After years of discussion, the acquiring industry is preparing to offer a credential that proponents say will certify mastery of a defined standard of practice and “quantify expertise.”
The credential, which would establish individuals who qualify as Certified Payment Professionals, will enhance the industry’s credibility with merchants, give participating ISOs a competitive advantage, set standards for hiring, mitigate risk and prevent bad practices, said Rori Ferensic, director of education and professional development for the Electronic Transactions Association, the group establishing the credential.
An application for the credential test was scheduled to become available on the association’s website on Aug. 1, Ferensic told attendees at last week’s Midwest Acquirers Association Ninth Annual Conference in Oak Brook, Ill.
To qualify to take the test, candidates must have a minimum of three years of industry experience or at least one year’s experience and a college degree, she said.
The association, industry experts and testing professionals designed the test for independent sales agents, agents who serve as full-time ISO employees and other ISO employees, according to Carla Balakgie, the organization’s CEO, who also addressed the conference.
During the first testing “window,” ISOs and agents may take the exam any time in November on computers at any of 400 secure testing stations with proctors on duty, Ferensic said. The association plans to open two month-long testing “windows” each year. Unsuccessful candidates may not take the test again until the following window.
The test’s subject areas include sales; pricing and interchange; process, operations and workflow; products and solutions; risk; and regulatory compliance and security, Ferensic said.
The test designers used standard test-development procedures "to ensure the validity, integrity, credibility, statistical soundess and legal defensibility of the program," Ferensic said.
After passing, ISOs and agents must take 36 hours of continuing education within three years to keep the credential valid, Ferensic said. Attending trade shows and Web seminars qualifies toward education hours, she added.
The association is writing a study guide for the test, and candidates also may use online courses, said Ferensic. However, the experience-based exam tests for knowedge that candidates should already have, she noted.
The test is voluntary because the association has no power to compel participation, Ferensic said. The group intends to charge members $325 and nonmembers $425 to take the test, she says, and candidates retaking the test would pay a reduced fee.
The association hired a testing firm to help design the test and brought together industry experts to work on the exam, Ferensic said. About 2,500 industry members selected at random from the association’s databases to validate the data that became the knowedge underlying the exam, she said.
An autonomous “credentialing commission” will oversee the test and establish policies and disciplinary actions, such as possibly revoking the credential in the event of wrongdoing, Ferensic said.
If anyone falsely claims to have earned the credential, the commission can “go after that person,” Holli Targan, a lawyer with Jaffe, Raitt, Heuer & Weiss PC and past association president, told attendees. She did not specify what legal action might ensue.
Plans call for auditing 5% to 10% of the test applications to determine whether applicants truly have the experience they claim. An ISO or other established member of the industry who can vouch for the candidate must sign the application.
The association has begun familiarizing merchants with the credential and plans to intensify its marketing after the first class passes the test, said Balakgie. Plans include “direct outreach,” advertising and attempts to place articles in the press.
