Module 4 - Session 1
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Refer back to the training when necessary
- 1.
Download the cost analysis and use it to answer the following questions.
- 2.
Select the topic that was not covered in the previous training modules.
- A.
Information to collect from merchants
- B.
Cost analysis
- C.
Value proposition
- D.
Effective rate
Correct Answer
C. Value proposition -
- 3.
Which option listed is NOT relevant when it comes to creating a value proposition?
- A.
Presenting your proposition
- B.
Determining what to offer
- C.
Figuring out the merchant's rate structure
- D.
Identifying the value of the account
Correct Answer
C. Figuring out the merchant's rate structure -
- 4.
The value of the account is referring to the:
- A.
Markup
- B.
Downgrades
- C.
Rate structures
- D.
Total fees
Correct Answer
A. Markup -
- 5.
When creating a value proposition we only focus on how much profit we can make on the account not the merchants needs.
- A.
True
- B.
False
Correct Answer
B. False -
- 6.
The presentation process in our industry shares the same complexity as any other industry
- A.
True
- B.
False
Correct Answer
B. False -
- 7.
Which strategies are we able to employ to provide savings?
- A.
Lowering Markup
- B.
Interchange Rate Reduction
- C.
Eliminating equipment fees, monthly fees and annual fees
- D.
All of the above
Correct Answer
D. All of the above -
- 8.
The difference between the merchants total fees and the cost of processing is:
- A.
Markup
- B.
Total potential profit
- C.
Effective profit margin
- D.
All of the above
Correct Answer
D. All of the above -
- 9.
Lowering markup is the best form of passing on savings to the merchant.
- A.
True
- B.
False
Correct Answer
B. False -
- 10.
Interchange Rate Reduction is a standard savings across the industry being offered to merchants.
- A.
True
- B.
False
Correct Answer
B. False -
- 11.
Always explain to your merchants in detail where the savings are being generated from.
- A.
True
- B.
False
Correct Answer
B. False -
- 12.
Which item listed is NOT one of the two categories of Interchange Rate Reduction savings?
- A.
Savings we are confident we can pass on
- B.
Savings that are questionable
- C.
Savings that we know we can't deliver but offer the merchant anyways
Correct Answer
C. Savings that we know we can't deliver but offer the merchant anyways -
- 13.
With interchange rate reduction we are only lowering the markup, the cost stays the same.
- A.
True
- B.
False
Correct Answer
B. False -
- 14.
Not all merchants qualify for Interchange Rate Reduction.
- A.
True
- B.
False
Correct Answer
A. True -
- 15.
Which type of savings is under the Interchange Rate Reduction category of savings?
- A.
Sic code
- B.
Downgrades
- C.
Special Fidelity Setup
- D.
All of the above
Correct Answer
D. All of the above -
- 16.
What is a SIC code?
- A.
A code that establishes the merchants rates
- B.
A security code for card data encryption
- C.
A code identifying their industry
- D.
A code to be programmed into a terminal
Correct Answer
C. A code identifying their industry -
- 17.
One of our competitive advantages is that other processors are not as familiar with SIC codes.
- A.
True
- B.
False
Correct Answer
A. True -
- 18.
Not being set up on the proper sic code means:
- A.
The merchant saves more money
- B.
The merchant pays higher fees
- C.
The equipment isn't optimized
- D.
Card data isn't secure
Correct Answer
B. The merchant pays higher fees -
- 19.
SIC code savings falls into which category?
- A.
Category 1: Savings we are certain about
- B.
Category 2: Savings that require the merchant to take an action
Correct Answer
A. Category 1: Savings we are certain about -
- 20.
Which is an example of downgrades?
- A.
Address verification
- B.
Time lapse from the time of authorization to batch out
- C.
Merchants that process transactions through equipment not supported by the bank
- D.
All of the above
Correct Answer
D. All of the above -
- 21.
When Fidelity identifies a downgrade, we can always offer a solution to help that merchant prevent the downgrade.
- A.
True
- B.
False
Correct Answer
B. False -
- 22.
Downgrade savings falls into which category?
- A.
Category 1: Savings we are certain about
- B.
Category 2: Savings that require the merchant to take an action
Correct Answer
B. Category 2: Savings that require the merchant to take an action -
- 23.
Which industry is the most common to qualifies for Special Fidelity Setup savings?
- A.
Retail
- B.
B2B
- C.
ECommerce
- D.
Restaurants
Correct Answer
B. B2B -
- 24.
All of our competitors are aware of Level 2, Level 3 savings and how to capitalize on it.
- A.
True
- B.
False
Correct Answer
B. False -
- 25.
Special Fidelity Setup savings or Level 2 Level 3, falls into which category?
- A.
Category 1: Savings we are certain about
- B.
Category 2: Savings that require the merchant to take an action
Correct Answer
B. Category 2: Savings that require the merchant to take an action -
- 26.
What has to happen in order for us to guarantee Special Fidelity Setup savings?
- A.
Get a special approval by the bank
- B.
Fill out special paperwork
- C.
Change his SIC code
- D.
Switch his equipment
Correct Answer
D. Switch his equipment -
- 27.
By reducing monthly, equipment or annual fees, we are adding to our potential profit.
- A.
True
- B.
False
Correct Answer
B. False -
- 28.
It is possible to lower the merchants rates without compromising profit.
- A.
True
- B.
False
Correct Answer
A. True -
- 29.
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.
- A.
True
- B.
False
Correct Answer
A. True -
- 30.
To preserve our competitive edge, it's important that you not disclose these secrets with your merchants.
- A.
True
- B.
False
Correct Answer
A. True -
- 31.
The objective of your first look at the cost analysis is to:
- A.
Determine their effective rate
- B.
Identify the value of the account
- C.
Create your strategic offering
- D.
None of the above
Correct Answer
B. Identify the value of the account -
- 32.
When you take your fist look, your eyes should immediate scan to what field?
- A.
Additional notes
- B.
Pricing breakdown
- C.
Total potential profit
- D.
Account recap
Correct Answer
C. Total potential profit -
- 33.
Which section is needed for the agent to identify the value of the account?
- A.
Total potential profit
- B.
Profit breakdown
- C.
Additional notes
- D.
All are needed
Correct Answer
B. Profit breakdown -
- 34.
Which category of savings is represented in the Total Potential Profit?
- A.
Category 1: Savings we are certain about
- B.
Category 2: Savings that require the merchant to take an action
Correct Answer
A. Category 1: Savings we are certain about -
- 35.
Which scenario represents an account where the savings often sell themselves?
- A.
Under $50 of potential profit
- B.
Above $400 of potential profit
- C.
Between $50-$400 of potential profit
Correct Answer
B. Above $400 of potential profit -
- 36.
Which scenario represents an account that is typically a waste of time?
- A.
Under $50 of potential profit
- B.
Above $400 of potential profit
- C.
Between $50-$400 of potential profit
Correct Answer
A. Under $50 of potential profit -
- 37.
Which scenario represents an account that's worth pursuing, but will require you to sell yourself and Fidelity?
- A.
Under $50 of potential profit
- B.
Above $400 of potential profit
- C.
Between $50-$400 of potential profit
Correct Answer
C. Between $50-$400 of potential profit -
- 38.
What is an important variable as to whether or not the merchant will do business with you?
- A.
Your relationship with the merchant
- B.
How much trust you've built with the merchant
- C.
The perceived value of what you are offering the merchant
- D.
All of the above
Correct Answer
D. All of the above -
- 39.
All of the potential savings is included in the Total Potential Profit field on the review.
- A.
True
- B.
False
Correct Answer
B. False -
- 40.
An account with a Total Potential Profit of under $50, can at times become an extremely profitable amount if certain criteria are met.
- A.
True
- B.
False
Correct Answer
A. True -
- 41.
After scanning the Total Potential Profit field, which section of the Cost Analysis should you scan next?
- A.
Pricing breakdown
- B.
Additional notes
- C.
Profit breakdown
- D.
Account recap
Correct Answer
B. Additional notes -
- 42.
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.
- A.
True
- B.
False
Correct Answer
B. False -
- 43.
At times, the Total Potential Profit listed in the review will not represent the complete value of the account.
- A.
True
- B.
False
Correct Answer
A. True -
- 44.
Which category of savings is represented in the Additional Notes?
- A.
Category 1: Savings we are certain about
- B.
Category 2: Savings that require the merchant to take an action
Correct Answer
B. Category 2: Savings that require the merchant to take an action -
- 45.
Why would a merchant not want to switch equipment to qualify for Special Fidelity Setup?
- A.
He's using a customer database
- B.
There's a software integration conflict
- C.
Familiarity or comfort
- D.
All of the above
Correct Answer
D. All of the above -
- 46.
SIC code and Downgrade profit are always listed in the Total Potential Profit.
- A.
True
- B.
False
Correct Answer
B. False -
- 47.
What is Review Pricing indicating when the put an asterisk next to a note in the Additional Note section?
- A.
Additional profit on top of the Total Potential Profit
- B.
Explaining a field listed in the review which was already included in the total potential profit
- C.
That they have to be setup on a certain rate structure
- D.
That they need special approval from the bank
Correct Answer
B. Explaining a field listed in the review which was already included in the total potential profit -
- 48.
When identifying the value of the account, ignore all of the comments with an asterisk.
- A.
True
- B.
False
Correct Answer
A. True -
- 49.
A merchant qualifying for Special Fidelity Setup does not add any value to the account.
- A.
True
- B.
False
Correct Answer
B. False -
- 50.
When you see Special Fidelity Setup, when can you add those savings to the potential profit?
- A.
Immediately
- B.
After confirming that your merchant is willing to change equipment
- C.
Only after we receive approval from the bank
- D.
3 months after the merchant starts processing
Correct Answer
B. After confirming that your merchant is willing to change equipment -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 20, 2022Quiz Edited by
ProProfs Editorial Team -
Oct 13, 2016Quiz Created by
Avromy Segal
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