Monthly Archives: February 2020

U.S. Bank earns No. 1 position in J.D. Power Merchant Services Satisfaction Study for 2020

Posted on by
Reply

The bank also had the highest ranking in two key categories

U.S. Bank has earned the top spot in the inaugural J.D. Power U.S. Merchant Services Satisfaction Study for 2020, with an overall score of 882. In addition to the top overall satisfaction ranking, U.S. Bank had the highest ranking in two key categories: cost of service, and security and chargeback management.

U.S. Bank utilizes Elavon, its global merchant processing subsidiary, to complement the services it provides to small business owners for accepting payments in stores, online and by mobile device. 

“It is gratifying to see that our customers are satisfied with the experience they have with U.S. Bank,” said Shailesh Kotwal, vice chair and head of Payment Services at U.S. Bank. “Our employees are focused on the customers, listening to their needs and delivering a unified experience whether it’s a bank account, merchant processing, a loan or a combination of services, with the speed and security they deserve and expect.”

J.D. Power also found merchants that utilize eCommerce as their primary sales channel have higher satisfaction. U.S. Bank has been investing in its Elavon business with the specific intent to enhance the eCommerce experience and integrate payment capabilities with software that businesses use for other purposes, such as inventory or payroll. 

In the last 18 months, U.S. Bank and Elavon have announced acquisitions of Electronic Transaction Services (ETS) in Virginia, CenPOS in Miami, talech in Palo Alto, Calif., Payius in Sweden and Sage Pay in the UK. Elavon also became part owner in Poynt, a smart terminal provider that can accept multiple forms of payment and integrates with other software to provide useful data to the business. 

“We’re fortunate to have a strong Payments business and deep experience in this industry,” Kotwal said. “U.S. Bank is a great choice for businesses looking for a financial partner that understands their needs and has capabilities to help them take money in and make payments to their vendors quickly and seamlessly.”

About U.S. Bank

U.S. Bancorp, with more than 70,000 employees and $495 billion in assets as of December 31, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank at usbank.com or follow on social media to stay up to date with company news.

Contact
Teri Charest, U.S. Bank Public Affairs and Communications
612.303.0771, teri.charest@usbank.com

Blog Editors Note:

a

3 Things Accountants Must Advise B2B Clients in 2020

Posted on by
Reply

Credit card processing may be a big part of the revenue stream or a small part. It doesn’t matter. B2B companies all suffer from the same issues that impact EBITDA and risk. Compliance, cost and security. It’s fair to say, most businesses have no idea what the hot buttons or repercussions are.

Three things every B2B company needs to know about credit card processing right now:

  1. If you store credit cards, you must be compliant with Visa Stored Credential Framework. I posted this in 2017. Guess what? Most payment gateways (if you accept payments online from an invoice or any other source, a payment gateway is involved) are still not compliant! There are significant financial and risk consequences for non-compliance, including penalty fees, fines, and issuer generated chargebacks.
  2. Failure to settle transactions with a proper authorization will be even more expensive starting in April 2020. For example, many Visa credit card rates will go to 3.15%, reflecting upwards of 0.75% increase in some cases; that’s strictly interchange fees, nothing more. Instead of assuming you’re already settling properly, go to your merchant statement and look for DATA RATE I (instead of Data Rate III), STD/Standard, and EIRF. Do you have any of these? See also https://3dmerchant.com/blog/merchant-processing-services/credit-card-transaction-fees-checkup
  3. It’s a Visa rules violation to request the card security code on a paper credit card authorization form, or any digital form where the business can decrypt and view it. It can’t be stored, period. Not by the merchant nor service provider, including payment gateway. Yet even the AICPA

Why these 3 things? Because 100% of B2B companies I talk to will fail on at least one, and usually two or three. That includes CPA firms. Among the American Institute of Certified Public Accountants missions is to provide “the most relevant knowledge, resources” etc. Yet as of this writing, AICPA affinity credit card processing partners include a long list of technology solutions that are not compliant with all three of the above.

86% of all data breaches in 2016 were from level 4 merchants, defined as “Any merchant processing fewer than 20,000 Visa e-commerce transactions per year, and all other merchants — regardless of acceptance channel — processing up to 1M Visa transactions per year.” By complying with the three items on my list, B2B companies will harden their systems and increase profits. The latter occurs because compliance with rules reduces fees. 

If your current acquirer could truly fix all the problems above, why haven’t they taken the initiative to help you in the past? By the way, if someone ever says they help you qualify for level 2 rates, run! All B2B companies should have the right technology to qualify for level 3 rates. Why pay more?

Christine Speedy, 954-942-0483. For a fast, free checkup on your merchant account, contact us today for a secure, cloud-based solution optimizing acceptance for all payment types across multiple channels without disrupting banking relationships.