10 SECRETS THE CREDIT CARD PROCESSING INDUSTRY DOESN'T WANT YOU TO KNOW
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Course Details

Overview of Topics

  • Case Study: How hidden fees increases10 mins
  • Credit Card Industry Stats16 mins
  • History of the credit card18 mins
  • Why negotiating better rates is a waste of time?30 mins
  • Credit Card Industry Structure48 mins

Why You Should Attend ?

Most accounting teams are unaware of the pitfalls present in owning a merchant account, and their only source of information and education is their processor ... who is not incented to keep their fees low. Knowing how the credit card processing industry works, and how they position their fee tactics, will prepare you to save significant amounts of money within your merchant account.

Course Description

Every year, businesses pay approximately $180 billion in credit card processing fees. These fees are convoluted, confusing, obscure, and often misleading. Credit card companies make money off cardholders in a wide range of ways and their income has been experiencing solid growth for years. They charge for

  • Interest Income
  • Interchange Fees
  • Cash Advance Fees
  • Annual Fees
  • Penalty Fees
  • Enhancement Income

Credit card company made 163 billion of these Incomes in 2016 from Businesses & Individuals. This money comes from the bank account of business who happens to be your client or whom you work for. In this session, we will look behind the curtain of the credit card processing industry and show you how the card brands and banks operate, common red flags that could complicate your fee structure, and ways that you can reduce or eliminate unfair or inflated processing fees within your merchant account.

RECOMMENDED FOR : 

CPA or Accountants or Tax Professionals : This webinar will give you insights on advising your clients on how to significantly reduce your credit processing fees and will help you in being a valued advisor. 

CFO, Staff Accountants, Director of Finance, Controller : you are always expected to improve bottom-line of your company, this webinar will help you in understanding step by step how you can really reduce your company’s credit processing fees up to 50% and that too without switch processor.

Learning objectives

  • Understand the credit card processing industry
  • Learn how to read your merchant statement
  • Know where your fees are going
  • Discuss steps you can take to reduce your fees
  • Understand how much you're being overcharged

About Presenter

Jeremy Layton started Verisave back in 2001 with the service of identifying and collecting overpayments made by their customers to their suppliers. In 2010 Jeremy noticed that most of his customers were paying a lot of money to process credit card payments. After digging a little deeper, he found that most of his customers were actually paying much more than they needed to and Jeremy was determined to help them reduce these fees. Over the past 10 years Jeremy has become an expert in all things relating to the credit card processing industry. In fact, Verisave saved its customers over $30 million on credit card processing fees.

Verisave is a seasoned auditing company that helps organizations identify and eliminate excess merchant processing fees. Since 2002, the Verisave team has served clients throughout the United States in a variety of industries by providing clarity and transparency in a complicated area of business. Our team of processing industry experts brings experience and knowledge to the table with one goal–to identify and implement measurable savings for your business.

Review Questions

  • Question 1 : 00:20
  • Question 2 : 00:35
  • Question 3 : 00:55
  1. Which of the following represents the transformation of Credit card industry over the years?
  2. ● Why the statements and fees of your credit card are difficult to understand?
  3. • How much potential saving a merchant account auditing can help a regular substantial credit card user on an average?
  1. Which of the following represents the pillars of the structure of the credit card industry that takes the most risk in the credit card transactions?
  2. What is the percentage share, the Independent Sales Organization (ISO) gets from every transaction?
  3. Which of the following is the thing you would want to know before you start surcharging?
  4. What all from the given options below are the part of Credit Card Industry Structure?
  5. Which of the following is the benefit of the gain share billing from merchant account auditing?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.4
(398)
61%
28%
9%
1%
2%
  • BM
    Brian Murphy , CPA
    Apr 7th 2020
    Very interesting information shared by Mr Jeremy Layton about the processing fees charged by the credit card industry in the businesses. It was very informative, and I will talk with my clients regarding this. Thank you, Mr. Layton!
RM
Rebecca Montanez , CPA
This was a great, informative webinar. The instructor was good at keeping me engaged.
AD
Ann Dominick , CPA
Thank you for sharing the valuable information on the credit card processing industry. Learned a lot about the fee structure of credit card and ways to eliminate inflated processing fees
EM
Evan Matzkin , CPA
This is one of the best seminars I have attended on this platform. The information was very relevant and presented in a very succinct but informative manner. Well done!
KK
Kathryn Kling , CPA
I learned so much about the credit card processing industry. I had experience with credit card processing fees when I was an acctg manager.
NB
Nancy Borland , CPA
Great info about the working of the credit card industry. It will definitely help me to save some amount of money

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost FREE
  • CPE Credits 1
  • Subject Area Business Management and Organization
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date December 03 ,2019
  • Published Date January 23 ,2020
  • Who should attend? Accountant CFO/Controller Business Owner CPA - Small Firm CPA - Mid Size Firm CPA (Industry) Outsourced CFO Finance Director VP Finance
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

2021 Annual Federal Tax Refresher Course
Wednesday, July 08, 2020 View Details/Register
Segment Reporting – A Detailed Review
Thursday, August 06, 2020 View Details/Register
Goodwill Impairment Testing
Thursday, August 06, 2020 View Details/Register
Segment Reporting Basics
Thursday, August 06, 2020 View Details/Register
Goodwill Impairment Basics (1 Hour)
Thursday, August 06, 2020 View Details/Register
Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register