Reimagine your merchant service provider as a true partner
The world of payments has evolved. Consumers expect fast, safe, and seamless payment experiences—no surprises allowed. The expectations of business owners are also higher than ever. As a business owner, you need payments to work, every time. No exceptions, no excuses.
When it comes to the infrastructure of getting paid, your business needs more than a simple service provider. The complex and constantly changing world of payments demands more. With the stakes this high, the merchant processing provider you choose needs to understands the critical importance of a partnership. You’ll need a partner who can help you navigate an increasingly complex payments landscape.
- You'll need a merchant services partner that helps fuel growth in your business. Any merchant services provider can allow your business to accept payment cards. A true merchant services partner helps you leverage that technology to attracts more of the right customers, who are ready to spend more and more often. From accepting credit and debit cards in-store to eCommerce payment acceptance, from setting up recurring payments to helping your business establish loyalty programs, a merchant services partner helps your business grow and adds to your bottom line.
- You'll need a merchant services partner that helps you navigate new technology. When it comes to the security of your money and the critical payments interface with your customers, will you be satisfied playing catch-up? Will you be satisfied with with one-size-fits-all solutions designed to fight the last battle? A true merchant services partner understands that navigating technology is a process, not a destination. A true merchant services partner works with you implement right-sized technology solutions for your business.
- You'll need a merchant services partner that you can trust. Any merchant services provider can process payments. Some business owners are content to view merchant services as a commodity. Smart businesses understand that some business relationships demand greater levels of trust. When it comes to the infrastructure of getting paid, smart merchants demand more. When it comes to the privacy of customer data, staying compliant with PCI and other banking regulations, and protecting a reputation built with a lifetime of work, businesses need a true payments partner.
Merchant services fuel the growth of your business
When entrepreneurs start small businesses, they focus like a laser on providing value to their customers on the road to fulfilling their own dreams. How can I meet my customers’ needs? How can I get the word out about my business? How can I take this great idea and make it scale? You’re thinking about a million things. But you probably aren’t thinking about payments. For that, you need a helping hand.
For any business that truly wants to compete, the days of only accepting cash and checks are long over. When your merchant services provider enables a full range of payments, you immediately supercharge your business: the ability to accept payment cards attracts customers ready to spend, spend more, and spend when they may not have otherwise.
With you compare and apply for merchant services, you’ll obviously need to ask about the bottom line: compare the amount you are charged for account setup, monthly fees, per transaction fees, and the percentage charged above fixed network interchange rates. You have a choice when it comes to companies wanting to act as your payment processor, and controlling costs has to be part of that equation.
But when it comes to something as important as fueling sales in your businesses, you need to look beyond the lowest-cost provider. Does your merchant service provider help you set up and manage popular rewards programs? Does your payments partner help advise your business on best checkout practices, whether online or in-store? Does your merchant service provider have your back when it comes to proactively fighting fraud? If your payment provider isn’t helping you move forward and navigate a rapidly changing world of payments, are they really worth the fees they charge?
Payment partners help navigate new technology
Technology moves at warp speed. The payments world is no exception. Keeping up with changes in hardware and software, compliance regulations, fees and pricing models—that’s a lot to juggle. Now think about the average day running your business. How much free time do you have to evaluate payment technology options? For most merchants the answer is “not much, if any.”
For example, merchant services providers guided millions of small businesses through the 2015 EMV fraud chargeback liability shift, helping them upgrade to the much more secure chip card readers. Merchant service providers help your business setup procedures to stay in compliance with industry regulations such as the Payment Card Industry Data Security Standard (PCI DSS). Merchant service processors work closely with your bank to maintain a seamless and timely cash flow for your business. Payment partners are on the front lines in the battle against fraud, helping you stay in the black and out of the headlines.
A merchant service provider acts as a true business partner—it’s their responsibility to keep up on the latest payments technology. It’s their responsibility to establish a dialog to understand the changing needs of your businesses.
Let’s say you run a restaurant. A quality merchant service provider will recommend the latest among the many integrated POS applications. A true payments partner will available will help you explore option that can not only streamline customer ordering and checkout, but integrate with accounting and payroll systems.
Technology is not the only area that a qualified payments partner can offer expertise. A reputable partner can offer valuable information on best business practices that you may not think of as related to payments. Perhaps you are launching a new eCommerce site and need information about best practices for running an online store. Or maybe your business witnessed an uptick in chargebacks and would like to know how you can avoid fraudulent transactions and identify “friendly” fraud. A payments partner can even help with decisions like whether to pursue hosted or self-hosted eCommerce solutions.
Forging bonds of trust through payments
Beyond the basics of reliable payment processing, a true business partner establishes a deeper connection than merchants typically have with their vendors. The terms of merchant service agreements are set up to put both parties on the same side of the table. Merchant service providers succeed when your business succeeds.
What does that have to do with partnership? Attracting more customers and processing more card transactions is in the best interest of both the merchant and the merchant provider. If you view credit card processors as commodities, that’s likely what you’ll get. If you view merchant services as true partners in payments and beyond, then your business should settle for no less.
Before signing a long-term contract and beyond fixing the rate you pay for credit and debit card processing, ask tough questions of any potential partner. Get a feel for their customer support—are they going to be there for you when you need them the most? Are they going to act true partner takes an active interest in your business? Are they going to provide the tools and resources necessary keep cash flowing, and growing?
A trusted merchant services partner can help you realize your dreams. A trusted partner demonstrates expertise in helping your business succeed. Vantiv, now Worldpay, is one such provider. Worldpay understands the value of partnership and stands ready to help you realize your dreams by providing fast, simple, and safe payments. We invite you to speak with one of our payments experts today.