Key Questions for ISVs & VARs Selecting a Payments Partner

Key Questions for ISVs & VARs Selecting a Payments Partner

by | Oct 9, 2023

Choosing the right integrated payments partner is not just about technology and transaction fees; it’s about building a relationship that will stand the test of time, adapt to market changes, and cater to evolving customer needs. In the multifaceted realm of digital transactions, every decision reverberates through the customer experience, operational efficiency, and long-term growth potential. ISVs and VARs are often at the forefront of these choices, acting as critical bridges between businesses and their end customers.

However, the landscape of integrated payments is vast and varied, with numerous providers vying for attention with an array of services and features. Cutting through the noise to identify a partner that aligns with both current and future goals is essential. This alignment goes beyond mere compatibility—it’s about shared vision, mutual growth, and a commitment to excellence. By equipping themselves with the right questions, ISVs and VARs can delve deeper into potential partners’ offerings, values, and aspirations.

In the following sections, we’ll identify key areas of consideration and unpack the significance of each question, ensuring that your next partnership in integrated payments is not just a choice but a strategic triumph.

Integration Capabilities

1. How easily can your payment solution be integrated into our existing software or hardware system?
Seamless integration is crucial to minimize disruptions and ensure that current operations continue without a hitch.
2. What APIs do you provide for integration?
APIs determine how flexible and adaptive the integration process can be, allowing for customization and scalability.

Support & Assistance

1. What kind of technical support do you provide during and after the integration process?
Continuous support ensures any issues are promptly addressed, leading to an efficient and optimized system.
2. Do you offer dedicated account or partner experience managers?
A dedicated point of contact can streamline communication and provide specialized assistance tailored to your needs.

Pricing & Transaction Fees 

1. How are transaction fees structured?
Transparent and predictable fee structures ensure you can manage and project financials effectively.
2. Are there any additional fees or hidden charges?
Hidden fees can affect profitability. It’s essential to have a complete understanding of all costs involved.

Security & Compliance 

1. How do you ensure PCI compliance?
PCI compliance is essential to maintain the trust of your clients and protect against potential legal issues. Learn more about PCI here.
2. What security measures do you have in place to prevent fraud and data breaches?
Robust security is a must to protect both your company and your clients’ data from cyber threats.

Settlement & Funding

1. How quickly are transactions settled and funds deposited into merchant accounts?
Speedy settlements enhance cash flow and can significantly influence day-to-day operations for your clients.

Reporting & Analytics

1. What kind of reporting tools and analytics do you offer? How can they help businesses make informed decisions?
Detailed analytics provide insights into transactions, helping identify trends, improvement areas, and decision-making.

Flexibility & Customization 

1. How customizable are your solutions to fit our unique business needs and those of our clients?
Every business is unique. Customizable solutions can cater to specific needs, providing a competitive edge.

Revenue Sharing

 1. How does the revenue-sharing model work?
Understanding revenue-sharing models is vital to projecting potential earnings and ensuring a mutually beneficial partnership.
2. Are there opportunities to earn more based on volume or other factors?
Incentive structures can influence your business growth and the depth of partnership with the payments provider.

The right partnership can catalyze transformative growth and unparalleled customer satisfaction. ISVs and VARs stand at the nexus of this potential, and their choice of a payments partner can shape the trajectory of their success. The questions highlighted above are a testament to the complexity of an integrated payments partnership. They underscore the need to seek clarity and alignment in every piece of the relationship.

BOLD understands the intricacies of this landscape and is equipped to answer all your pressing questions and to anticipate the challenges and opportunities that lie ahead. Don’t leave your decisions to chance. Reach out to BOLD today, and together, let’s chart a course for a future defined by seamless transactions, robust integrations, and unwavering trust. Make BOLD your trusted integrated payments partner.

    Are you ready to speak with a Payment Industry expert?

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    How Integrated Payments are Revolutionizing Customer Experience

    How Integrated Payments are Revolutionizing Customer Experience

    by | Aug 23, 2023

    As ISVs and VARs know, in today’s fast-paced digital terrain, payment isn’t just about transferring funds; it’s about integrating experiences. Gone are the days when transactions were mere end-points. Today, they are critical touchpoints in a broader customer journey. The distinction between an ‘okay’ experience and a ‘phenomenal’ one often rests on the fluidity and intuition of payment processes. As businesses pivot to prioritize these customer-centric visions, integrated payments are no longer just nice to have; they are indispensable. Dive into the ever-evolving panorama of customer experience, where the past meets the future, and learn how integrated payments set new standards and foster unmatched loyalty.

    Streamlined Transactions

    Ever felt bogged down by lengthy transaction processes? Integrated payment systems offer a seamless experience by eliminating unnecessary steps. Streamlining processes like auto-filling information, providing one-click transactions, or offering varied payment methods, integrated payments ensure a hassle-free experience. In turn, this smooth experience will encourage customers to complete their transactions, reducing cart abandonment rates.

    Real-time Data Access

    Integrated payment systems sync instantly with other business software. No waiting, no tedious steps, just pure convenience. It is like having a direct hotline to your business software. This real-time data access allows merchants to provide instant transaction confirmations, timely promotions, and up-to-date inventory details. This enhances the customer’s experience by making the process more transparent and efficient.

    Diverse Payment Options

    Customers today anticipate various payment options, ranging from credit and debit cards to emerging solutions like digital wallets, including Apple Pay and Google Wallet. Additionally, the rise of contactless payments prioritizing speed and safety and ‘Buy Now, Pay Later’ services such as Afterpay and Klarna reflects the evolving checkout landscape. This evolution isn’t just technological innovation but a response to consumer demands. The Baymard Institute highlights that nearly 11% of shoppers abandon their carts when their preferred payment method isn’t offered during checkout. An integrated payment system allows merchants to easily accommodate these preferences, ensuring that customers can choose their most trusted and convenient payment method.

    Enhanced Security

    A crucial component of the customer experience is trust. Integrated payment solutions come with state-of-the-art security measures, ensuring customers rest easy with the knowledge that their data is secure. From encryption to tokenization, this security keeps data safe and instills confidence in customers, affirming they feel protected when transacting with a merchant. You will be able to sleep soundly, knowing your transaction is as safe as it is swift.

    Seamless Shopping

    Whether a customer is shopping on a mobile app, website, or even in a brick-and-mortar store, integrated payments ensure a consistent experience. This uniformity across various platforms fosters familiarity and trust; guaranteeing customers don’t hesitate or second-guess their transactions.

    Automated Invoicing and Receipt Generation

    Integrated payments simplify the post-purchase process. Automated invoicing and e-receipts allow customers to receive instant, clear records of their transactions. This automation provides convenience and strengthens transparency which further helps establish the trust needed to build lasting relationships.

    Personalized Customer Interactions

    With the data insights obtained through integrated payments, businesses can offer personalized promotions, loyalty points, and offers. These tailored experiences make customers feel valued and understood, enhancing their overall journey and encouraging repeat business.

    Setting the New Standard in Customer Experience

    The game has changed in payment processing. It’s not just a necessity anymore, it’s a strategic asset. And at BOLD, we’re not merely spectators. We’re pioneers actively driving change and defining industry benchmarks. Our mission goes beyond transaction facilitation; we’re committed to elevating the entire customer journey, securing both immediate satisfaction and long-term loyalty.

    Ready to Elevate Your Business with BOLD?

    If you’re a payment VAR aiming to offer more than just services, if you’re striving for memorable customer experiences, then you should consider a partner that understands this evolving landscape. That’s us. A partnership with BOLD is an investment in more than just technology; it’s an investment in setting new standards for customer satisfaction and operational efficiency.

    Ready to explore? Contact us to discover how a partnership with BOLD can redefine success, innovation, and customer loyalty for your business.

    Are you ready to speak with a Payment Industry expert?

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    Becoming a Payments Pro: What Every ISV and VAR Should Know about Integrated Payments

    Becoming a Payments Pro: What Every ISV and VAR Should Know about Integrated Payments

    by | Jul 12, 2023

    As an Independent Software Vendor (ISV) or Value-Added Reseller (VAR) embarking on a journey into the payments industry, your choice of payment processing partners can greatly influence your business’s success. That’s why we’re here to guide you through the key fundamentals of integrated payments, the perks they offer, and why choosing the right partner can make all the difference.

    What Exactly is an Integrated Payment System?

    In the simplest terms, an integrated payment system is a software solution that consolidates various payment methods into one unified platform. Whether your merchants’ customers prefer to use credit cards, debit cards, ACH, e-checks, or digital wallets, an integrated system handles it all. Imagine saying goodbye to juggling between multiple systems for different payment methods – that’s the convenience integrated payments bring.

    The Perks

    1. Streamlined Operations and Cost Savings: Using a unified system that processes all payment types allows ISVs and VARs to simplify their operations. This consolidation reduces the resources needed to manage different payment methods, translating into significant cost savings. It also streamlines the experience for your merchants, enabling them to manage all payment-related tasks from one centralized platform.
    2. Enhanced Merchant Experience: Offering a variety of payment options through integrated payments simplifies the process for end-users and enriches the merchant experience. It eases payment acceptance, potentially boosting customer satisfaction and encouraging repeat business. As an ISV or VAR, you can set your services apart from competitors by offering this added value to your merchants.
    3. Greater Control and Visibility: One comprehensive system to track and manage all payments simplifies issue identification and resolution. An integrated payment system provides a high level of control and visibility over all transactions. Comprehensive tracking and reporting of all payments facilitate timely issue resolution and offer merchants a transparent view of their transactions, leading to improved decision-making. 
    4. Improved Security: Security is paramount in payment processing. Integrated payment systems are designed with built-in security features like encryption and fraud detection and adhere to rigorous industry standards like PCI-DSS.

    Choosing the Right Integrated Payment System

    When selecting an integrated payment system, ensure it fits seamlessly within the current software and processes. Consider the unique needs of the businesses you work with. Whether your merchants operate retail, hospitality, professional services, or e-commerce, your chosen payment partner should provide solutions that align with your merchants’ requirements. Also, don’t overlook the reputation and customer service of your potential payment partner. 

    The integrated payment partner you choose becomes an extension of your services. Their reputation directly impacts your own. Choose a partner known for their integrity, transparency, and dedication to service. Additionally, robust customer support for both you and your merchants can make all the difference in resolving potential issues quickly and efficiently.

    Why Partnership Matters: The BOLD Advantage

    Partnering with a payment processor shouldn’t feel like stepping into the unknown. At BOLD Integrated Payments, we believe in transparency and building enduring partnerships. When you team up with us, you get more than just a payment processor – you gain a dedicated partner committed to your success.

    ISVs that partner with BOLD receive a majority of revenue on all income, with transaction-level reporting down to the penny. Everything is clearly disclosed in a Schedule A because, at BOLD, we have nothing to hide.

    In conclusion, integrated payments can be a game-changer for ISVs and VARs looking to simplify their payment process, reduce costs, and enhance customer satisfaction. As you embark on this journey, remember the invaluable role of a reliable and transparent partner like BOLD Integrated Payments. After all, in a landscape as fluid as payment processing, having a trustworthy ally can make all the difference.

    Are you ready to speak with a Payment Industry expert?

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    Card Brand Changes Part 2: Take Control of your Residuals

    Card Brand Changes Part 2: Take Control of your Residuals

    by | Apr 10, 2023

    In our recent blog post, Navigating Card Brand Changes, we delved into the importance of staying informed about changes made by major card brands to their interchange rates and fees. As an Independent Software Vendor (ISV) or Value Added Reseller (VAR), awareness of these changes is crucial to maintaining a healthy residual income from credit card processing. We also highlighted some recent updates, including new interchange programs for merchant category codes (MCC) for e-commerce and card-not-present (CNP) transactions, and discussed the significance of avoiding downgrades to protect your profit margins.

    As promised, we’re back with part two, and this time, we’re taking a deep dive into the world of residuals. In this blog, we’ll guide you through understanding your residuals, how to identify areas for interchange optimization savings, and exploring the impact of different pricing models on your earnings. Additionally, we’ll provide you with valuable insights into level 2 and 3 processing, ensuring that you’re well-equipped to maximize your revenue and stay ahead in the competitive payments landscape.

    So, buckle up and join us on this journey as we continue to empower ISVs and VARs like you with the knowledge and tools needed to succeed in the ever-evolving world of payment processing. Let’s dive in!

    Interested in becoming a BOLD partner? Don’t miss the opportunity for uncapped potential!

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    Understanding Residuals

    Residuals refer to the recurring revenue that payment processing partners earn from the credit card transactions processed by the merchants they support. Residuals are typically a small percentage of the bank card volume and/or a fee per transaction that the ISV or VAR receives as compensation for their services.

    In the payments industry, various factors can influence the residuals earned by ISVs, VARs, or ISO agents. Here’s a summary of the key factors to consider:

    1. Volume, transactions, and fees: Higher bank card volumes, transaction counts, and monthly fees can lead to increased residual income.
    2. Pricing models: The choice of pricing models, such as interchange-plus, flat-rate pricing, or dual pricing, can influence residuals. Each model has its pros and cons, and the impact on residuals will vary depending on the specific circumstances and strategy of the ISV, VAR, or ISO agent.
    3. Merchant retention: Provide exceptional support, communication, and services to merchants to ensure they remain loyal and continue generating residuals.
    4. Card brand changes: Changes in interchange rates and fees by major card brands like Visa, Mastercard, Discover, and American Express can directly affect residuals. Staying informed about these changes helps ISVs, VARs, or ISO agents adapt their strategies to protect residual income.
    5. Technological advancements: Embracing new payment methods, security enhancements, and improved processing solutions can help ISVs, VARs, or ISO agents stay competitive and maintain their residual income streams.

    Pricing Models and Their Effects on Residuals

    Flat rate pricing offers a straightforward approach, charging a fixed percentage and/or a per-transaction fee for all transactions, regardless of card type or transaction details. This model can provide predictable residuals and easy-to-understand pricing for merchants and payment partners. However, it can have limited earnings potential due to possible interchange downgrades leading to higher costs making this model risky and less profitable for certain merchant category codes.

    Cost Plus (Interchange-Plus) pricing is a transparent model that separates interchange fees and card brand fees from the payment processor’s markup, charging merchants the actual interchange cost plus a fixed markup. This approach promotes higher residuals, tailored pricing strategies, transparency, and flexibility, giving payment partners a competitive edge. Although, it comes with increased complexity and variable residuals due to merchant transaction profiles.

     

    A Dual Pricing Program

    or dual sticker pricing, allows merchants to offer preferential pricing based on the payment method used for a transaction. The strategy involves offering two different prices for a product or service depending on whether the payment is made with cash or a credit card. Cash payments do not incur the cost of acceptance that credit card payments do, so merchants can incentivize customers to use cash by offering a lower price.

    By offering dual pricing, ISVs, and VARs can reduce or eliminate the costs associated with credit card payments for merchants. Passing higher rates through to the consumer can result in higher profits for each transaction, ultimately leading to higher residuals for the ISV or VAR.

    Impact of Pricing Models on Downgraded Transactions 

    Downgrades are important to consider when managing your residuals on merchants using a flat-rate or dual pricing program. A downgrade occurs when a credit card transaction does not qualify for the best possible interchange rate due to missing or incorrect information, failure to meet specific processing requirements, or delays in settlement. When a transaction is downgraded, it is processed at a higher interchange rate, which ultimately increases the processing cost and reduces the profit margin for the partner. Additionally, downgrades can lead to lower merchant satisfaction as they seek more cost-effective payment processing solutions, potentially resulting in merchant attrition and further declines in residual income.

    How to Identify Interchange Optimization Savings

    Interchange optimization is the process of ensuring that your book of business gets the best possible interchange rates when processing credit card transactions. One key factor that can lower interchange rates is level 2 and 3 processing. Level 2 processing requires additional data, including tax amounts, customer codes, and merchant postal codes, leading to lower interchange fees and enhanced reporting. Level 3 processing, the most comprehensive tier, demands even more transaction data, such as item descriptions and quantities, making it particularly advantageous for B2B merchants. By adopting the appropriate processing level, merchants can enjoy reduced processing costs and a deeper understanding of their transactions.

    Assessing Residuals and Identifying Areas for Improvement

    When assessing residual income from merchant processing, ensure you have access to detailed transaction data from your payment processing partner. This data should include information on bank card volume, the type of payment method used, the monthly processing fees charged, and any disputes.

    At BOLD, we offer extensive reporting to our ISV and VAR partners. This report includes detailed information on all their residuals down to the penny. This level of transparency allows our partners to track and analyze their residual income with precision, identifying trends and issues that may affect their profitability. With access to this level of reporting, BOLD partners can optimize their residual income and ensure that they are getting the most out of their payment processing partnership.

    Empowering your Payment Processing Partnership  

    In conclusion, staying informed about card brand changes and understanding the intricacies of residuals is vital for Independent Software Vendors (ISVs) and Value Added Resellers (VARs) looking to maintain a healthy residual income in the ever-evolving payment processing landscape. By carefully considering the effects of different pricing models, optimizing interchange rates, and embracing level 2 and 3 processing, you can maximize your revenue potential and maintain a competitive edge. At BOLD, we’re committed to empowering our partners with the knowledge, tools, and transparency needed to succeed in this dynamic industry. So, go ahead and leverage the insights shared in this two-part series to navigate card brand changes and unlock the full potential of your payment processing partnership. Here’s to your continued success!

    Want to learn more about maintaining a healthy residual income?

    Contact us below, and a BOLD representative will reach out to you shortly.

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    Navigating Card Brand Changes: The Impact of Downgrading

    Navigating Card Brand Changes: The Impact of Downgrading

    by | Feb 21, 2023

    As an Independent Software Vendor (ISV) or Value Added Reseller (VAR) relying on residual income from credit card processing, it’s critical to stay informed of changes made by card brands to their interchange rates and fees. These changes can have a direct impact on the residuals you earn. If a merchant’s processing rate is downgraded due to shifting qualification requirements or fee structures set forth by card brands, this can result in additional fees that negatively impact your residuals. In other words, neglecting to analyze these changes could lead to profit loss.

    The major card brands, including Visa, Mastercard, Discover, and American Express, have recently made changes to card qualification rates and fees. These changes are all about making sure merchants are appropriately charged. This happens due to a combination of factors, including intensifying competition among card brands, evolving consumer behavior, and the need to safeguard card transactions from fraud and increase security. 

    In this blog, we’re shining a spotlight on the changes that will have the biggest impact on our partners and merchants and showing you how to stay on top of the updates and avoid downgrading. These changes now include the introduction of new merchant category codes (MCC) for e-commerce and card-not-present (CNP) transactions, with different qualified and non-qualified rates. Initially slated for 2020, the changes were postponed due to the Covid-19 pandemic.

    How to stay up-to-date

    Interchange rates can frequently change, with updates happening every spring and fall, as the major card brands aim to continually optimize their fees and security measures. Staying on top of these updates will ensure you adjust processes accordingly. You can find updates from the major card brands on their respective websites. Check out their news and press release sections for the latest information on changes to their interchange rates and fees. Additionally, we’ll keep you informed and ready for any changes in the world of card payments.

    Most significant changes among the card brands 

    American Express has introduced an OptBlue Acquirer Assessment and a Transaction Fee of $0.165% + $0.02, effective April 22, 2022, applied to all non-debit card charges submitted under the program for all industries.

    Discover, which issues cards directly to consumers and commercial entities, will continue to be paid directly through the merchant’s credit card processor for each transaction. A significant change noticed is the increase in their Commercial Electronic Prepaid Interchange rate from 2.30% + $0.10 to 2.65% + $0.15, a rise of 0.35% + $0.05. Discover has also introduced a new Charity US Consumer Interchange Program (MCC 8398) with card-present and card-not-present transactions eligible for this program with specified rates.

    Visa is streamlining its processing with a new name and changes to the interchange rate for downgrade transactions. The new interchange rate will be Non-Qualified, with a rate of 3.15% + $0.10 for Consumer Credit transactions and 3.15% + $0.20 for Small Business credit transactions. This change comes with an increased Non-Qualified Consumer Credit interchange rate, rising from 2.70% + $0.10 to 3.15% + $0.10, an increase of 0.45%. This fee may be applied to retail merchants who key-enter a transaction or fail to batch out at the end of the day. To ensure the best rate, merchants must now meet new requirements, such as using additional data elements like CVV and AVS results to confirm cardholder identity and transaction authenticity. These changes are detailed in the accompanying tables.

    Source: “Visa Modifications to Credit Interchange – Effective April 18, 2020” by Brittney Carlisle.

    Let’s also examine how Visa’s new interchange rate on non-qualified consumer credit transactions has affected real merchant data. While these merchants had no changes from their processors on fees, their interchange rates significantly increased due to Visa’s updates.

    Mastercard’s Standard interchange has increased from 2.95% + $0.10 to 3.15% + $0.10, an increase of 0.20%. This fee is typically applied when the transaction does not match basic qualifications, such as missing AVS data or failing to settle sales daily.

    Meanwhile, the Enhanced Standard and World US Standard are also set to increase by the same amount. On the bright side, the High-Value Standard and World Elite Standard will see a decrease, with rates dropping from 3.25% + $0.10 to 3.15% + $0.10, a decrease of 0.10%.

    To view the full summary of Fall 2022 Card Brand 7 Debit Network changes, click here.

    Upcoming changes to card brand fees

    • Visa: Introducing two new fees. The Estimated Authorization Fee will be 0.02%, and the Incremental Authorization Fee will be 0.02% for any approved Estimated and Incremental Authorizations. These fees will impact merchants processing Visa Credit and Debit transactions and processing estimated or incremental authorizations.
    • American Express: Inbound fees on foreign-issued cards will increase, excluding JCB and foreign-issued debit cards. The AMEX OptBlue Inbound Fee will increase from 0.40% to 0.60% (a difference of 0.20%). This will impact merchants processing AMEX OptBlue transactions.

    NOTE: The changes will be effective from April 17, 2023 (Visa) and April 15, 2023 (AMEX).

    What is downgrading?

    Downgrading occurs when a transaction is not processed at the qualified rate and is instead processed at the higher, non-qualified rate. Understanding these changes and what downgrading means is crucial for merchants to ensure they are appropriately charged for transactions. This can happen for several reasons, including insufficient information being provided during the transaction or the transaction not meeting the card brand’s security requirements. 

    Reasons for downgrades

    • AVS and CVV/CVC results: Transactions that fail the Address Verification Service (AVS) or Card Verification Value/Code (CVV/CVC) check may be more likely to be downgraded.
    • Transaction type: Card-not-present transactions, such as those made online or over the phone, may be more likely to be downgraded as they carry a higher risk of fraud. This is because the card is not physically present during the transaction, and the cardholder’s identity cannot be verified by checking a signature or government-issued ID. Certain types of transactions, such as recurring payments or international commerce, may be downgraded due to their higher risk profile.
    • Settlement status: Transactions that are not settled promptly may be more likely to be downgraded. 
    • Insufficient information: If a merchant does not provide enough information during a transaction, such as a customer’s billing address, the card brand may classify the transaction as non-qualified and subject it to a higher rate.

    How to prevent downgrading 

    Don’t let downgrading get you down! To avoid it, merchants should ensure that their transactions are correctly processed. There are a number of best practices that merchants can follow:

    • Use Address Verification System (AVS) and Card Verification Value (CVV); AVS and CVV are security measures used to verify the cardholder’s identity. By using these measures, merchants can reduce the risk of fraud and ensure that their transactions are processed at the correct rate.
    • Promptly Settle transactions.
    • Confirm that the Merchant Category Code (MCC) associated with the business accurately reflects the type of goods or services being sold.
    • Ensure that the correct billing and shipping information is provided during the transaction.
    • Adhere to card brand security requirements, such as using a secure connection and implementing proper fraud protection measures. 
    • Regularly review transaction data to identify and resolve any downgraded transactions.

    By following these steps, merchants can minimize the risk of downgraded transactions and ensure they are charged the correct rate.

    Conclusion

    In conclusion, it is imperative to stay informed on the significant modifications made by leading card issuers, which considerably impact our partners and merchants. We have briefly discussed the meaning of downgrading and different methods for downgrading prevention. As an ISV or VAR generating residual income from credit card processing, staying informed of the latest developments will ensure the health of your portfolio. Stay tuned; our next blog is your ultimate guide to success. We’ll cover how to assess your residuals, spot areas for improvement, and uncover the effects of various pricing models.

     

    Sources:

    Carlisle, Brittney. “Visa Modifications to Credit Interchange – Effective April 18, 2020.” January 20, 2020.

    Carlisle, Brittney. “Visa Modifications to Interchange Notice: Effective Dates April 18, 2020, & October 17, 2020.” February 10, 2020.

    Rej, Matt. “Most Common Interchange Downgrades.” October 22, 2022.

    Miller, Susan. “Spring 2022 Card Brand Changes.” May 13, 2022.

    Questions on How to Navigate Card Brand Changes?

    Contact Us Below!

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    Analyzing Merchant Statements: Let Technology Do the Hard Part

    Analyzing Merchant Statements: Let Technology Do the Hard Part

    by | Jan 5, 2023

    Analyzing merchant processing statements can be a simple process with the right tools. Those who stay ahead of the curve are taking advantage of software that powers the payment processing industry. We recognize that statement analysis is essential, and we want our partners to use technology to accelerate their business. If you need to incorporate statement analysis in your sales approach, we encourage asking merchants for current processing statements. However, understanding statements and time spent analyzing them can be frustrating and time-consuming. To maximize profit and efficiency, we rolled out a new statement analysis tool for all our partners.

    How it Works

    BOLD’s Statement Analyzer Tool is designed to take the grunt work out of statement analysis, freeing our partners to do what they do best; prospecting and sales. A closer look at statements will reveal information about current payment processing fees and identify growth opportunities.

    Product Features:

    • Fast Turnaround Times (Avg under 20 minutes)
    • Accurate Analysis (Data Entry / Categorization issues are detected and fixed by an expert)
    • Interchange Padding Detection
    • Level 2 and Level 3 Optimization Potential
    • Custom Pricing Templates
    • Proposal Templates with Custom Branding 
    • Residual Calculation & Margin Control
    • Full Feature API

    Benefits of Using Our ISO Quote Tool

    Identifying various aspects of a statement takes time, some can take up to a couple of hours. For example, assessing price models, processing fees, and chargebacks may be strenuous. With all of these different factors, it is easy to miss hidden fees. We certainly don’t want our partners to waste their time with complex statements. BOLD’s Statement Analyzer Tool allows you to manually generate an analysis without a statement in case your merchant is unable to obtain theirs. An estimated savings proposal will pique their interest if that’s the case. 

    Here is an example of a proposal template!

    Click here to register for a LIVE demo on 01/17/2023 presented by BOLD! 

    Current partners can gain access to BOLDs Statement Analyzer Tool today. Simply contact the Partner Experience Team @ prm@boldpay.io for user credentials and training. You’ll be analyzing in no time!

    Not a BOLD Partner and want to learn more? Fill out the form below!

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