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Create an illustration that represents a financial transaction between a merchant and a finance team, highlighting elements like payment methods, legal agreements, and banking processes, with an emphasis on professionalism and clarity.

Merchant Payment Process Quiz

Test your knowledge on the procedures and agreements involved in the merchant payment process. This quiz covers essential topics that every professional in the field should know.

Understand payment methods for merchants
Learn about legal agreements
Explore lien priorities and judgments
Assess what to do when merchants change their bank accounts

10 Questions2 MinutesCreated by NavigatingMerchant45

When we have started the legal process and then reach an agreement- What is the agreement called?

Stipulation of settlement agreement

Settlement agreement

Payoff letter

ACH form

When do we have to confirm what to do next with the US team

When merchant sends bank statements to increase/lower payments

When merchant wants an offer to settle

To send releases to ARs

To sue a merchant

To send an email to merchant

Louis has an outstanding balance of $10,000 and we are holding $4,500 at Wells Fargo. We agreed to settle at $8,500, with funds at WF released to us and the rest to be wired. What documents to we send the merchant?

Emma , merchant based in Texas, has not paid in two years and we already have a judgment. I can task Samuel to put a lien on her property ASAP.

True

False

My merchant has switched bank accounts and he confirms we can resume debits. I can task Jibin to turn debits back on.

True

False

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Merchant Payment Process Quiz

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