● CHALLENGE –Reporting of key performance metrics surrounding your Card Based Program are shared in multiple reports and systems, making it hard to determine key facts about your portfolio.
SOLUTION – By utilizing Firm Serv you will be coached and trained in the methodology we use to determine profitability -increasing your knowledge and ability to manage the card processing, income and expenses, into the future.
● CHALLENGE – FIs do not have insider knowledge regarding the interplay between providers in the Card Ecosystem.
SOLUTION – Firm Serv will coach and mentor your team sharing our industry-wide knowledge and benchmarks, ensuring the Card Program owners are able to manage the Products and Service into the future.
● CHALLENGE – Card Processors will look to add their proprietary Debit PIN Network. By doing this you may have too many networks or unfavorable terms.
SOLUTION – Firm Serv will review your network configuration and work with you to ensure you have the best interchange paying networks, including review of options that are unaffiliated with your Card processor.
● CHALLENGE – The Durbin Amendment has given the ability to Merchants to decide what networks to use to route transactions. The merchant will always select the lowest cost which means you will receive less interchange.
SOLUTION – Merchants will accept most debit networks to make sure customers can transact at the point of sale. Firm Serv will review your network configuration and work with you to ensure you have the minimum allowable networks forcing the merchants to route the networks that give the FI the best interchange payouts.
● CHALLENGE – Relationships with VISA and MasterCard may be sponsored by your Card processor, limiting your interaction and profitability with the Brands.
SOLUTION – Firm Serv will manage conversations with the major Brand Networks to bring terms of Principle membership to the table – increasing your profitability through incentives and marketing programs.
● CHALLENGE – The time and bandwidth to effectively manage a detailed RFP process for Card Processing can take several months and hundreds of hours. Negotiations can often extend beyond 8 months.
SOLUTION – By utilizing Firm Serv, we take over your project – creation of the baseline data, management of RFP, negotiations with current and prospect providers, share our findings, make a final recommendation, review new contractual business terms, and finalize the contractual process.
● CHALLENGE – Our Credit Card Product set is out of date and may be irrelevant in the marketplace, not allowing us to grow our portfolio.
SOLUTION – The process followed by Firm Serv – developing a profit and loss statement, reviewing the marketplace for options, and comparing them against your strategy and objectives, will allow for you to make an educated decision about how to move forward.
● CHALLENGE – Understanding the relationships with a third-party credit card provider can be confusing.
SOLUTION – Firm Serv will deliver an unbiased viewpoint and recommendation, fitting the direction of your organization and ensure all aspects of a future program are understood.
