Ashley, a banking representative receives a credit card payment for processing; she decides to process the payment herself as suggested in an off-the-shelf online course assigned by the management. She is oblivious of the fact that all payments must be processed thorough flagship merchant services. This blunder eventually led to an enquiry on Ashley’s actions. Was Ashley really at fault? Or was the management callous about the way they delivered the training?
Every bank functions in its unique way, they have different methods and processes in place when it comes to sensitive information related to credit card transactions and payments. For instance, Bank A may use PayPal for processing credit card payments, while Bank B utilizes Payment Depot. For this very reason, off-the-shelf courses fail to provide the training you are looking for. Let’s explore why customized e-learning is the way to go for your credit card security training.
One Size Doesn’t Fit All
From receiving credit card information and taking payments all the way to the procedures in place when credit card information is compromised, different banks have different transaction processes in place. There are plenty of payment processing companies in the market for banks to choose from. Delivering training via an off-the-shelf course will not understand your bank’s unique credit card security requirements. On the other hand, a customized e-learning course can be tailored to your specific security needs.
The goal of your credit card security course is to minimize errors during transactions and train your employees on the proper use of the payment systems set in place. Customized e-learning courses begin as a collaboration to understand your bank’s needs and the current capabilities of your employees. Customized e-learning courses are more learner-focused compared to off-the-shelf courses, providing practical training options that are aligned with your business goals.
There will be times when your credit card security policy will change or there may be new steps in the transaction process. For instance, credit card information has to be sent to email@example.com, and now there is an additional step where your representative needs to receive a notification from the cashier to confirm the payment. Conveying this will be next to impossible in an off-the-shelf course, as you don’t own the content. When it comes to customized e-learning, changes or updates can be done easily whenever needed.
Training managers are always under pressure to reduce the cost of training programs; off-the shelf-courses may seem the quicker option, however, come with licensing fees. For example, your global transaction team spread over 5 countries needs to train 10,000 employees on credit card security. An off-the-shelf course would charge you $15 per employee; this takes your training cost up to $150000. On the plus side, a customized e-learning course can be developed for 6% of the total off-the-shelf course cost at only $10,000! Now that’s a huge save.
Protecting your customers from credit card misuse is a top priority; having a customized e-learning course on your credit card security practices will provide greater efficiencies, raise customer satisfaction, and ensure hassle free course updates at an economical cost.
Read this eBook for a detailed explanation of customized e-learning.