Why your merchant service provider is your partner
How often do you think of your merchant service provider as your business partner? It's easy for many businesses that are setting up payment processing—often for the first time—to view their merchant account provider as just another vendor, someone providing a tool and taking a fee. When we say "business partner," we are referring to a deeper connection than merchants typically have with their vendors.
A merchant account relationship is based on secure, reliable payment processing. For the merchant service provider to be successful, the merchant must be successful. Both have the same innate goal: more customers making more purchases. This shared focus means that the merchant service provider should be invested in the success of their merchants, and work closely together to meet mutual goals. Let's look at what this involves, and the advantages of working with a merchant services provider that understands the importance of a partnership.
Every card transaction that a business makes earns money for both the business and the merchant services provider. Successfully attracting more customers and processing more card transactions is in the best interest of both the merchant and the merchant provider. A merchant services provider that is invested in the success of their clients offers services and solutions that help the merchant drive sales and customer retention.
How does a merchant track the ROI for merchant services? Merchant services immediately add a lucrative feature to a business: the ability to accept payment cards, which attracts customers who prefer this method of payment, as well as encourages purchases they may not have considered otherwise. With merchant services, the ROI is built-in, and the risk is much lower for the merchant. A merchant services provider who is a true partner takes an active interest in their merchants’ businesses and provides the tools and resources to increase their customer base expansion and sales revenue.
Introduction to new technology
How much time do you have to evaluate your payment technology options and decide which ones are right for your company? If you are like most merchants, probably not much, because you are busy running other aspects of your business. One of the advantages of engaging merchant service providers as business partners is that part of their responsibility is to keep up on the latest payments technology, and understand what solutions make sense for different types of businesses. This is good news for you. A merchant services provider with expertise in payment security solutions can introduce you to upgrades you need, and explain the pros and cons of various options.
For example, merchant services providers may recommend upgrading to a chip card reader because of the impact of the EMV fraud chargeback liability shift. If you run a restaurant, your provider may recommend a POS tablet with features that streamline customer ordering and checkout. It’s important to find a provider you can trust to keep you updated on the latest industry innovations and avoid extraneous recommendations that aren’t going to benefit your business.
Advising on best practices
Technology is not the only area that a qualified merchant services provider can offer expertise. A reputable partner can also offer valuable information on best practices. For example, perhaps you are launching a new eCommerce site and need information about best practices for accepting online payments. Perhaps you have experienced an uptick in chargebacks and would like to know how you can avoid fraudulent transactions and even identify “friendly” fraud. These are areas of expertise your partner can offer.
The bottom line is that a good merchant services partner is not simply interested in offering you the cheapest solution. A good partner demonstrates expertise in helping your business be successful and offers the best payment solutions to benefit your business.