ss_blog_claim=bd50edc517cf0b7549fe6b5f63b6b5f8 The SLS Business Finance Blog: 5 Questions of Todd Rome

Monday, December 1, 2008

5 Questions of Todd Rome

The driving force behind our merchant processing business is our director of BankCard Services, Todd Rome. Todd is an industry veteran who has seen lots of changes in the industry and unlike many in the field, has gone about his business honestly and ethically. Let's check in with him and see how he answered my 5 Questions.

1. How has CC processing changed in recent years?

There has been so much change its hard to know where to begin. The Federal Trade Commission has really cracked down on which businesses are able to accept credit cards creating stricter guidelines for merchant approval.

The technology itself has really come a long way as well. Businesses use to run transactions on the old Zon Jr. terminal (a dinosaur). It was a huge box that sat on a counter or desk and made lots of loud noises. Not only were they extremely overpriced due to their novelty, they often lost lots of crucial data during the transaction creating many charge back type situations. Today, the equipment is not only affordable but lightning fast as well. Some of the new newer terminals are the size of credit cards. Often credit transactions take place today on the internet via a web portal.

2. What do you offer in your program thats unique and different?

Although I can set the typical retail shop up for processing as I certainly don't discourage any type of business, my core clients are more on B2B. They include attorneys, CPA's, Medical Practices etc... Those types of business are little bit more tricky to understand since they historically have not accepted electronic payments. Often these types of businesses require a different pricing structure as well as specialized equipment to complete transactions.

3. How can a merchant protect themselves from the pirates and other shady characters in the industry?

One thing that the industry is considering doing is registering all agents similar to stock brokers. Making them pass a stringent test etc....

As far as the merchant or business owner is concerned....ask lots of questions. Although my business model is unique to certain businesses, the bankcard industry as a whole is still a commodity. What I mean is, if you don't like any of the answers that you are getting from your agent or rep., go elsewhere. You should do business with a person not only because they are reputable, but because you like them.

4. How do professional firms benefit from CC processing?

This is a great question and one that I love to answer. To this day there seems to be a stigma that credit card acceptance is for the local pizza or flower shop. In today's market, this couldn't be further from the truth. In fact one of my biggest advocates is the US Government. They will often complete a 5 to 10 million dollar transaction with nothing more than a card. The reason being is that it makes the whole process so much more simple. Simple in terms of tracking and paperwork, simple in terms of funds being approved and delivered within a timely manner. I take this model and I move it into the professional firm. Wouldn't it be great to receive payment for services or products in less than 4 business days? The whole process is no less than astounding.

5.)How can we contact you?

I can always be reached on my office line which is 770.309.0979 or by email which is

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