MCPS has been supporting financial institutions by providing payment processing for their merchant customers for 20 years. Their team is ready for you and your business. To learn more about MCPS, visit their website at www.mcpscorp.com. Click here to read the press release announcing the acquisition.
We know that there may be some uncertainty related to how this transition might affect your business. To that end, we have provided some responses below to your most frequently asked questions.
If you need additional information, please do not hesitate to contact us.
Steve West
Vice President, Merchants’ Choice Payment Solutions
Phone: 281.583.4427
swest@mcpscorp.com
Harry Takemura
Vice President, Silverton Bank
Phone: 770.805.2025
htakemura@silvertonbank.com
Q: Will my sales rep and contacts be the same?
A: Yes. We will continue to conduct business in the same way with your same contacts.
Q: Do we use the same applications?
A: Yes. In the near future, the application will be changed to show the MCPS logo but the Silverton application will continue to be used until that time. The new application will be emailed to all Merchant Managers once this change is made.
Q: Will pricing remain the same?
A: Yes. Merchant pricing and Agent Bank pricing will remain as is.
Q: Will agent banks continue to receive a revenue share?
A: Yes. The Agent Bank buy rate structure will remain with no changes.
Q: Will my merchants’ statements stay the same?
A: Yes. The merchant statements will remain in the same format.
Q: Before conversion starts will you notify bankers so that they may send letters out to merchants prior to the merchant being called?
A: Yes. Agent Banks will be notified well in advance of the conversion to give them time to speak with merchants.
Q: When will the conversion take place?
A: Conversion is scheduled to start in 1Q 2010, and Agent Banks will kept updated with progress through the conversion. The conversion will be carefully coordinated with the Agent Bank and the merchants to make sure everyone is aware of the process.
Q: Will MCPS honor the Terminal Replacement Program?
A: Yes. The monthly maintenance fee will continue to include the next day terminal replacement guarantee.
Q: How will Agent Banks be communicated with during this transition?
A: Agent Banks will continue to receive email updates as the transition process continues. These updates will be sent to the Merchant Managers and Presidents/CEOs. You will also receive correspondence through the mail directly from MCPS with information and updates.
MCPS/Silverton Bank offers community financial institutions two merchant program options. With our Standard Program, your organization controls profitability and assumes liability and risk. Our Advantage Program offers financial institutions the ability to receive revenue share, with MCPS/Silverton Bank taking on the liability and risk. Regardless of the program you select, we offer 24-hour customer service and overnight terminal replacement.
Unparalleled Service and Expertise
- Our years of merchant bankcard experience allow us to efficiently serve any size merchant, from the smallest business to the most sophisticated company. Plus, our experienced merchant services agents efficiently service your needs.
- We effectively service electronic data capture (EDC) merchants and are extremely proficient at moving paper-based merchants to electronics.
- Our front-end processor is First Data Resources (FDR), the world’s largest credit card processor for authorization and settlement. FDR provides 24-hour help desk support and is the leading processor in the credit card industry.
- Your merchants are supported throughout the terminal installation process, with employees trained on terminal use.
- We offer smaller volume merchants an Automated Response Unit (ARU), allowing them to take advantage of attractive rates without incurring EDC equipment costs.
- The ability to accept TeleCheck, Gift Card and EBT (electronic benefit transfer/ food stamps) transactions helps merchants increase sales and build traffic for their businesses.
Outstanding Revenue Opportunities
When you join our program, you decide if you want to take the risk and liability or if you would like us to assume these responsibilities:
- If your institution takes on program risk and liability, you set customer pricing, plus our wholesale pricing allows you to up-charge the discount rate and fees.
- When Silverton Bank takes on the risk and liability for your merchant program, we set pricing and share revenue with your financial institution- on average, our merchant program customers earn 10 basis points on Visa and MasterCard sales volume.
- Merchants have the ease of ordering supplies directly from our vendor with costs processed via ACH from a DDA account- saving you time and money.
- Silverton Bank waives application fees, but you have the option of charging an application fee based on market conditions.
- A minimal set-up fee is charged for terminal deployment and/or reprogramming and your organization has the option of up-charging this fee.
- Personalization—your financial institution’s name is printed on merchant statements and billing according to pricing parameters you set.
- Chargebacks—our merchant program offers the industry’s best chargeback protection system. We review and handle all transactions to defend your merchants from erroneous chargebacks, resulting in significant savings and protection from serious losses.
- Month-end reporting—allows your financial institution to effectively and efficiently monitor your merchant program at the bank, branch or merchant level.
- Help Desk Support—24-hours a day, seven days a week at no cost.
If you choose to have MCPS/Silverton Bank take the risk and liability, we will let you know before we tell the prospective merchant that we are not going to approve them. Just like with our card program, you have the opportunity to override our decision as long as you are willing to accept the risk and liability for the merchant in question.
If your bank accepts the liability and risk for your merchants, then you make the decision as to which merchants you would like to sign up.
Electronic Check Processing is available for merchants who accept large amounts of checks. Through Telecheck’s service, checks are converted to electronic transactions.
Verified By Visa and SecureCode by MasterCard are available to provide protection for your Internet merchants.
Silverton Bank Merchant Services Contact List
Advantage Merchant Application and Participation Agreement
Standard Merchant Application and Participation Agreement
Referral Form- Alicia McKinley(AL, GA, SC, MS)
Profitability Report & Authorized Officer Form
Corporate Resolution Form
Bank Guarantee Form
Merchant Termination Request Form
Supply Kit Order Form- New Account
Supply Kit Order Form- ETC
Supply Kit Order Form- Cash Advance
Cash Advance Set-Up Form
Interlink Application
Marketing Materials
Silverton Bank, N.A. is a national banking association primarily regulated by the Office of the Comptroller of the Currency. Deposit accounts are Federal Deposit Insurance Corporation (FDIC) insured.
© 2009 Silverton Financial Services, Inc. All rights reserved.
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