Getting Started - LMS Agent Program
- 1. National Sales Agent Training
- 2. Objectives • Leaders Merchant Services was founded with one goal in mind: to provide the solutions needed for businesses to reach their goals. By providing cost-effective, technologically advanced products and services, in an ethical and service-oriented environment, we strive to do that each and every day. • Our National Sales Agent Program provides you with the pricing, products and support you need to be successful in today’s competitive market. • The primary objectives of this New Agent Training Program is designed to give you a basic understanding of: 1. The payment processing industry. 2. Leaders Merchant Services products and services. 3. Pricing and how to sell. 4. How you’ll make money!
- 3. • About LEADERS • Payments Industry 101 • Products & Services • Selling • Pricing • Application Process • Credit / Risk Management • Compensation Agenda
- 4. About Leaders • Leaders Merchant Services is a leading provider of payment processing products and services with solutions for Retail, Restaurant, Mobile, Internet, Grocery, Hospitality and Mail/Telephone Order. • Registered with Visa and MasterCard as an Independent Sales Office (ISO), sponsored by Wells Fargo Bank, N.A. • Founded in 2000, a privately owned company with 26,000 square foot headquarters in Camarillo, CA. • Over 50 dedicated, full-time employees plus an outside National Sales Agent (NSA) sales force. • 100,000+ merchants signed nationwide since inception, representing billions of dollars in processing volume. • www.leadersmerchantservices.com
- 6. Payments Industry 101 Who is involved in a typical transaction? • Consumer (Cardholder) - Makes a purchase using his/her card. • Merchant - Accepts the card as payment for goods or services. • Issuer - Provides the card to the cardholder and maintains that cardholder's account. • Payment Processor (along with sponsoring bank, may be referred to as the “Acquirer”) - Processes the card sales for merchants (Leaders Merchant Services uses the First Data processing platform – the largest platform in the U.S. and our sponsoring bank is Wells Fargo.) • Card Brand (“Associations”) - Includes Visa, MasterCard, Discover or American Express. • Gateway – in some cases, a third party that provides a means of electronic communication between the merchant and the payment processor.
- 7. Payments Industry 101 How does the transaction process work? From the time a business accepts a consumer payment to the time the business is paid, there are a number of steps: 1. Cardholder makes a purchase from a Merchant (either face-to-face, online by mail or telephone.) The business records the card information by swiping it through a Point-of-Sale (POS) terminal, or by entering card information into an online or PC-based solution. 2. The authorization request is routed from the terminal to LEADERS, through the appropriate Card Brand, and finally to the Issuer to see if credit is available. An “Approved” or “Declined” response is then sent back to the Merchant. 3. If approved and subsequently settled by the Merchant (in an end of day batch), the Issuer deducts the amount from the Cardholders credit line (or from his bank account in the case of a debit transaction) and forwards it through the Card Brand, to LEADERS, who then pays the Merchant. 4. The Merchant typically receives the money in 1 – 2 days and the Issuer sends the billed amount to the Cardholder on their monthly statement. The Issuer is paid when the Cardholder pays their bill.
- 8. Payments Industry 101 | Transaction Flow
- 9. Payments Industry 101 Fees involved in a payment transaction: • Many factors influence how much a merchant pays to have its payments processed: o Type of business o Method of transaction o Type of card used • The bulk of the overall fees paid by a Merchant are due to base costs set by the Card Brands and Debit Networks. These fees (commonly referred to as “Interchange” or “Network” fees are used primarily to pay the Issuers for providing the cards to consumers and to fund the marketing and administrative functions of the Card Brands. (These fees are complicated but are essentially the same for everyone.) • Payment processors add fees to pay for the systems and support needed to get authorizations, settle payments, manage risk, provide reporting, resolve disputes, etc. (These fees are represented on the “Schedule A” of your agent agreement.) • The fees collected from a merchant, above Card Brand fees and Payment Processor fees, represents the Revenue that we share.
- 10. Payments Industry 101 What is PCI? Payment Card Industry Data Security Standard (PCI DSS) • A set of requirements, first implemented in 2008, designed to ensure that ALL companies (including merchants) that process, store or transmit credit card information maintain a secure environment. • Administered and managed by the PCI Security Standards Council (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover and JCB.). • There are four categories of Merchants under this program (Level 1 – 4). Most merchants fall into Level 4 (ecommerce merchants fewer than 20,000 transactions per year and all other merchants, fewer than 1 million transactions per year.) PCI DSS requirements for level 4 merchants include: o Annual completion of Self Assessment Questionnaire (SAQ) o Quarterly “scans” if storing cardholder data or if card processing is connected to the internet • Merchants of LEADERS fulfill PCI obligations via https://compliance.merchant-info.com/ • Visit www.pcicomplianceguide.com for more detailed information.
- 11. Payments Industry 101 What is EMV? • EMV® is a trademark dating back to 1999, after Europay, MasterCard, and Visa founded EMVCo with the purpose of developing specifications for secure payment transactions and to ensure interoperability between chip-based payment cards and terminals. • EMV refers to payment chip cards that contain an embedded microprocessor, a type of small computer that provides strong security features not possible with traditional magnetic stripe cards. • When inserted into a card reader, such as a terminal, the contact plate allows the chip to connect to a reader. This connection enables the chip to get power from and exchange data with the terminal. • Through the use of features including data authentication, PIN entry, and cryptographic technology, it provides added security against certain types of fraud (e.g. counterfeit and lost/stolen.) • Over eighty countries are in various stages of EMV chip migration, including Canada, Europe, Latin America and Asia. The U.S. is one of the last countries to migrate to EMV chip technology. • As of October 1, 2015 - The party that has made investment in EMV deployment is protected from financial liability for card-present counterfeit fraud losses. If neither or both parties are EMV compliant, the fraud liability remains the same as it was. This date excludes automated fuel dispensers (October 1, 2017.).
- 12. Payments Industry 101 What is the Durbin Amendment? • An amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It went into effect on October 1, 2011. • The legislation tasked the Federal Reserve with establishing Interchange Fees at a level “reasonable and proportional to the cost incurred by the issuer with respect to the transaction.” • The result was to cap debit interchange (both PIN and signature) at $0.21 cents per transaction, plus 0.05% for fraud losses, plus $0.01 per transaction for anti-fraud measures (referred to as “regulated” debit.) o It exempts financial institutions with less than $10 billion in assets, a designation that includes most community and state banks, and credit unions (referred to as “unregulated” debit.) • Other Provisions included: o Merchants can impose up to a $10 minimum on credit card transactions. o Merchants are allowed to give discounts at the register to those who pay with cash or debit cards. o Eliminate requirements that debit cards be processed on only one network. • The regulation capped Interchange Fees, but not the total price that a processor can charge.
- 14. Products & Services Leaders Merchant Services offers a comprehensive suite of payment processing products and services, including: • Mobile Payment Solutions • eCommerce • Credit Card Terminals • Point-of-Sale Systems • Credit & Debit Card processing • Gift Card & Loyalty programs • Electronic Check Acceptance • Merchant Cash Advance & Business Loans
- 15. Products & Services Credit & Debit Card processing: • Processing for Visa, MasterCard, Discover, American Express, Diners and JCB and Debit o One batch / One settlement / One funding • Credit Card o Base Interchange Fees set by the respective card associations o Purchase amounts added to cardholder’s credit card bill • On-line PIN Debit o Requires 4-digit PIN at the point of sale / No signature required. o Base Interchange Fees set by the Debit Networks o Purchase amounts deducted from cardholder’s bank account • Off-line Debit (Signature Debit) o Requires cardholder signature rather than 4-digit PIN o Base Interchange Fees set by Visa and MasterCard, typically lower cost than credit card interchange o Purchase amounts deducted from cardholder’s bank account
- 16. Products & Services Gift Cards (also called Stored Value Cards): • Replace paper gift certificates. • Merchant typically pays a nominal fee for set-up, design and cards. Additional monthly fee and separate transaction fee applies. • Leaders offers a free 50-card, introductory gift card program for merchants. o Standard card designs to choose from with merchant name added. o Merchant pays only shipping to receive the cards. o Merchant pays monthly and transaction fees and cost to re-order more cards. • Only certain equipment supports Gift Card programs Loyalty Programs • Create programs to encourage repeat sales and reward loyal customers • Card and mobile phone based programs • Very basic to very advanced options
- 17. Products & Services Electronic Check Acceptance: Several options to assist with merchant’s acceptance of checks as a form of payment: • Paper Check Guarantee Provides an “Authorization” of the check but still deposited as a paper check at merchant’s bank. • Electronic Check Acceptance Converts a paper check into an electronic transaction. Check is given back to consumer as a receipt. • Internet Check Acceptance Transfers funds directly from a consumers checking account to the merchant’s bank account. • Telephone Check Acceptance Transfers funds directly from a consumers checking account to the merchant’s bank account. No need to wait for a check to arrive in the mail.
- 18. Products & Services Merchant Cash Advance (MCA) and Business Loans: Merchant Cash Advance: • More costly than a bank loan but much easier to qualify and much faster funding. Average approval in 1-2 days and funding in 2-4 days. • Funding from $5,000 - $500,000. Amount funded typically equal to 1 month of merchant’s sales. No restrictions on the use of funds. • A fixed amount of a merchant’s future credit card sales are purchased at a discount. For example, we may pay the merchant $10,000 today to purchase $12,500 of their future credit card sales. • Repayment is made over a 3 – 12 month period by deducting a small percentage of the merchants daily credit card processing. Not a fixed amount. If sales are down, they pay less. If sales are up, they pay more. Business Loan: • Similar economics to MCA but fixed payments are deducted daily. Also an ACH option.
- 19. Products & Services Mobile Payment Solution: • Accept payment on mobile phones and tablets. Can work on devices the customer already owns. Just add a low-cost, plug-in card-swiper. • Compatible with many Apple, Android and Windows devices. • Simple set-up. We provide a merchant account. Customer downloads an app on their device and plugs in the card-swiper. • PCI and EMV compliant. PIN capable. • End-to-end encryption and tokenization, so transactions are safe.
- 20. Products & Services eCommerce: Gateway: • If a merchant wants to sell products to a consumer via a website, it must have both a merchant account and a payment gateway account. A payment gateway is a service that sends credit card transactions from the merchants website to the merchant’s processor. • Some gateways also provide simple “check-out” features allowing the consumer to initiate a sale from the merchant’s website. • A merchant may develop and integrate it’s own web-interface for displaying, compiling and tracking items sold through it’s website. • Leaders currently resells the Authorize.net payment gateway. Shopping Cart: • In lieu of the simpler checkout features offered by some gateways, or the resources need to develop their own payment interfaces, merchants may use the services of integrated “Shopping Cart” service providers. These providers offer sophisticated products that can serve as the merchant’s on-line catalogue and ordering process. • Leaders currently resells the Cart Manager shopping cart (certified to Authorize.net payment gateway.)
- 21. Products & Services Credit Card Terminals: • Most common means of card acceptance • Leaders offers only PCI and EMV compliant equipment for new sales. • Options include support for: o Credit Card acceptance via magnetic stripe or chip o PIN Debit via integrated PIN Pad or peripheral o Gift and basic Loyalty o Electronic Check Acceptance o Contactless / Near Field Communication (NFC) o Wireless (Wi-Fi / GPRS) • Terminals can be sold, leased or placed for free (specific equipment only)
- 22. Point-of-Sale Systems: • More and more merchants are interested in the benefits available from Point-of-Sale Systems and are replacing cash registers and credit card terminals with more sophisticated systems: o Payment Acceptance o Inventory Management o Employee Time-clock o Integrated Gift / Loyalty o Reporting • The introduction of tablet based systems has made these systems affordable, even for small merchants. Products & Services
- 23. Selling
- 24. Selling Ethics & Marketing. As part of the NSA application process, all agents were required to sign a “Statement of Ethics” document. Some key components are: • Fully disclose to each prospective client that you are representing LEADERS, a registered ISO of Wells Fargo Bank. You may not represent that you are part of Wells Fargo Bank or selling on behalf of Wells Fargo. • Use LEADERS approved merchant applications and marketing materials when representing LEADERS products and services to prospective merchants and not solicit any merchant who is already a customer of LEADERS. • No Visa, MasterCard or other card brand logos can be used without the express written permission of LEADERS. • Adhere to simple truth and integrity and not engage in any deceptive or misleading sales practices. • Conduct due diligence and complete all site inspections truthfully, and accurately report the nature of any business in which a prospective client is engaged. • Do not accept any payment in cash from a client or prospective client and ensure that all checks are properly made out to Leaders Merchant Services, LLC.
- 25. Selling Strategies. Offering to save a merchant money on the fees they pay to process payments is certainly an effective way to sell, however, there are many other techniques to consider that will offer value to a prospective customer while preserving profit for us to share: • PCI and EMV compliant equipment – newer industry security standards and mandates for chip card acceptance present opportunities to lead with equipment offerings rather than with price. Agents have options to sell, lease or place free equipment with new customers. • Gift and Loyalty programs – many merchants still do not have these programs. The ability to offer a “free” starter gift card program as well as loyalty programs to help drive more business to the customer are effective conversation starters. • The ability to offer working capital to a business that might not otherwise qualify to get a loan from their bank can be a powerful selling tool. • Upgrading a growing merchant from a standard counter-top credit card terminal to a state-of-the- art tablet based or full-scale point-of-sale system can help sign larger merchants.
- 26. Developing Prospects. The most important aspect of selling. No prospects = no sales. • If you are new to this industry, talk to your friends and family, especially anyone you know that owns a business. Tell them about your new line of work and ask them to spread the word. • Leave a business card and/or brochure at every business that you frequently shop at. Ask if you can come in early one day and talk to them about their payment processing. • Never forget to ask for the statement. This is the best way to show the merchant how much you can save them on their current processing fees. • Never forget to ask for a referral. o This may be the most overlooked opportunity in any type of sales. Whether you sign a deal with your prospect or not, NEVER FORGET to ask for a referral. o What if only 1 out of every 50 requests results in an actual new customer? Well, if you ask for a referral 10 times a day, that equals 50 times a week, which equals 1 extra deal per week. That’s 52 extra deals per year! • No fear of cold-calling. By phone or by knocking on doors, this is still one of the most effective ways of building a sales pipeline. Selling
- 27. Selling Statement Analysis • Leaders offers our National Sales Agents one of the industry’s best statement analysis and proposal writing services, at no cost. • Many merchants are not aware how much they are actually paying. Our analysis gives them a detailed breakdown of what they are actually paying, how much they would pay with us, and what their on-going savings will be. • In many cases, we can save them enough on a monthly basis to more than subsidize the cost of a new terminal, or a gift card program, etc… • You can provide your prospective customer, in writing, with a professional looking proposal that will set you apart from the competition.
- 28. Selling Overcoming Objections / Closing • “You’re the third salesperson in here this month” Well my goal is to build your trust and be the last account manager you ever work with. • “The last salesperson promised me savings that never materialized” I hear that all the time. That’s why we offer a free, in writing, pricing proposal and savings analysis. • “I’m under contract” That’s very common. We have a contract as well. But we’re so sure that our program is a better fit for you that we will offer to reimburse you for any fee that your current provider might charge to cancel your contract (up to $250.) • “I prefer to deal with my bank” I hear that a lot, but what we find is that, out of loyalty or comfort with their bank, many businesses don’t realize that they are over-paying. They also don’t realize that we may be using the very same technology platform that the banks are using. • “I’m too busy” I respect that. But I’m so confident that our program is a better fit for you that I can offer to meet you anytime of day that is convenient for you. And I promise to take no more than 15 minutes of your time.
- 29. Selling Sales Resources • Selling 101: What Every Successful Sales Professional Needs to Know, by Zig Zigler o For anyone in sales. • Little Red Book of Selling, by Jeffrey Gitomer o For those new to sales. • How to Survive and Thrive in the Merchant Services Industry, By Marc J. Beauchamp and William Graham o For new and experienced reps. • Certified Payments Professional (CPP) certification course, offered by the Electronic Transactions Association (ETA) o Minimum of 1 year industry experience.
- 30. Remember… Selling “Nothing happens until somebody sells something.” - Arthur H. “Red” Motley – Parade Magazine
- 31. Pricing
- 32. • As previously discussed, there are 2 primary sets of cost that need to be considered when determining the proper pricing for a merchant. o “Interchange” and “Network Fees” – the complex set of fees charged by the Card Brands (Visa, MasterCard, American Express, Discover, etc.) and the Debit Networks (Star, NYCE, Pulse, Honor, etc.) o Processor Fees – see Schedule A fees. • The fees charged to a merchant in excess of these two sets of cost are what make up the net revenue or “Residual Income” that Leaders and it’s Agents share. • There are several different merchant-level pricing methodologies that can be used, however, the two most prominent are: o Tiered Pricing o Interchange Plus Pricing Pricing
- 33. Tiered Pricing: • Generally results in higher overall margin to the Agent. • Interchange Fees, Processor Fees and margin are blended into 3+ pricing tiers. • Example: 3 tier = Qualified, Mid-Qualified, and Non-Qualified • Example: 4 tier = Qualified, Mid-Qualified, and Non-Qualified, Signature Debit • 10 different standard rate grids to choose from for Tiered Pricing o Varying allocation of interchange categories between tiers o Suggested rates with “built-in” profit o Agents have flexibility o See Preferred Rate Plans Pricing
- 34. Pricing Interchange Plus Pricing: • Interchange fees are passed through at cost to the merchant • Processor Fees / Margin are billed as separate line items • Advantages o This type of pricing was initially reserved for only very large merchants. Now it is available to merchants of any size. o No “hidden fees” to the merchant. o Easier for processor to predict it’s margin / profitability. • Disadvantages o Easier for merchant to understand processor’s mark-up o Usually results in lower over-all margin
- 35. Pricing Credit vs. Debit: • Except for very low ticket merchants (under $5.00), adding debit card processing is a way to save a merchant money on processing costs. o For medium to large ticket merchants Credit (Visa CPS/Retail) $50.00 x 1.51% + $0.10 = $0.86 Unregulated Signature (Visa): $50.00 x 0.80% + $0.15 = $0.27 Unregulated PIN (Pulse): $50.00 x 0.86% + $0.13 = $0.56 Regulated Sig or PIN: $50.00 x 0.05% + $0.22 = $0.25 o For smaller ticket merchants Credit (Visa CPS/Retail) $15.00 x 1.51% + $0.10 = $0.33 Unregulated Signature (Visa): $15.00 x 1.55% + $0.04 = $0.27 Unregulated PIN (Pulse): $15.00 x 0.86% + $0.13 = $0.30 Regulated Sig or PIN: $15.00 x 0.05% + $0.22 = $0.23
- 36. Pricing Resources: • http://usa.visa.com/merchants/merchant-support/interchange-reimbursement- fees.jsp • http://www.mastercard.com/us/company/en/whatwedo/interchange.html • http://www.nerdwallet.com/blog/banking/durbin-amendment-explained/
- 38. New Application Received Validation Dept/Data Entry Verifies all paper requirements Validation Notice sent to Agent Underwriting Dept Approves applications New Accounts Dept Enters Account into System File Build Dept Builds electronic file for terminal Deployment Notice sent to Agent Training & Installation Dept Verifies shipping address and/or lease info Downloads new terminals Can assist in reprogramming terminals & training merchants Ships terminals and/or supplies Application Process
- 39. Credit / Risk Management
- 40. • Approving Accounts – several factors are considered when underwriting a new merchant o Type of business / Time in business o Sales Volume and Average Ticket o Personal Credit / TMF o Processing history – from prior processing statements • Monitoring Risk – exception criteria are used to identify potentially risky transactions or activity. These can result in a merchants deposits being suspended while an investigation is conducted. Some examples are: o Large, even dollar amounts (i.e. $1000 transactions) o Excessive volume or high ticket amount o Multiple transactions on same card / many transactions for same amount • Customer Disputes – even non-fraudulent transactions can result in a dispute (“chargeback”.) o Defective merchandise or not-as-described o Merchant not offering a refund o Fraud Credit / Risk Management
- 41. Compensation
- 42. Compensation There are multiple ways to earn income in the Leaders Merchant Services – National Sales Agent Program. • Signing Bonuses • Equipment Sales / Leases • Residual Income • Value Added Products and Services • Optional Incentives
- 43. Signing Bonuses: Compensation • Standard Bonus - $100 for each qualified, activated deal. • Productivity Bonus - $1,000 each month that Agent submits 10+ qualified, activated deals. • Quick Start Bonus - $5,000 if an agent submits 50+ qualified, activated deals in first 90 days. *Above bonuses require the following to qualify: 3-year Merchant Agreement, Standard ETF, Standard PCI and Industry Compliance Fees, and $25.00 Monthly Minimum Fee • Volume Bonus o $100 for each activated merchant that processes $15,000+ monthly. o Requires 2 recent processing statements to show volume consistency. Notes: o A merchant deal is “activated” upon the merchant submitting 1 non-test batch. o Paid each Monday for Bonuses earned the prior week.
- 44. Compensation Equipment Sales: • Agent will receive a percentage of the income derived from selling equipment to merchants. • The amount shall be calculated by subtracting the wholesale cost of the equipment (per the most current Preferred Equipment Pricing Grid) from the sale price to the merchant, and then multiplying by the most recent residual revenue share percentage earned by agent. • Equipment sale income earned by Agent will be paid in the next available weekly bonus cycle. Example: Verifone Vx520 o Sell for $399.00 o Cost of $210.00 (including overnight delivery) o Profit = $189.00 o Commission to Agent (assuming 70% Revenue Share) = $132.30
- 45. Compensation Equipment Leases: • Agent will receive a percentage of the income derived from leasing equipment to merchants. • The amount shall be calculated by subtracting the wholesale cost of the equipment (per the most current Preferred Equipment Pricing Grid) from the lease revenue earned by LEADERS, and then multiplying by the most recent residual revenue share percentage earned by agent. • Equipment leasing income earned by Agent will be paid in the next available weekly bonus cycle. Example: Verifone Vx520 - 36 Month Lease at $39.95 per month (with A Credit) o Lease Revenue of $1,109.72 o Cost of $210.00 (including overnight delivery) o Net Commission = $899.72 o Commission to Agent (assuming 70% Revenue Share) = $629.80
- 46. Residual Income: • Build long-term recurring income stream. • Base costs include Interchange, Debit Network Fees and Processor Fees (Schedule A) • Fees charged to merchant above base costs result in monthly revenue. • Leaders and Agent share this revenue each month (Residual Income) according to the residual percentage the Agent qualifies for that month (based on number of deals activated.) • Monthly residuals are paid by the end of the following month. Example: Merchant ABC o Total Fees collected from Merchant = $450.00 o Base costs = $324.00 o Monthly revenue = $126.00 o Residual to Agent (assuming 70% Revenue Share) = $88.20 o Assuming Agent signs an average of 5 deals per month for 12 months, monthly residual to agent would be $5,292.00 o Bonuses could add an additional $500-$1,000 per month. Selling / Leasing equipment adds even more. Compensation
- 47. Compensation Value Added Products and Services - There are additional income opportunities for Agents via additional products and services offered by Leaders. • Gift / Loyalty programs • Electronic Check Acceptance • eCommerce Solutions • Merchant Cash Advances / Business Loans o Agent will receive a percentage of the commissions earned by LEADERS for Merchant Cash Advances or Business Loans sold to merchants by Agent. o The amount shall be calculated by multiplying the Merchant Cash Advance / Business Loan income earned by LEADERS by the most recent residual revenue share percentage earned by agent. o Merchant Cash Advance / Business Loan commissions earned by Agent will be paid in the next weekly bonus cycle Example: • $10,000 advance to Merchant • Payback amount of $12,500 x 10% = $1,250 • Commission to Agent (assuming 70% Revenue Share) = $875.00
- 48. Optional Incentives: Compensation While not producing direct income to the Agent, these optional programs enable the Agent to sign more deals, resulting in more Residual Income. • Free Equipment Placement Program: o Offer limited to new merchants and one device per merchant. o One-time shipping fee of $35.00 paid by merchant (or Agent.) o Free equipment is provided on a “Loaner” basis and must be returned to LEADERS upon termination of merchant account. Failure to return within 10 business days will result in an ACH debit to merchant’s bank account as payment in full for the equipment. o Agent must elect Free Terminal Option (with Merchant Acknowledgement Form) at time of deal submission. • To qualify for Free Equipment Placement Program, the following criteria must be met: o 3 Year Merchant Processing Agreement o Standard Early Termination Fee o Standard PCI / Industry Compliance Fees o $25.00 Monthly Minimum Fee
- 49. Compensation Optional Incentives: • Early Termination Fee (ETF) Reimbursement Program: o Offer limited to new, approved and activated merchants o Merchant must provide proof (Bank Statement) of ETF within 60 days of the debit. o Maximum ETF reimbursement of $250.00 o Agent must elect ETF Reimbursement Option (with Merchant Acknowledgement Form) at time of deal submission. • To qualify for ETF Reimbursement Program, the following criteria must be met: o 3 Year Merchant Processing Agreement o Standard Early Termination Fee o Standard PCI / Industry Compliance Fees o $25.00 Monthly Minimum Fee o $5,000+/month in merchant’s processing volume o 2 recent processing statements
- 50. Thank You! Everyone at LEADERS looks forward to your success. NSA Support Team Phone: Submit new applications to: 800.506.9039 Email: nsa@lms-corp.com Fax: 866.831.7431