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Credit card surcharging - who is going to do it and what are the stipulations for compliance?
This training on credit card surcharges compliance will discuss how the recent changes in law will affect end-user organizations. It will also provide attendees with the tools necessary to review and deal with any potential surcharge/checkout fee situations.
Why Should You Attend:
Surcharging had been historically prohibited in the U.S. per the networks' merchant rules, as well as prohibited by law in 10 states. Any state laws will continue to "trump" networks' merchant rules. The recent changes in surcharging law could not only affect your merchant processing transactions but also your credit card usage. The worst thing end-user organizations can do is to have an uninformed reaction to surcharging. It's important to first look at the big picture. End-users should also educate suppliers about the economics of card acceptance, pointing out the savings possible and other benefits. When suppliers are reaping the rewards, they should not be adding a surcharge. They might overlook the benefits of card acceptance, as well as the cost of other payment methods like checks and cash. This training on credit card interchange fees rules will clearly explain the changes in the rules, who will benefit from the changes and how it will affect the retailers and customers.
Areas Covered in this Seminar:
- What changed in the rules?
- Why did it change?
- Who may benefit?
- Will this change anything?
Who will Benefit:
- Financial Officers
- Risk Officers
- Internal Auditors
- Operational Risk Managers
- Credit Card Program Administrators
Ray Graber has a deep and thorough understanding of banking, technology, and finance. His business experience includes banking technology research and consulting at TowerGroup, best practices internet security, policies, and procedures at FleetBoston Financial, wire transfer operations and product launches at Citibank and BankBoston, and treasury operations for a $325 million public company.
Mr. Graber was an adjunct professor at the Carroll School of Management at Boston College where he taught three graduate-level courses: E-Banking, the MBA Leadership Workshop, and Corporate Finance. Previously, he taught the Financial Management of Commercial Banks in the Boston College Carroll School of Management Masters of Finance Program and Working Capital Management and Cash Management at the Bentley College Graduate Business Program.
Ray holds a Bachelor of Arts degree in Mathematics and an MBA in Finance and MIS, both from Boston College.
Banks are struggling to serve many masters; some with like goals and others with contradictory ones. Some payment types are declining while others are picking up that slack. ACH, CHIPS, and Fedwire payments are taking the place of B2B checks. Businesses of all sizes are trying to send payments in the most cost-effective way and not necessarily through the bank- established channels. New non-bank entities will arise to fill the void. There are a few large banks that process most of the B2B payments in the US. Most of these banks are also based in the US, but there are two foreign banks among them. Corporate financial professionals want a conversion from paper to electronic payments, but only if they can get the payment information with the money transfer.
The B2B payments industry in the US is struggling with an identity crisis. Regulatory authorities are demanding that the payments industry tighten their reins on the adherence to regulations and compliance mandates; technology is enabling payments providers, banks, and networks to venture further into new frontiers; practitioners are worried about security; and infrastructures are getting old and in need of repair or replacement. The task of replacing these systems is so daunting; no wonder no one wants to launch a project to overhaul the enterprise payments network within the business or within the banks.
The yearly payment volumes – B2B only - of processors such as CHIPS, Fedwire, SWIFT, and ACH are growing steadily, while checks are declining at a small single-digit rate.
Banks are spending significant dollars to upgrade existing solutions to support new SaaS and cloud-based integration interfaces to lower the cost associated with linking into corporate enterprise systems (both front office and back office). Banks are also adding resources to staff to improve integration to the clients made with the goal of getting a leg up on the competition.
ComplianceOnline would process/provide refund only if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange. Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs."
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B2B Payments in the US and the Compliance Issues They Face Consumer E-Payments - Complying with Auditor's Standards: Part I - Understanding the Risks Consumer E-Payments - Complying with Auditor's Standards: Part II - Specific Payments Types U.S. B2B Payments: The Environment, the Players, and the Regulatory and Compliance Issues It Must Endure: 2-Day In-Person Seminar