, all from one single, convenient source.

To Get Started

1 Log into MX ISO Agent at mxisoagent.com using your partner credentials. If you do not have login information, please contact our support team at support@boldpay.io.

2 Once logged in, click on “Dashboard” in the top navigation bar.

3 Click on “Financial” in the Statistics section of the Dashboard page.

4 On the Merchant Notes row, click on the desired date range you would like to view (Yesterday, MTD, YTD)

5 Depending on the date range selected, you have the ability to review and export all notes that were added for your merchants by the Priority Payments Support Team

PCI-DSS Doesn’t Have to be Difficult.

by Chris Venza | Apr 4, 2019

THAT IS WHY PRIORITY I.S. AND CONTROL SCAN ARE HERE TO HELP

As an added benefit for your merchants, Priority I.S. offers FREE Self Assessment Questionnaire (SAQ) support and Quarterly Network Scans through our ControlScan app.

Below are the steps your merchants can take to set up their ControlScan account and begin the SAQ/scanning process. Be sure to download the Word document below for the copy and sample images that can be forwarded to your merchants.

STEP 1: CREATING AN MX MERCHANT ACCOUNT

Before a ControlScan account can be setup, merchants will need to create an MX Merchant Account by following the steps below.

The merchant will need to navigate to mxmerchant.com
Click the “Sign In” link in the top right of the screen
Click the “Create New User” link the right toolbar
Enter an email address Priority Payments has on file for the owner. Once “Verify” is clicked, the merchant account owner will receive an email to create a password and complete the setup.

STEP 2: SETTING UP THE CONTROLSCAN APP

After the MX Merchant account is setup, the merchant can now activate their ControlScan app so they can take their SAQ and Schedule Network Scans:

Login to mxmerchant.com using the MX Merchant credentials
Click on the “Apps” link in the left navigation bar
Select the Activate button under the ControlScan app
Once the merchant confirms activation, they will be directed to the ControlScan account setup page where they will choose a username and password.
Enter the required information. A pop-up will appear and ask the user to allow MX Merchant access to the users full profile and compliance information in order to display their PCI status in MX Merchant. Click “Ok”.
Once “Ok” is selected, the user will be redirected back to MX™ Merchant where they will see the ControlScan app is now active.

STEP 3: ACCESSING CONTROLSCAN TO COMPLETE SAQS AND SCHEDULE NETWORK SCANS

Once ControlScan is active it can be re-accessed in multiple areas of MX™ Merchant.

Login into MX Merchant and click on Apps in the left hand menu, hover the mouse over the ControlScan logo within the app store and click Log In.
A new tab will open with the ControlScan page where the user will need to enter their Username and password originally created in the previous step.
Click “Sign In” and complete the remaining setup steps. The last step will walk the user through completing the SAQ required for their business.
The merchant can review their status on the dashboard and initiate the SAQ or quarterly scan from the ControlScan app at any time.

If the merchant sees any red indicators, a link to complete the SAQ or Quarterly Scan will be displayed under the corresponding tab.

Note: the merchant will need their public IP address to run a scan. To find that, they can visit ipchicken.com and copy the IP address displayed

SUPPORT IS A PHONE CALL AWAY

Priority Payments and ControlScan offer free support at the numbers below:

Help with setting up your MX Merchant Account
Priority Payments
(800) 935-5961

Help with the SAQ and Quarterly Scans
ControlScan
(800) 825-3301

WANT TO FORWARD THIS INFORMATION TO YOUR MERCHANTS?

Click Here to Download the Copy and Sample Images

For more detailed instructions on how to complete the SAQ and schedule a network scan, please click on the video link below:

https://vimeo.com/187048518

**ControlScan is only available for Priority Payment Systems customers.

Why Transparency Should be Important to ISV/VARs and Their Merchants

by Chris Venza | Feb 20, 2019

There’s little doubt that today’s technology is complex, and ISVs and VARs must embrace the ever-changing POS and Merchant Processing Industry to stay relevant. Dig a little deeper and one can quickly see that there are other elements at play. There is an increasing need to offer downstream transparency, from the processor to the merchant.

Today’s technology advancements affect what merchants expect, but ISVs and VARs can never forget the basics when it comes to their clients’ needs: excellent customer service, strong relationships, open communication, and being transparent in their offerings.

Similar to the merchant processing offered to their merchants, ISVs and VARs are looking to ensure they are paid properly from their merchant service partner. To close any existing gaps in this method, transparency in residuals and easy-to-read detailed reporting is crucial when it comes to ISVs and VARs reconciling their books at the end of the month.

As an ISV/VAR, there are items that need to be addressed when searching for a partner in the merchant processing arena. While some revenue splits sound great, it is important for ISVs and VARs to know if what they were told matches what they receive. To know for sure, ISVs and VARs should keep these ideas in mind to make sure they are truly getting what they deserve:

ISVs and VARs Sould Demand Transparency By:

Receiving a True, Concise Schedule A. They should know their terms and exactly what their split is before they sign with a partner.
Demanding Powerful Residual Reporting that is easy to understand with the ability to drill down to the interchange level. Rather than simply knowing their merchants’ volume and monthly revenue, ISVs and VARs should look for a partner that is willing to share their profits all the way down to interchange rates.
Requiring they have Open Lines of Communication with their processor. This might require a dedicated member from the processing team that manages their development process.
Making sure the Transparency Reaches Their Merchants. ISVs and VARs should confirm with their processor there are no hidden, surprise fees that will hit their merchants’ statements. This is a tactic that can be costly to their clients and a method used to avoid paying the ISV/VAR their true split.

ISVs and VARs should partner with a group that is committed to their success and doesn’t hold back information that can hinder them from achieving their objectives. With the right infrastructure in place, it costs almost nothing to implement transparency into a business. With the right partnership in place, openness and transparency should be relevant across the board, from the processor all the way down to the merchant.

Find Out More Detail on What Transparency Looks Like

Using Priority’s Free MX Express Mobile Processing App as a Backup

by Chris Venza | Feb 4, 2019

If your merchants need to be out and about while transacting or are looking for a powerful backup processing solution, MX Merchant offers a mobile Android/iOS app built to suit their needs. MX Express is an easy to use application that allows merchants to accept mobile card payments (with or without card reader) with optional gratuity.

SETTING UP YOUR MERCHANTS FOR MX EXPRESS

Creating and MX Merchant Account

Before your merchants can log into MX Express, they will need to create an MX Merchant Account by following the steps below.

Have your merchant navigate to mxmerchant.com
Click the “Sign In” link in the top right of the screen
Click the “Create New User” link the right toolbar
Your merchant will need to enter an email Priority Payments has on file. Once they click “Verify” They will receive an email to create a password and complete the setup.

Logging In and Using MX Express

Once your merchant’s account is setup, they can use the same account created for MX Merchant to log into MX Express by following the steps below:

Make sure the merchant has downloaded the MX Express app from the Apple or Android store
Have them log in using the same credentials when creating their MX Merchant account
Once they agree to the Terms of Service, they are ready to process
For instructions on how to use the app, click on the video below (make sure you have selected to Display Images for This Email) or visit this link.

Questions? Please contact (877) 515-6464 or email support@boldpay.io

WANT TO PROMOTE MX EXPRESS TO YOUR MERCHANTS?