Does anyone really carry much cash anymore? I know I have a wallet full of credit cards that I can and do use just about anywhere: for groceries, gas, clothes, entertainment, restaurants and, well, pretty much everything. It’s easy and convenient for me to use a credit card as a consumer because it doesn’t require any knowledge about the credit card industry. All I really need to know is when I’ve got to make my payment.
But as a merchant who takes credit cards in business to business or business to consumer transactions, a little bit of knowledge on the credit card industry can go a long way toward understanding how taking credit cards can help drive increased sales and how using credit cards as a payment method helps reduce your outstanding receivables .
There are many players in the credit card industry besides the cardholder and merchant. There’s the merchant acquirer, the processor, the card associations, and the card issuer. And there’s those Independent Sales Organization folks (ISO’s) who seem to call you every other week trying to get you to switch your credit card processor. How do all of these players fit together in the process?
We at Sage have put together some information to make navigating the credit card industry a bit more understandable. Click here for a link to a handy Infographic that explains a bit more about these different players. And, to learn much more, please join me and my Sage Payment Solutions colleagues for a webcast entitled “Payments 101: Making Sense of the Credit Card Industry” on Tuesday, April 17, 2012 at 11am PT. (1pm ET). To register for the webcast, click here. We’ll discuss the differences between an integrated and non-integrated payments solution, delve into the players in the industry and what each one does, and unravel a little of the mystery surrounding merchant fees. All Sage customers running any Sage ERP product are welcome to attend.
On to the adventure,