Module 4 - Session 1 - Quiz & Trivia

1. Not being set up on the proper sic code means:

The merchant saves more money

The merchant pays higher fees

The equipment isn't optimized

Card data isn't secure

2. After taking into account the additional profit available in the additional notes, what is the total value of the account?

$472

$657

$815

$1100

3. All of our competitors are aware of Level 2, Level 3 savings and how to capitalize on it.

True

False

4. Which scenario represents an account that is typically a waste of time?

Under $50 of potential profit

Above $400 of potential profit

Between $50-$400 of potential profit

5. An account with a Total Potential Profit of under $50, can at times become an extremely profitable amount if certain criteria are met.

True

False

6. At times, the Total Potential Profit listed in the review will not represent the complete value of the account.

True

False

7. When you see Special Fidelity Setup, when can you add those savings to the potential profit?

Immediately

After confirming that your merchant is willing to change equipment

Only after we receive approval from the bank

3 months after the merchant starts processing

8. What is the total potential profit that we can guarantee the merchant?Download the Cost Analysis

$472

$657

$815

$972

9. To preserve our competitive edge, it's important that you not disclose these secrets with your merchants.

True

False

10. Which category of savings is represented in the Total Potential Profit?

Category 1: Savings we are certain about

Category 2: Savings that require the merchant to take an action

11. Which strategies are we able to employ to provide savings?

Lowering Markup

Interchange Rate Reduction

Eliminating equipment fees, monthly fees and annual fees

All of the above

12. Which category of savings is represented in the Additional Notes?

Category 1: Savings we are certain about

Category 2: Savings that require the merchant to take an action

13. What additional potential profit has review pricing indicated in the additional notes?

$157

$285

$301

$419

14. When the merchant agrees to switch equipment, the Special Fidelity Setup savings can be added to the total potential profit listed in the cost analysis.

True

False

15. Which industry is the most common to qualifies for Special Fidelity Setup savings?

Retail

B2B

ECommerce

Restaurants

16. When you take your fist look, your eyes should immediate scan to what field?

Additional notes

Pricing breakdown

Total potential profit

Account recap

17. When creating a value proposition we only focus on how much profit we can make on the account not the merchants needs.

True

False

18. What is an important variable as to whether or not the merchant will do business with you?

Your relationship with the merchant

How much trust you've built with the merchant

The perceived value of what you are offering the merchant

All of the above

19. All of the potential savings is included in the Total Potential Profit field on the review.

True

False

20. After scanning the Total Potential Profit field, which section of the Cost Analysis should you scan next?

Pricing breakdown

Additional notes

Profit breakdown

Account recap

21. A merchant qualifying for Special Fidelity Setup does not add any value to the account.

True

False

22. A merchant has a combined effective profit margin of .92% and a total potential profit of $690. What is the value of a basis point?

$5.25

$7.5

$10.75

$15

23. Which is an example of downgrades?

Address verification

Time lapse from the time of authorization to batch out

Merchants that process transactions through equipment not supported by the bank

All of the above

24. Why would a merchant not want to switch equipment to qualify for Special Fidelity Setup?

He's using a customer database

There's a software integration conflict

Familiarity or comfort

All of the above

25. Always explain to your merchants in detail where the savings are being generated from.

True

False

26. Which item listed is NOT one of the two categories of Interchange Rate Reduction savings?

Savings we are confident we can pass on

Savings that are questionable

Savings that we know we can't deliver but offer the merchant anyways

27. With interchange rate reduction we are only lowering the markup, the cost stays the same.

True

False

28. What is a SIC code?

A code that establishes the merchants rates

A security code for card data encryption

A code identifying their industry

A code to be programmed into a terminal

29. SIC code savings falls into which category?

Category 1: Savings we are certain about

Category 2: Savings that require the merchant to take an action

30. What is the combined effective rate?

1.89%

2.87%

2.92%

3.19%

31. Special Fidelity Setup savings or Level 2 Level 3, falls into which category?

Category 1: Savings we are certain about

Category 2: Savings that require the merchant to take an action

32. The presentation process in our industry shares the same complexity as any other industry

True

False

33. Which scenario represents an account that's worth pursuing, but will require you to sell yourself and Fidelity?

Under $50 of potential profit

Above $400 of potential profit

Between $50-$400 of potential profit

34. Providing value to a merchant is always about lowering their rates.

True

False

35. Which scenario represents an account where the savings often sell themselves?

Under $50 of potential profit

Above $400 of potential profit

Between $50-$400 of potential profit

36. Which type of savings is under the Interchange Rate Reduction category of savings?

Sic code

Downgrades

Special Fidelity Setup

All of the above

37. One of our competitive advantages is that other processors are not as familiar with SIC codes.

True

False

38. What is the annual potential profit on the account?

$7884

$9780

$13,200

$15,664

39. Not all merchants qualify for Interchange Rate Reduction.

True

False

40. A merchant has an effective rate of 2.95% for V/MC, with a .99% effective profit margin and a 2.9% for Amex with a .32% effective profit margin. The V/MC volume is $67336, the Amex volume is $7824 with a combined volume of $75,160. What is the combined effective rate and profit margin?

1.89% effective rate, .89% effective profit margin

2.94% effective rate, .92% effective profit margin

2.36% effective rate, .79% effective profit margin

2.78% effective rate, .82% effective profit margin

41. The value of the account is referring to the:

Markup

Downgrades

Rate structures

Total fees

42. The objective of your first look at the cost analysis is to:

Determine their effective rate

Identify the value of the account

Create your strategic offering

None of the above

43. Interchange Rate Reduction is a standard savings across the industry being offered to merchants.

True

False

44. Lowering markup is the best form of passing on savings to the merchant.

True

False

45. By reducing monthly, equipment or annual fees, we are adding to our potential profit.

True

False

46. It is possible to lower the merchants rates without compromising profit.

True

False

47. SIC code and Downgrade profit are always listed in the Total Potential Profit.

True

False

48. What is Review Pricing indicating when the put an asterisk next to a note in the Additional Note section?

Additional profit on top of the Total Potential Profit

Explaining a field listed in the review which was already included in the total potential profit

That they have to be setup on a certain rate structure

That they need special approval from the bank

49. Select the topic that was not covered in the previous training modules.

Information to collect from merchants

Cost analysis

Value proposition

Effective rate

50. What has to happen in order for us to guarantee Special Fidelity Setup savings?

Get a special approval by the bank

Fill out special paperwork

Change his SIC code

Switch his equipment

51. Downgrade savings falls into which category?

Category 1: Savings we are certain about

Category 2: Savings that require the merchant to take an action

52. An asterisk indicating profit in the additional notes represents additional profit that we can add on top of the Total Potential Profit listed in the review.

True

False

53. Which option listed is NOT relevant when it comes to creating a value proposition?

Presenting your proposition

Determining what to offer

Figuring out the merchant's rate structure

Identifying the value of the account

54. When Fidelity identifies a downgrade, we can always offer a solution to help that merchant prevent the downgrade.

True

False

55. The difference between the merchants total fees and the cost of processing is:

Markup

Total potential profit

Effective profit margin

All of the above

56. What is the combined effective profit margin?

.25%

.40%

.54%

.76%

57. When identifying the value of the account, ignore all of the comments with an asterisk.

True

False

58. What is the value of each basis point?

$.72

$1.85

$2.74

$3.59

59. Which section is needed for the agent to identify the value of the account?

Total potential profit

Profit breakdown

Additional notes

All are needed

Module 4 - Session 1

1. Not being set up on the proper sic code means:

2.

What first name or nickname would you like us to use?

2. After taking into account the additional profit available in the additional notes, what is the total value of the account?

3. All of our competitors are aware of Level 2, Level 3 savings and how to capitalize on it.

4. Which scenario represents an account that is typically a waste of time?

5. An account with a Total Potential Profit of under $50, can at times become an extremely profitable amount if certain criteria are met.

6. At times, the Total Potential Profit listed in the review will not represent the complete value of the account.

7. When you see Special Fidelity Setup, when can you add those savings to the potential profit?

8. What is the total potential profit that we can guarantee the merchant?Download the Cost Analysis

9. To preserve our competitive edge, it's important that you not disclose these secrets with your merchants.

10. Which category of savings is represented in the Total Potential Profit?

11. Which strategies are we able to employ to provide savings?

12. Which category of savings is represented in the Additional Notes?

13. What additional potential profit has review pricing indicated in the additional notes?

14. When the merchant agrees to switch equipment, the Special Fidelity Setup savings can be added to the total potential profit listed in the cost analysis.

15. Which industry is the most common to qualifies for Special Fidelity Setup savings?

16. When you take your fist look, your eyes should immediate scan to what field?

17. When creating a value proposition we only focus on how much profit we can make on the account not the merchants needs.

18. What is an important variable as to whether or not the merchant will do business with you?

19. All of the potential savings is included in the Total Potential Profit field on the review.

20. After scanning the Total Potential Profit field, which section of the Cost Analysis should you scan next?

21. A merchant qualifying for Special Fidelity Setup does not add any value to the account.

22. A merchant has a combined effective profit margin of .92% and a total potential profit of $690. What is the value of a basis point?

23. Which is an example of downgrades?

24. Why would a merchant not want to switch equipment to qualify for Special Fidelity Setup?

25. Always explain to your merchants in detail where the savings are being generated from.

26. Which item listed is NOT one of the two categories of Interchange Rate Reduction savings?

27. With interchange rate reduction we are only lowering the markup, the cost stays the same.

28. What is a SIC code?

29. SIC code savings falls into which category?

30. What is the combined effective rate?

31. Special Fidelity Setup savings or Level 2 Level 3, falls into which category?

32. The presentation process in our industry shares the same complexity as any other industry

33. Which scenario represents an account that's worth pursuing, but will require you to sell yourself and Fidelity?

34. Providing value to a merchant is always about lowering their rates.

35. Which scenario represents an account where the savings often sell themselves?

36. Which type of savings is under the Interchange Rate Reduction category of savings?

37. One of our competitive advantages is that other processors are not as familiar with SIC codes.

38. What is the annual potential profit on the account?

39. Not all merchants qualify for Interchange Rate Reduction.

40. A merchant has an effective rate of 2.95% for V/MC, with a .99% effective profit margin and a 2.9% for Amex with a .32% effective profit margin. The V/MC volume is $67336, the Amex volume is $7824 with a combined volume of $75,160. What is the combined effective rate and profit margin?

41. The value of the account is referring to the:

42. The objective of your first look at the cost analysis is to:

43. Interchange Rate Reduction is a standard savings across the industry being offered to merchants.

44. Lowering markup is the best form of passing on savings to the merchant.

45. By reducing monthly, equipment or annual fees, we are adding to our potential profit.

46. It is possible to lower the merchants rates without compromising profit.

47. SIC code and Downgrade profit are always listed in the Total Potential Profit.

48. What is Review Pricing indicating when the put an asterisk next to a note in the Additional Note section?

49. Select the topic that was not covered in the previous training modules.

50. What has to happen in order for us to guarantee Special Fidelity Setup savings?

51. Downgrade savings falls into which category?

52. An asterisk indicating profit in the additional notes represents additional profit that we can add on top of the Total Potential Profit listed in the review.

53. Which option listed is NOT relevant when it comes to creating a value proposition?

54. When Fidelity identifies a downgrade, we can always offer a solution to help that merchant prevent the downgrade.

55. The difference between the merchants total fees and the cost of processing is:

56. What is the combined effective profit margin?

57. When identifying the value of the account, ignore all of the comments with an asterisk.

58. What is the value of each basis point?

59. Which section is needed for the agent to identify the value of the account?