10 Secrets the Credit Card Processing Industry Doesn't Want You to Know 1 Credit
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Every year, businesses pay approximately $180 billion in credit card processing fees. Despite most of us paying these fees, there is actually an only handful of us who understand the specific details of what we are paying for. Many times, people consider facility or service charges for financing. Though it is not correct to deny that for many these fees are convoluted, confusing, obscure, and often misleading. The fact of the matter is that 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:
Credit card companies made 163 billion of these Incomes in 2016 from Businesses & Individuals. This money comes from the bank account of a business that happens to be your client or whom you work for. In this Online CPE webinar on Finance, Jeremy Layton will help us take a peek behind the curtain of the credit card processing industry and explore 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.
This online CPE webinar on Finance covers the following Key Aspects:
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Finance for CPA in Canada | 1 CPD | Eligible |
| Corporate Finance for Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Finance for Accredited in Business Valuation (ABV) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Finance for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Finance for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Finance for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Finance for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Finance for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Finance for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
| General finance principles and financial concepts for Certified FP&A Professional (FP&A) | 1 CE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
| Finance for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| CPA in Canada | 1 CPD | Eligible |
| Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Certified Financial Planner (CFP-US) (Approval No. 273031) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Certified Valuation Analyst (CVA) | 1 CPE | Eligible |
| Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1 CPE | Eligible |
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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.
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BS
I work for Intuit as a Tax Expert preparing returns for self-employed clients. They need to know about the fees that are added on in addition to the 3% fee for offering the VISA or MC to their clients. Someone who paints my house will allow me to charge the amount by tacking on an additional 3% to pay for their fee. They don't know about the processors fees.
PA
I am an Enrolled Agent and was curious about this class. The information was easy to understand and if I was an accountant, I'd request that all my customers at some point consider having an Audit firm review their accounts if they accept credit cards.
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