What is one of the worst habits we see in merchant services? Rekeying application data over and over.
Why is this so bad? We’ll get to that in a second, but first let’s cover how it happens.
Agent collects information from the small business in the field.
Agent submits to their ISO.
ISO keys into their own CRM.
ISO keys into their processing relationship as well as any additional services like gateways.
❌ Prone to error
❌ Often not very secure. Personal identifiable information is included here.
When is the last time you revisited your application process to eliminate redundancy and human error? Here are some tools you might deploy to tighten it up:
🔨API between interfacing applications, both internal and external, to eliminate rekeying.
🪚 Online application so that the merchant enters their own information, which feeds to your internal systems
🪛Data filters and rules to ensure validity of information collected (for example, routing number is 9 digits with valid check digit)
Yes, these things take time to implement but you’ll see a positive ROI shortly thereafter.
Plus, if you’ve ever boarded an account only to have the merchant’s first deposit bounce due to someone miskeying the account number, you might be highly motivated to make a change. That’s not exactly the best first impression.
To understand debit interchange, we have to start with the Durbin Amendment. The law caps the interchange rate that can be charged on PIN debit transactions at .05% and the transaction