Merchant Advisory Group’s Post

Recently, I've had some insightful conversations with our partners, particularly about the importance of equity in our partnerships. It's a recurring theme that keeps coming up. Equity here means that it has to be a win-win situation for both parties involved. Many sales partners and ISOs often express frustration with larger payment providers declining high-risk merchants, leading to wasted time and energy. However, it's crucial for sales partners to understand that high-risk accounts come with additional challenges. They entail more work, pose greater financial and reputational risks, and require extra attention to regulatory compliance. Expecting the same level of service and pricing as low-risk accounts isn't realistic. Surprisingly, some sales partners fail to grasp this concept. They expect us to approve their high-risk accounts and offer better deals than what they get with low-risk processors. This unrealistic expectation undermines the equitable nature of our partnerships. On the other hand, we have sales partners who understand the complexity of high-risk accounts. They recognize that working with these merchants comes at a cost and are willing to accept a smaller piece of the pie in exchange for the opportunity. It's a more balanced and sustainable approach. In our dealings with sales partners, we strive to be fair, equitable, and transparent. While we're committed to sharing profits and revenue, it's essential for both parties to acknowledge the realities of high-risk processing. Only by working together with mutual understanding and respect, we can build successful and lasting partnerships. #SalesPartners #EquityInPartnerships #HighRiskProcessing #FairDeal #Transparency #ISOs

🤔 Confused about the roles of Merchant of Record and Seller of Record? Discover the key differences and advantages of each to make an informed decision for your business. Click the link 👉 https://bit.ly/3zE7Ee5 to know more! #BusinessStrategy #EcommerceTips #MerchantOfRecord #SellerOfRecord #Compliance #gappgroup

We’re unpacking THIS risky business practice you should avoid at all costs 🫡👇 Customer & vendor concentration. Here are some of the things that happen when you don’t have a diverse customer & vendor base: 1️⃣ Loss of Market Share: Betting the farm on one client can be disastrous. If they walk away, you risk losing not just revenue but market share, valuable customers, and profits. 2️⃣ Reduced Bargaining Power: One major customer limits your negotiating power. They call the shots on prices and terms, leaving you at their mercy. 3️⃣ Increased Costs: Serving a single customer intensively can hike up your operating expenses, eating into profits. 4️⃣ Exposure to Risk: Banking everything on one source can be a ticking time bomb. If they falter, your business could crumble. 5️⃣ Meeting Demand Challenges: When your sole customer's demand skyrockets, you struggle to keep up, risking their loyalty. https://buff.ly/3W6Yezi #BusinessPerformance #BusinessRisk #Diversify #Cost #Challenges #Businessscale #CapitalConceptsUSA

As car buyers have started choosing an omnichannel approach to buying and financing cars, lenders are facing new types of #fraud challenges. Download our new ebook to learn how to drive success in today's auto finance landscape.

We’re unpacking THIS risky business practice you should avoid at all costs 🫡👇 Customer & vendor concentration. Here are some of the things that happen when you don’t have a diverse customer & vendor base: 1️⃣ Loss of Market Share: Betting the farm on one client can be disastrous. If they walk away, you risk losing not just revenue but market share, valuable customers, and profits. 2️⃣ Reduced Bargaining Power: One major customer limits your negotiating power. They call the shots on prices and terms, leaving you at their mercy. 3️⃣ Increased Costs: Serving a single customer intensively can hike up your operating expenses, eating into profits. 4️⃣ Exposure to Risk: Banking everything on one source can be a ticking time bomb. If they falter, your business could crumble. 5️⃣ Meeting Demand Challenges: When your sole customer's demand skyrockets, you struggle to keep up, risking their loyalty. https://buff.ly/3W2VDWT #BusinessPerformance #BusinessRisk #Diversify #Cost #Challenges #Businessscale #CapitalConceptsUSA

⚠ The Clock is Ticking: Get Your Consumer Duty Board Report Ready by 31 July 2024 🚨 The deadline for Consumer Duty Board Reports is 31 July 2024. This is a critical part of your compliance framework, ensuring you're delivering good outcomes for retail customers as mandated by the FCA’s Consumer Duty. 📈 Producing this annual report can be complex and requires meticulous documentation. Your report must confirm compliance with Consumer Duty obligations and be backed by solid evidence. The FCA expects firms to implement continuous monitoring and robust governance — not just a once-a-year check box exercise. 🛠️ Every aspect of your consumer operations must align with Consumer Duty principles. Detailed reporting on monitoring activities, risk assessments, customer outcomes, and remedial actions is essential. The FCA may scrutinize your underlying data, so accuracy is key. ⏰ Start now! Clearly define roles, prioritise data collection, and develop a comprehensive plan. Regular updates and checkpoints are crucial. Engage your Board and stakeholders early to avoid a last-minute scramble. 👇 Braithwate has produced a detailed FAQ on how to produce the Consumer Duty Board Report. Link below in the first comment.

Do you want to find out about how to navigate card processing surcharges better?💳🌟 Our team of experts has explored the intricacies of surcharges in Australia and laid out actionable strategies that businesses can employ to mitigate merchant services costs and enhance their overall profitability and competitive edge. 🚀 Whether you're struggling with managing merchant service costs or looking for ways to optimize your operations, this piece offers insights tailored to help you understand and deal with the challenging merchant service costs landscape. Dive into the full article below and discover how you can transform a daunting challenge into a strategic advantage! #cardprocessing #merchantservices #costsaving #businessintelligence

The Financial Conduct Authority #FCA launched a review into simplifying its retail conduct rules and guidance Following the full implementation of the Consumer Duty, the FCA is requesting firms’ views on whether, where and how retail conduct rules can be refined whilst ensuring the continued support and protection of customers. 💡 With the Consumer Duty now in full effect, revisit Plenitude’s paper, ‘It’s Your Duty to be (Consumer) Dutiful’, to learn more on the FCA’s expectations for businesses to treat customers fairly, ensure good outcomes, and demonstrate appropriate compliance: https://lnkd.in/gB4KZ4Ai Read the full review: https://lnkd.in/emMdYAYZ

If you’re in the Connecticut auto dealership business, then you know there are many laws to be aware of. There are several laws that dealerships are breaking when they offer F&I products, obtain credit information, and sell vehicles “as is.” This behavior can get you into hot water, not to mention drive away customers and damage your reputation. That’s where we come in. Jake Gothers from Global F&I Solutions LLC can help your dealership stay on the right side of the law. He’s has all the information in Connecticut auto dealership laws and regulations, and he can help you ensure that your business is compliant. By following the law and using digital compliant software systems, you can protect your dealership from fraud and create a seamless purchasing experience for your customers. Contact us today to learn more about how we can help your Connecticut auto dealership.

🔍 Exploring Dual Pricing: Essential Insights for Securing Competitive Rates and Terms Navigating dual pricing in merchant services can be complex, but understanding key considerations is crucial for securing competitive rates and terms. Here are some essential insights: 1) Understanding Dual Pricing: Dual pricing involves two separate rates for credit card transactions: a qualified rate for standard transactions and a non-qualified rate for certain types of transactions, often resulting in higher fees. 💳💰 2) Factors Impacting Rates: Various factors influence dual pricing, including transaction types, card types, processing methods, and risk levels. Understanding these factors can help negotiate favorable terms. 📊🤝 3) Negotiation Strategies: When negotiating dual pricing, it's essential to compare offers from multiple providers, leverage your transaction volume for better rates, and inquire about interchange-plus pricing for transparency. 💼💬 4) Evaluating Long-Term Costs: While dual pricing may offer lower qualified rates, it's crucial to evaluate long-term costs, including non-qualified rates, monthly fees, and additional charges, to ensure overall affordability. 💡💸 5) Ensuring Transparency: Transparency is key in dual pricing arrangements. Ensure clear communication with your payment processor regarding all fees, terms, and potential rate adjustments to avoid surprises. 📢🔍 Let's continue the conversation about negotiating dual pricing and securing competitive rates. Your insights and experiences are valuable! 💳💼 Follow #ITechOne for updates. #CustomerExperience #PaymentProcessing #SMB #CreditCardProcessing #BusinessSolutions #MerchantServices #CustomerSupport #PaymentProcessing #DataFreedom #EmpowerYourBusiness #DualPricing #MerchantServices #NegotiationTips #BusinessFinance