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Policy: The Company shall plan for, monitor, and review its merchant
accounts in order to ensure the greatest value for the service.
To ensure the selection of a merchant account that meets the
Purpose:
Bizmanualz Sample from the Finance Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions
1.3 The CFO shall create a total cost estimate for each month or quarter based on fee
information gathered (Section 1.2), using historical merchant account use and
projecting future use.
1.4 The CFO shall create a method for evaluating merchant account service levels
(for example, listing key service areas required by the Company and rating
availability of the service by existing and potential merchant accounts). Examples
of important service features include:
Charge[Type text] [Type text] [Type text]backs;
Customer service availability (responsiveness, speed of resolution);
Ease of use;
Reliability; and
Holdback policies.
1.5 Based on the review of overall fees and service levels (see Sections 1.1, 1.2), the
CFO shall:
Continue the existing merchant account under the current terms;
Attempt to renegotiate terms with the existing merchant account; or
Find and negotiate with an alternate merchant account provider.
MERCHANT ACCOUNT COMPARISONS
2.1 The CFO shall annually complete the TM1060-1 – MERCHANT ACCOUNT REVIEW
with existing and potential merchant account provider’s fee information.
2.2 The CFO shall calculate the estimated total fees per period (e.g., month, quarter)
for existing and potential merchant account providers and record the estimated
total fees on TM1060-1. The CFO shall consider the following when calculating
estimates:
Information about the various merchant account fees;
Historical merchant account use;
Projected future merchant account use;
2.3 The CFO shall list and rate important service features of existing and potential
merchant account provider’s on the TM1060-1 – MERCHANT ACCOUNT REVIEW
form (see Section 1.4).
MERCHANT ACCOUNT COMPARISON REVIEW
3.1 The CFO shall use the information on the TM1060-1 form to determine if any
action is required in the Company’s merchant account provider (see Section 1.5).
3.2 The CFO shall list reasons and justifications for the decision to continue,
renegotiate, or change merchant accounts on TM1060-1.
MERCHANT ACCOUNT IMPROVEMENTS
4.1 The CFO shall make changes and adjustments to its merchant accounts, in
accordance with the decision described on TM1060-1.
Bizmanualz Sample from the Finance Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions
4.2 As part of the annual merchant provider review, the CFO shall (re)evaluate the
merchant provider evaluation process, to ensure its continuing suitability and
usefulness. The CFO shall be responsible for making any recognized
improvement to this procedure and the associated form TM1060-1 to enhance
the merchant account review/selection process.
Effectiveness Criteria:
Lowest merchant account total fees
Effective merchant account service
Merchant account ease of use
References:
CFO Manual, Section 5.3.7 – Merchant Accounts
Additional Resources:
A. Carroll, Jim, and Broadhead, Rick, Selling Online: How to Become a Successful E-
Commerce Merchant, Dearborn Trade, a Kaplan Professional Company, 2001.
ISBN-10 #0-7931-4517-1.
B. Ogden, Anthony L., What Every Business Should Know About Accepting Credit
Cards, BankCardLaw Media Corp., June, 2004. ISBN-10 # 0-9759-6050-4; ISBN-13
# 978-09759-6050-9.
C. “Don’t Fly By Night: The Inside Information on Merchant Accounts”, available at
http://www.powerhombiz.com/vol39/merchant.htm.
D. “Choosing an Internet Merchant Account”, available at
http://www.findmyhosting.com/web-resources/Articles/internet-merchant.htm.
E. "Merchant Account 'How-To' Tips for Beginners", available at
http://www.goemerchant.com/getting_started.htm.
Forms/Records:
TM1060-1 – MERCHANT ACCOUNT REVIEW
Meeting minutes and reports
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an example policy, procedure, a list of topics, forms and job descriptions
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Bizmanualz Sample from the Finance Policies and Procedures Manual includes
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Bizmanualz Sample from the Finance Policies and Procedures Manual includes
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Bizmanualz Sample from the Finance Policies and Procedures Manual includes
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Job Descriptions: A complete job description is included for each of the 10 positions referenced in the
Finance Polices and Procedure Manual. Each position includes a summary description of the position,
essential duties and responsibilities, organizational relationships, a list of the procedures where the
position is referenced, specific qualifications, physical demands of the position, and work
environment.