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ETA CPP Practice Exam: Payment Processing Questions and Answers, Exams of Electrical and Electronics Engineering

University of Cambridge Electrical and Electronics Engineering

A series of questions and answers related to payment processing, covering topics such as interchange fees, merchant account approval, pci compliance, and payment channels. It provides insights into the complexities of payment processing and the challenges faced by merchants and payment professionals. Valuable for individuals seeking to understand the fundamentals of payment processing and the various aspects involved in managing merchant accounts.

Typology: Exams

2023/2024

Available from 12/17/2024

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ETA CPP Practice Exam

A Parts Manufacturer with a tiered-pricing setup (two Buckets) keys a Visa Business

Credit Card information that qualifies for Visa's business to business interchange

qualification. What rate will the merchant pay on this transaction? - Question and

answersnon-qualified

When using the gross discount method, what are discount fees charged on? - Question

and answers

If a Merchant contacts the payments professional and inquires about any early

termination fees (ETF), to what should the payments professional be alerted? -

Question and answersThe Merchant may be thinking of closing their account

What is the BEST solution for a payments professional to suggest to a merchant who is

experiencing intermittent batching errors while processing on a VoIP line with an IP-

capable terminal - Question and answers

Which of the following represents the BEST justification for using a payments gateway?

- Question and answers

Which is the BEST description of a payment professionals goals during communication

with a perspective merchant? - Question and answers

What should a payment professional collect from a merchant to submit with the

merchant application for a public corporation - Question and answersFinancials

During review of a potential e-commerce merchant's website, which of the following

information MUST be present for approval of a merchant account - Question and

answersDelivery policy, currency conversion, and export restrictions

During a meeting with a potential merchant, the merchant mentions to the payment

profession that, on occasion, credit cards are used to get cash out of the till. How should

the payment professional proceed with the conversation? - Question and answers

Which technique is MOST likely to increase a payments professionals success rates? -

Question and answersDisclose all pricing and terms prior to contract execution

During the review of a lead list, what action should a payments professional take First to

maximize lead approval potential? - Question and answers

A payments professional submits an application for a large e-commerce merchant, but

is declined by the processor due to pricing concerns. What could the payments

professional have done prior to submitting the application in order to better foresee the

processors decision? - Question and answers

Discover Exams of Electrical and Electronics Engineering University of Cambridge

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ETA CPP Practice Exam

A Parts Manufacturer with a tiered-pricing setup (two Buckets) keys a Visa Business Credit Card information that qualifies for Visa's business to business interchange qualification. What rate will the merchant pay on this transaction? - Question and answersnon-qualified When using the gross discount method, what are discount fees charged on? - Question and answers If a Merchant contacts the payments professional and inquires about any early termination fees (ETF), to what should the payments professional be alerted? - Question and answersThe Merchant may be thinking of closing their account What is the BEST solution for a payments professional to suggest to a merchant who is experiencing intermittent batching errors while processing on a VoIP line with an IP- capable terminal - Question and answers Which of the following represents the BEST justification for using a payments gateway?

Question and answers Which is the BEST description of a payment professionals goals during communication with a perspective merchant? - Question and answers What should a payment professional collect from a merchant to submit with the merchant application for a public corporation - Question and answersFinancials During review of a potential e-commerce merchant's website, which of the following information MUST be present for approval of a merchant account - Question and answersDelivery policy, currency conversion, and export restrictions During a meeting with a potential merchant, the merchant mentions to the payment profession that, on occasion, credit cards are used to get cash out of the till. How should the payment professional proceed with the conversation? - Question and answers Which technique is MOST likely to increase a payments professionals success rates? - Question and answersDisclose all pricing and terms prior to contract execution During the review of a lead list, what action should a payments professional take First to maximize lead approval potential? - Question and answers A payments professional submits an application for a large e-commerce merchant, but is declined by the processor due to pricing concerns. What could the payments professional have done prior to submitting the application in order to better foresee the processors decision? - Question and answers

In addition to interchange fees, what transaction related costs can a merchant most likely expect to pay when accepting credit and debit cards? - Question and answersAssessment fees Which Peripheral device reads magnetic ink character recognition (MICR) information on checks? - Question and answers Which method is BEST for helping a merchant solve an equipment issue over the phone - Question and answers What is the MOST appropriate software application for a credit card terminal used by a retail merchant who wants an automatic batch at the end of a business day? - Question and answersHost When proposing check processing services to be included in a merchants existing terminal, what steps should be taken to ensure the ability to process transaction? - Question and answers During the initial sales process, a payments professional realizes that the merchant is paying itemized cost for terminals, gift cards, and a reward program. The merchant would like to lower rates but enjoy all ancillary products offered. Which is the BEST action for the payments professional to take? - Question and answersDiscuss the advantages of bundled packages Why is it important that all data points on the application are accurate? - Question and answers A Strong Competitor has been taking business away from a payments professionals portfolio. What is the BEST strategy for the payments professional to take in order to remain competitive? - Question and answers What are the best ways to set a good example for your merchants in the area of PCI compliance/Data Security - Question and answers What is the BEST course of action for payments professionals who are faced with a question that they do not know how to answer? - Question and answers Which of the following techniques is BEST for managing customer expectations? - Question and answersSet realistic expectations A payments professional believes that a prospective client with a large customer base would benefit from the use of a PCI- complaint credit card storage module. However, prior to offering the solution, the payments professional needs to identify the merchants key pain points and goals. As a part of the discovery process, which of the following questions would BEST elicit the merchants need to implement the solution? - Question

Which of the following could result if a merchants chargeback are out of compliance? - Question and answersHigher chargeback fees, an account review, and possible termination Which of the following groups of association would be MOST helpful to consult when trying to identify and cultivate a new national business - Question and answers Upon analyzing a potential merchants current processing statement, the payment professional discovers that the majority of transactions are in a non-qualified tier due to a large number of business-rate cards. The payment professional should contact the merchant and offer which of the following? - Question and answers Which is a reason for a merchant to add mobile payments to existing payment options?

Question and answers A Merchant has an existing paper-based gift card program. Which of the following are the MOST important benefits of the merchant converting to an electronic gift card program. - Question and answersReconciliation, increased cash flow, and branding Which type of questions are BEST to ask when assessing the needs of a merchant? - Question and answers Which of the following merchants would be considered the highest risk? - Question and answers While prospecting in a retail area, a payments professional notices that most of the merchants use the same provider. How should the payments professional approach these merchants? - Question and answers How can a payment professional BEST stay current with price changes and card brand updates and mandates? - Question and answers What is the BEST way for the payments professional to initially identify PCI compliance risk for a prospective merchant - Question and answers In a blended pricing plan known as a "bill back" a merchant has target rate of CPS retail and accepts Reward I transaction. In which category will the merchant get billed? - Question and answersDifference in interchange A Merchant is processing under a retail account SIC/MCC code that was assigned during the application underwriting process, but the merchant has since switched the type of business and the method of transaction processing it provides to e-commerce. Which of the following repercussions might the merchant incur if this change is undocumented? - Question and answersGreater interchange fees and higher chargeback ratios

What data elements are MOST critical to the payments professional when comparing a merchants current statement to the new offer proposed by the payment professional? - Question and answers What information should be discussed at the time of sale in order to BEST establish a credible relationship between the payment professional and the merchant? - Question and answers Which requirement must ALL merchants complete in order to be PCI-Complaint? - Question and answersSubmit a self assessment questionnaire (SAQ) Beginning with the card swipe, which of the following represents the basic movement of a transaction authorization from a credit card terminal? - Question and answerscard reader communication network front end processor card brand issuer card brand front end processor merchant If a merchants activity varies greatly from information listed on the merchants application, how does a risk department determine whether a fraud problem exist? - Question and answersBY contacting the merchant to query any change in products, services or prices Which the BEST way to begin addressing a merchants concern about a terminal or POS equipment? - Question and answers Upon entering a merchants store, a payments professional notices signs at the storefront as well as next to the register stating "we impose a surcharge of 5% on the total amount on all credit card transactions, which is not greater than our cost of acceptance. We do not surcharge debit cards. Which of the following statement would be MOST appropriate for the payments professional to make to the merchants regarding surcharges allowed by the card brands? - Question and answersFive percent is-more that the maximum surcharge amount allowed is 4% What is the MAIN factor in determining which SAQ a merchant needs to complete for PCI compliance? - Question and answers Which of the following materials would be MOST beneficial for the payments professional to take to an initial face-to-face meeting with a prospective merchant? - Question and answers

ETA CPP Practice Exam: Payment Processing Questions and Answers, Exams of Electrical and Electronics Engineering

Related documents

Partial preview of the text

Download ETA CPP Practice Exam: Payment Processing Questions and Answers and more Exams Electrical and Electronics Engineering in PDF only on Docsity!

ETA CPP Practice Exam