Schedule time with your PayFac channel development manager. If you do not know who to contact, send your request to PayFac@vantiv.com. Take this opportunity to discuss your business goals, document your requirements, and determine a course of action. Based on your business needs, the discussion may include the following topics:
- Value proposition and benefits to large sub-merchants for proposals
- Additional tender types (DS/Amex)
- GRA (advise on MasterCard risk assessment/visit)
- Grow revenue and profitability, registration programs, convenience fees, prime routing
- Funding sub-merchants (Dynamic or Managed Payouts)
- Architecture-EMV, point-to-point encryption, interface/platform, card present vs card not present
- Terminal application requirements
- PCI compliance AOC, vulnerability scans, how to reduce scope
- Account updating for recurring payments
- Card network registration
- Develop a communication plan for sub-merchant awareness of payment benefits
Consider a direct marketing campaign targeting new sub-merchants that demonstrates the value you offer through payments. Position yourself as offering, “More to payments than taking a card,” or “Simple ways to optimize your credit card acceptance- no sales lost.” By making these or other campaign topics available to support new customer acquisition efforts, you may qualify for MDF. To apply for MDF, contact your channel manager or PayFac@Vantiv.com with information about your campaign.
Schedule your business review with your PayFac relationship manager. In these reviews you have an opportunity to review historical data, look for business trends and find solutions to new business and process challenges.