New MIC BankCard Program: More Savings, Better Service

Publish Date: 
Feb 3, 2010
By Arlo Redwine

For dealers who need terminals (most just reprogram the ones they’ve got), MIC BankCard offers a large inventory. “We have just every imaginable combination of terminals,” Tanzy says. “And we’re real cheap. Most people sell terminals for $800 to $900. We sell them for $300 to $400. The same exact terminals. We’re always much cheaper just because we don’t really use it as a big moneymaking thing. For us, it’s a convenience.”

Because Tanzy’s crew can reprogram the terminals before shipping them out, the switching time is reduced.

Remember, dealers already signed up with MIC BankCard will not be switched over to First Data automatically. “The dealers are going to have to instigate it,” Tanzy says. “They’re going to have to call in and ask for the rate review.

“If they want to stay with Tsys because they’re happy,” he continues, “they’re welcome to stay. But First Data is such a better partner for us long term, my gut tells me probably in the next five to six years everything is going to migrate to First Data.”

Dealers can contact MIC BankCard through its new number, 877-726-7017. “Anybody that answers the phone will be well-versed, or they can ask for me,” Tanzy says. If you’re ready for a free cost analysis, you can fax to the program a copy of your credit card processing statement. The fax number is 678-829-0517. You can also speak with Tanzy at Dealer Expo at Booth 4508.

BONUS COVERAGE:
MIC BankCard Shares Its Numbers
MIC BankCard has about 1,400 active merchant accounts, says program director Matt Tanzy. Because dealerships often have more than one merchant account — for store divisions like rentals, e-commerce or service — this figure is not the number of dealers.

From 2008 to 2009, the number of active accounts remained the same. Even though more dealers enrolled, the number of inactive merchant IDs increased. “In 2008,” Tanzy says, “we had about 1,400 active and about 600 or 700 inactive. ‘Inactive’ means they’re not consistent. They might process for a couple of months; then they don’t process. Either they went out of business, or they’re just not processing for some reason. Maybe they don’t do Internet sales anymore, for example.

“Our inactive dealers,” Tanzy continues, “went up to about 900, about a 28 percent increase. So all the growth we had enrolling new dealers was taken away.”

The volume of processing in 2009, of course, was down. But the amount it was down may surprise you. “We’re going to end up at about $658 million, which is going to be about a 38 percent drop,” Tanzy says. (Continued)