Credit Card Approval Rates by State

Credit Card Approval Rates by State You may be surprised to find out that where you bank and where your customers are located can greatly impact credit card approval rates.   Our team conducted a statistical survey of over 8% of all credit card transactions in the US in 2019. We discovered significant findings that supported our assumption; that geography plays a role in determining approval success. In total, we analyzed Read more…

Understanding Your FlexPay Invoice

Understanding Your FlexPay Invoice As a FlexPay client, you will receive an invoice every Monday from your FlexPay Client Success Manager. The invoice will cover the previous 7-day period (from Sunday to Saturday), and it will be due for payment the following Monday. For a high-level overview of how we bill, view this article. Our invoice was designed with our clients in mind, and it includes all relevant information in Read more…

How Am I Billed?

How Does FlexPay Bill Clients? FlexPay clients are billed weekly by invoice. One week after sending the invoice to you, we will charge the credit card you provided. Here is some more information on our billing process. As part of your onboarding and contract signing process, FlexPay works with you to determine your baseline and rate. You will witness firsthand how easy this process is, and be reassured that you Read more…

What is Customer Success?

What is Customer Success?  Wikipedia defines customer success in this article as: “[…] the business method ensuring customers achieve success, their desired outcomes while using your product or service. Customer Success is relationship-focused client management, that aligns client and vendor goals for mutually beneficial outcomes. Effective Customer Success strategy typically results in decreased customer churn and increased up-sell opportunities. The goal of Customer Success is to make the customer as successful Read more…

What Are False Credit Card Declines?

What Are False Credit Card Declines? False declines are valid credit card transactions that are mistakenly rejected by the bank and are one of the leading reasons consumers are unable to make purchases.  Current estimates indicate that about 94% of transactions identified as fraudulent are mischaracterized and should be approved.¹ Of course, there are many valid reasons to decline a transaction. Let’s look at a few different cases. If you Read more…

FlexPay Referral Partner

Why Should I Become a FlexPay Referral Partner?  Let’s run through a couple of scenarios that we are very familiar with as many referral partners experience similar problems.  “I’m a consultant, and I help subscription-based companies optimize collections. The client I am working with is in pain. His churn is through the roof because he is unable to collect from his clients even though they want his product and want to pay! Like many clients I have worked with before, a significant portion of credit card transactions are declined, his are at 24%. Completely unsustainable! He is retrying credit Read more…

How Does My MCC Impact My Business?

How Does My Merchant Category Code Impact My Business?  Most merchants aren’t aware that when they first apply for a merchant account to process VISA/MasterCard payments, they are assigned a Merchant Category Code (MCC) by their merchant account provider (acquirer/processor) as part of the account setup process.  Once a MCC is assigned to you by your merchant bank, it’s rarely possible to change it, though there are some exceptions to Read more…

How Long Does It Take to Setup?

Setting Up FlexPay  The entire process takes between 1 and 10 business days, depending on the complexity. Your Client Success Manager (CSM) is at your side, supporting you throughout the entire process.  For merchants that want a hands-off approach, the FlexPay CSM will take on the entire setup process for you.  For merchants who prefer a hands-on approach, we have a variety of guides and tools to help facilitate the onboarding experience.    We are here to help you along the way, as your Read more…

Will My Chargebacks Increase?

Will My Chargebacks Increase with FlexPay?   No, your chargebacks will not increase with FlexPay. However, it’s important to understand why this is the case, as it’s a valid concern for every merchant.   We Understand the Impact from Chargebacks  We started FlexPay when we were merchants ourselves, trying to fix our own false decline problem. We were getting recoveries through various clever rules-based solutions we came up with, but we knew we could do so much better if we focused Read more…

What is the Best MCC for My Business?

What is the Best MCC for My Business?  As our economy becomes more complex and new goods and services emerge, it’s often not cut and dry what the MCC should be for the merchant. Plus, many merchants can potentially qualify for multiple MCC’s. For example, a merchant sells SaaS on a monthly subscription basis and advertises for their product using paid ads online. The merchant could be categorized as 5968, Read more…