Introduction to Accepting Credit Term Payments
While credit term payments have been in use for a long time, there are increasingly more and more companies looking to payment term options to entice consumers to make purchases now that they might have put off until they had the disposable income to do so. Term payments provide a means to access the under-banked consumer markets as well as more affluent demographic markets.
Term payments are not for everyone, and they come with some considerable risk to the merchant, but if implemented correctly it can provide a meaningful increase in sales conversion, and larger potential customer pools. The Introduction to Accepting Credit Term Payments online training session provides you with the fundamentals of building out a terms payment program whether your will be offering term payments in-house or through a third party provider.
This course was last updated in August, 2019 to include recent payment provider volume data and an updated discussion on the third party providers that support credit term payments in the United States and Europe. HTML5 - compatible with all browsers and mobile devices.
Key Concepts Covered:
After completing this course you should be able to answer and discuss the following questions:
(1) How do credit term payments work and how do merchants offer them in the online channel? (2) How does term payment processing affect merchants in terms of risk exposure and cost of payment acceptance? (3) What are the common fraud tools needed for accepting credit term payments?
Training Objectives: (1) Gain a basic underlying understanding on the role, function and responsibilities of all of the potential entities that can be involved with credit term payments. (2) Be able to define the stages of a credit terms payment purchase detailing the physical money flow. (3) Gain an understanding of the financial liability of bad debt and fraud as well as the impact it can have on a business’s bottom line. (4) Be able to describe the traditional manner in which merchants setup and use term payments and how accepting term payments effects their operations. (5) Be able to discuss the effectiveness of fraud tools with credit term payments.
Expected time to complete training: 90 minutes (includes quizzes and exam)
Prerequisites: This is considered an Introductory level course and requires no previous knowledge or training on the subject matter, but basic knowledge of eCommerce Credit Card Payments is recommended.
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