ACCORDING TO THE Motorcycle Industry Council, dealers and member companies using its BankCard Program soon will receive at least a 30 percent reduction in their rate structure.
The savings will come about through a new long-term partnership with First Data, the largest credit card processing network in the U.S. Effective Jan. 1, First Payment Systems, an exclusive First Data processor, will manage the MIC BankCard Program. This partnership, the MIC says, is the most exciting change since the BankCard Program’s inception in 1997.
In addition to lower rates, dealers will begin receiving platinum-level help desk services typically available only to retailers processing more than $500,000 per month, according the MIC.
“So no matter how much a dealer or MIC member company processes, they will get the absolute lowest credit card processing rates available and the best support services in the industry,” states an MIC message to its members.
Matt Tanzy, who has managed the program since its inception, states, “I was so excited to form this new partnership with First Data. It took us 10 years and over $1 billion in processing volume to get on their radar screen and over a year to negotiate all of the details. But now the motorcycle industry has achieved the pinnacle of the processing industry as First Data is not only the largest Visa and MasterCard processor, but they own the network that processes 90 percent of U.S. transaction volume. Now that’s some leverage.
“We welcome this new chapter in the MIC BankCard Program’s evolution,” Tanzy continues. “The program has grown, and an exclusive partnership with the largest processor and network in the U.S. just seemed a natural fit for our industry. The rates will save our industry even more money.”
Dealers and members can reach the MIC BankCard Program by calling the dedicated hotline at 877-726-7017. An account manager will provide a detailed credit card processing savings analysis.
The MIC claims switching processing is simple. There are no contract terms, and a dealer’s equipment can be reprogrammed with the new lower rates over the phone. The entire process takes no more that two weeks, the MIC says.
Posted by Arlo Redwine