The first round of testing ended Nov. 30 for the acquiring industry’s new Certified Payments Professional credential, and at least one candidate found the exam “appropriately difficult.”
An experienced sales agent who cares about the industry and does his homework should be able to pass it, says Michael Gavin, vice president of third party sales for Merchant Warehouse Inc., a Boston-based ISO. “But it’s not something where you pay your money, show up and you pass it,” he says.
The Electronic Transactions Association, which devised and promoted the credential, is evaluating the results of the first tests, administered throughout North America during November, says Rori Ferensic, the Washington, D.C.-based trade group’s director of education and professional development.
The number of test-takers was not immediately available, but the association expects the data to stream in soon from the testing company administering the exams, Ferensic says. Nearly 350 members of the acquiring industry applied by late October to take the test.
The association will evaluate the data to ensure quality control and hopes to notify candidates of the results in about four weeks, Ferensic notes.
The ETA hopes merchants will recognize holders of the credential as knowledgeable about the acquiring business, the association says on its website.
Merchant Warehouse believes the credential also will become a sales tool its in-house and external independent sales organizations and agents use to gain advantage over competitors who lack the certification, Gavin says.
Approximately 50 of Merchant Warehouse’s 285 employees took the test during the first round, most driving about 10 minutes from the Boston office to a small college where the test was administered, he says.
The proctors took the test seriously and prevented test-takers from collaborating, Gavin says.
Gavin completed the three-hour test in about half the allotted time, though he found the questions challenging. The exam covered many of the subjects he considers relevant to the acquiring industry, including standards and interchange, he says.
Merchant Warehouse plans to require all employees, regardless of whether they work in sales, operations or support, to take the test after they have been in the industry for a year or so, Gavin says. Eventually, the company wants every employee to hold the credential, but logistics prevented sending everyone for the first round of tests, he says.
About 300 sales agents from outside the company represent Merchant Warehouse, and the company is encouraging all of them to obtain the credential, Gavin says. Management intends to survey the outside agents early next year to see how many took the test in the first round, he notes.
Merchant Warehouse is paying the $325 fee for each of its in-house employees to take the test, Gavin says. The company will reimburse outside agents who pay the fee if they achieve a specified level of sales, he says.
“Basically, we’re saying that if you keep doing what you’ve been doing you’ll be compensated,” Gavin says of the company’s outside agents.
The fee comes to $425 for anyone who does not belong to the association, the group’s website says.
Merchant Warehouse helped its employees and outside agents prepare for the fist exam by offering a Web seminar nearly every day for two weeks in October, Gavin says. Company department heads conducted most of the training, he adds.
Management at Merchant Warehouse welcomed the credential and is pursuing it enthusiastically, according to Gavin. “When we heard about this, we thought it was a breath of fresh air,” he says.
Although the larger ISOs operate with integrity, smaller players sometimes misrepresent fees or lack the knowledge necessary to advise merchants, Gavin contends. Widespread acceptance of the credential could counteract those problems and thus improve the industry’s image, he says.
What do you think about this? Send us your feedback.
