1. 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
2. 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.” Contact your channel manager or PayFac@Vantiv.com to request more information on the campaign support we can provide.
3. 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.