February 15, 2001 Cashing In On Credit Card Savings ABA members have had access to a discounted credit card processing program through Merchant Services at Bank of America (BA) since 1996. Over 1,200 ABA members are using the program, which offers bookstores of any size processing for VISA, MasterCard, American Express, Diners Club, and Discover Card/Novus Brands. Program manager for BA Merchant Services, Howard Fromm, has seen the number of ABA members using the service increase steadily as they learn about the reduced rates and convenience of the program. "The rates we can provide-for VISA and MasterCard-are 1.94 percent plus their fee of .05 (VISA) or .10 (MasterCard) for face-to-face, magnetic stripe read transactions. These are extremely attractive for smaller merchants. Through the combined power of ABA members, we can offer low rates and waive most of the fees that smaller businesses often have to pay. We also offer customer service 24/7, 365 days a year," Fromm told BTW. The Bank of America credit card program does not require a contract; members may select another processor for their credit card transactions at any point. "But," says ABA's Director of Products and Services Joe Friedman, "they don't often leave this program once they've joined because the rates are terrific and there's no membership fee, no monthly minimums, free supplies, and free delivery. Stores can switch to the program and almost always use the equipment they already have. Booksellers are reporting savings of several hundred dollars a year through this program." Since most retailers rely on credit card sales for well over half their total sales, expediting the process is essential. Therese Rainsbarger, direct marketing manager for BA Merchant Services notes that results of a recent survey indicated that 85 percent of their customers are so satisfied with the service that they would recommend it to someone else. "The application process is very easy," Rainsbarger told BTW, "we have a 91 percent approval ratio for all applicants and that figure is even higher for retailers." For applications and more information, contact Howard Fromm at (888) 361-9915, ext. 603 or (973) 625-0443. Topics: About ABA, Affinity Programs,