The Green Sheet Online Edition
July 28, 2014 • Issue 14:07:02
Thanks to Ken Musante
Long-time contributing writer Ken Musante received the following note from an appreciative reader:
I just read your recent article in The Green Sheet, "The Impact of Coming FANF Changes," with a great deal of interest. I have PayPal bidding on a very large* MO/TO long-time client of mine, quoting a flat 2.30 percent and $0.30 per transaction with NO additional fees! Pay Pro Flow is part of the draw, so I have scrambled to sign up to be a PPF reseller and am sharpening my pencil on pricing. Thanks for the ammunition!
*Merchant does $450,000 MC/V/DIsc and 1,500 sales per month. One third are business with 70 percent of the remainder two thirds being rewards cards. I kept thinking, if PayPal can come in and be competition on this type of account, why aren't there class-action suits from the acquirers challenging the card brands' no added fees contract with PayPal?
Thanks, Ken, for your significant contributions to The Green Sheet, and thanks, Jan, for letting us know Ken's work has made a difference in your career.
We received the following correction from contributing writer Alex Nouri, President of EFT Direct. We didn't get it quite right when editing his article, "Insist on a balanced agent agreement," The Green Sheet, July 14, 2014, issue 14:07:01. Here is the text Nouri sent to replace the second paragraph of the section titled "Defend your ownership rights":
Ask for a clause that states that you will have the ability to move your merchants from or within, whichever you like best and suits both parties, (I suggest ideally) one year from the time you decide you would like to move them if you are not satisfied with the performance of the acquirer and if the issues have been “amply documented in writing and over time." This clause will not allow an agent to arbitrarily move merchants, while it will hold the acquirer accountable for any misgivings or poor performance by the acquirer.
The issue had already gone to press when this came to light; however, the online HTML edition has been revised. The Green Sheet regrets the error.
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