In this video,
I'm going to show you how to set up
a Salesforce Merchant Account.
You might have a situation where your staff
is even writing credit card numbers down
on a piece of paper,
or they're just leaving Salesforce
or go to some other system to take payment.
And you've realized that you want all of those payments
taken directly inside of Salesforce.
If we haven't met I'm Micaiah
and I'm one of the co-founders here at Chargent.
The Chargent team made a special checklist
for you on 10 ways to make Salesforce payments safe
easy and profitable and you should download it now.
You might be asking,
why do I want to set up a Salesforce Merchant Account?
Well there's a bunch of different reasons
why you may want this.
So first off merchant accounts
they're actually global in nature,
meaning that a single account,
it can be used in many different ways
for many different services at your organization.
So you don't actually really need to set up
a separate Salesforce Merchant Account per se.
You could get an additional merchant ID or merchant account,
and this would enable you to see
all of your Salesforce transactions broken out
in a particular group.
And this could also be useful
if you have a sales channel
where you've got a lot of chargebacks
and you want to isolate those
from your Salesforce sales channel.
Another reason that you would want to do this
inside of Salesforce is to keep all of your staff
in a single place, right?
So your team is not moving about
checking a bunch of different systems
to figure out who's paid what.
When you're trying to run a business
it's easier to have all of your data
in the same streamlined system.
So you can run a single dashboard
and see everything that's going on inside your business.
Alright, before you begin,
it's important that you realize that
we're not actually talking about
a separate merchant account.
A lot of folks use the merchant account
that they have today.
So maybe you're processing with TSYS, First Data,
Braintree or PayPal merchant services.
And if you're processing with one of them,
then you could keep them as your processor
and simply move them onto Salesforce with you.
So also notably merchant banks
they go by a few different names.
You could hear them called payment processor, ISO,
payment facilitator for the purposes of this discussion.
And generally speaking, they're all the same.
Now of course, there are some nuance differences
between them and it's just not useful
for this particular conversation today.
But quick level set here
merchant account it's literally the thing
that allows you the merchant to move money
from the buyer's account to your checking account.
Now there is another service involved in this process
and that is the gateway.
And important thing to realize is that
when you're talking about working in Salesforce
or really any software system, any cloud system
or any ecommerce system.
What you're really talking about
is having the gateway that sits
in front of the merchant account.
So let's dive a little bit deeper.
All right, this graphic shows how the money flows.
So you've got a credit card issuer
let's think Capital One what's in your wallet.
The idea is to put the money
into you the merchant's depository bank account.
Now for depository banks think Chase
or maybe a local credit union.
The idea is that you're trying to get the money
into your checking account,
where you pay the bills for your organization.
So what happens in a system like Chargent
or any commerce system
like Salesforce Commerce Cloud for instance
is that the system passes the data to the payment gateway.
Now the payment gateway in turn they coordinate
through integration with the rest
of the payment network system
including the payment processor and the card networks.
So card networks think Visa and MasterCard.
In short, this graphic shows how a payment flows
from starting in a system like Chargent
and gets all the way to your bank account.
Simple, right?
No, of course it isn't.
I certainly believe it should be,
but alas it is not.
If you do already have a merchant account
then it's likely as simple as giving them a call
and just ask them to give you a gateway account
that you're going to use with Salesforce.
And you might also ask them
while you have them on the phone.
If it makes sense for you to have a different merchant ID
to send Salesforce payments through.
So what do you do if you don't already have
the merchant account.
Let's talk through these steps.
Step number one, you want to choose a merchant bank
that you want to work with.
And so some examples are TSYS, Worldpay,
First Data and PayPal merchant services.
Step number two, is to procure your company's financials
the underwriters at the merchant bank.
They're going to want to understand your profit and loss
as well as your balance sheet.
Step three, if you're not a publicly traded company,
your owners they're going to need
to give some personal information for KYC
or know your customer regulations.
Now this is a law that minimizes money laundering.
And although it may seem a little invasive
as you're working through it,
it really is for the best.
All right, step number four,
once you've been approved by underwriting,
they're going to give you a gateway account
and send you a sheet with all the information
that you need to start taking payments.
And here is a bonus tip.
What you want to think about
is how are you going to balance technology versus pricing
versus services when you're selecting a merchant account?
So the technology part that really has to do
with finding a gateway that fits your business.
So if you're selling it B2B model
you want to gateway that optimizes your transaction data
to get you lower rates.
If you're a business to consumer model,
you probably want to think more about
a system like CyberSource or Braintree
folks that have been engineered towards high volume,
low latency responses.
And frankly, I feel like there's a lot
of good options out there for the B2C world.
The next thing to look at is pricing,
which is primarily what comes from that merchant account
we've been talking about.
But pricing it's not the only thing
to think about of course,
although it is tempting, right?
Now I do argue that frankly speaking
payment processing itself become quite commoditized.
Again, at the end of the day,
they're basically transferring money.
So remember you are negotiating based on basis points,
very small increments of money.
Likely the most important thing to consider
it's customer service because some of the biggest players
in the space they struggle,
to give smaller merchants good service.
And that's really where the independent sales organizations
or ISOs of the world can provide great value.
They might not be the least expensive
but they can take great care of you.
Okay, I want you to check out the next video here
and where I'm going to show you how to set up Chargent.
My name is Micaiah and I'm from Chargent
where we are dedicated
to helping Salesforce customers like you
keep payments simple.
So head over to this video
and I'll see you there.
Remember at Chargent we are always here to help.