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or
Document ID
TM1060Samp
le from the
finance
Policies and
Procedures
manual
includes an
example
procedure, a
list of topics,
forms anad
job
descriptions
Revision
0.0
Effective Date:
mm/dd/yyyy
Title
MERCHANT ACCOUNTS
Print Date
mm/dd/yyyy
Prepared By
Preparer's Name / Title
Reviewed By
Reviewer's Name / Title
Approved By
Final Approver's Name / Title
Date Prepared
mm/dd/yyyy
Date Reviewed
mm/dd/yyyy
Date Approved
mm/dd/yyyy
Policy:
Purpose:
To ensure the selection of a merchant account that
meets the Company's need to balance best service
and lowest cost.
This procedure applies to the Finance Department.
Scope:
Responsibiliti
es:
Definitions:
Procedure:
MERCHANT ACCOUNT PLAN
1.1
The CFO shall periodically (e.g., annually) review the Company's use of
merchant accounts, to ensure that the Company is receiving the
required service level and that fees are competitive. A small reduction
in fees can result in significant overall savings, especially for high
volume and high dollar amount transactions; however, cost must be
Discount rates;
Charge backs;
1.3
The CFO shall create a total cost estimate for each month or quarter
based on fee information gathered (Section 1.2), using historical
merchant account use and projecting future use.
1.4
Ease of use;
Reliability; and
Holdback policies.
1.5
Based on the review of overall fees and service levels (see Sections
1.1, 1.2), the CFO shall:
Continue the existing merchant account under the current terms;
Attempt to renegotiate terms with the existing merchant
account; or
Find and negotiate with an alternate merchant account provider.
2.2
The CFO shall calculate the estimated total fees per period (e.g.,
month, quarter) for existing and potential merchant account providers
and record the estimated total fees on TM1060-1. The CFO shall
consider the following when calculating estimates:
2.3
The CFO shall list and rate important service features of existing and
potential merchant account providers on the TM1060-1 MERCHANT
ACCOUNT REVIEW form (see Section 1.4).
The CFO shall use the information on the TM1060-1 form to determine
if any action is required in the Companys merchant account provider
(see Section 1.5).
3.2
The CFO shall list reasons and justifications for the decision to
continue, renegotiate, or change merchant accounts on TM1060-1.
4.2
Effectiveness Criteria:
References:
A. CFO Manual
Additional Resources:
A. Carroll, Jim, and Broadhead, Rick, Selling Online: How to Become a
Successful E-Commerce Merchant, Dearborn Trade, a Kaplan
Professional Company, 2001. ISBN-10 #0-7931-4517-1.
B. Ogden, Anthony L., What Every Business Should Know About Accepting
Credit Cards, BankCardLaw Media Corp., June, 2004. ISBN-10 # 09759-6050-4; ISBN-13 # 978-09759-6050-9.
C. Dont Fly By Night: The Inside Information on Merchant Accounts,
available at http://www.powerhombiz.com/vol39/merchant.htm.
D. Choosing an Internet Merchant Account, available at
http://www.findmyhosting.com/web-resources/Articles/internetmerchant.htm.
E. "Merchant Account 'How-To' Tips for Beginners", available at
http://www.goemerchant.com/getting_started.htm.
Forms/Records:
Revision History:
Revisi
on
0.0
Date
Description of changes
mm/dd/yy
Initial Release
yy
Request
ed By
Merchant Account
Provider
Comments:
Fixed
Fees
Discount
Rate
Transaction
Fees
Termination
Fees
Misc.
Fees
Estimated Total
Fees (per period)
Service
Feature 1
Service
Feature 2
Comments:
Service
Feature 3
Service
Feature 4
Approval
1.
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7.
Finance Administration
Financial Objectives
Management Responsibility
Continuity Planning
Document Control
Record Control
Annual Stockholders Meetings
Board of Directors Meetings
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15.
Raising Capital
Business Plan
Capital Plan
Valuation
Bank Loans
Stock Offerings
Debt and Investment
Asset Acquisition
Leasing
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21.
Treasury Management
Working Capital
Cash Management
Inventory Management
Related Party Transactions
Foreign Exchange Management
Managing Bank Relationships
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Financial Statements
Financial Forecasting
Financial Reporting
Financial Statement Analysis
Financial Management Review
Financial Restatements
Financial Information Release
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Internal Controls
Sarbanes-Oxley Compliance
SSAE-16 Compliance
Risk Assessment
Risk Management
External Auditing
Internal Auditing
Corrective Action
Financial Objectives
Sample Management Review Agenda
Continuity Plan Worksheet
Document Request
Document Control Database
Sample Master File Guide Index
List of Finance Records
Record Retention Guidelines
Notice of Shareholders Meeting
Authorization of Proxy to Vote Shares
Minutes of Shareholders Meetings
Minutes of Board of Directors Meetings (example)
Raising Capital
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17.
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21.
22.
Business Plan
Capital Analysis
Capital Plan Worksheet
Capital Plan
Valuation Plan
Valuation Improvement Plan
Valuation History
Loan Application Checklist
Stock Offering Plan
Debt and Investment Plan
Debt and Investment Action Log
Asset Acquisition Criteria
Asses Acquisition Request/Worksheet
Lease/Buy Financial Analysis
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25.
26.
27.
Treasury Management
Working Capital Plan
Cash Management Plan
Inventory Management Plan
Inventory Management Results
Related Party Transaction Policy & Conflict of Interest
Questionnaire
Job Descriptions:
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43.
Financial Statements
Financial Forecasting Checklist
Financial Report Checklist
CEO/CFO Certification Checklist
Financial Analysis Plan
Financial Management Plan
Financial Management Meeting Agenda
Financial Restatement Checklist
Financial Information Request
Financial Information Releaset Log
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Internal Controls
Sarbanes-Oxley Compliance Checklist
SSAE-16 Compliance Checklist
Risk Assessment/Management Worksheet
Sample Chart of Accounts
Internal Control Checklist
Corrective Action Plan
Audit Schedule
Audit Plan
Audit Checklist
Audit Opinion
Audit Report
Nonconformity Report
Corrective Action Request
Corrective Action Log
A complete job description is included for each of the 10 positions referenced in the
Finance Polices and Procedure Manual. Each position includes a summary description of the position, essential
duties and responsibilities, organizational relationships, a list of the procedures where the position is referenced,
specific qualifications, physical demands of the position, and work environment.
Board Member
Document Manager
Internal Audit Team Leader
Chief Executive Officer (CEO)
External Auditor (Independent
Internal Auditor- Accounting
Chief Financial Officer (CFO)
Auditor)
Risk Manager
Controller
Financial Manager