24 Jan 8 Things Banks Should Look for in a Merchant Services Partner
For a bank, the choice of a merchant service partner is extremely important. Will they help you retain customers and grow your portfolio? Do they provide your customers with the same level of excellent service that your bank does? Will your questions and concerns be addressed in a timely manner? These types of issues can delineate the difference between a mediocre Merchant Services partner, and an excellent one. To ensure your bank is receiving the maximum benefit from the relationship, here are 8 things banks should look for in a Merchant Services partner.
1. High Annual Merchant Retention Rate
What is the credit card processor’s annual merchant retention rate? If they are not able to retain customers, even if your sales and marketing are successful, your portfolio will churn, not grow. You need to know new customers are viewed with the goal of customers for life. Think of it this way: every 5% increase of retention by your merchant services partner, will equal approximately $10,800 of annual bank income per 100 merchants. As a comparison, for every 100 merchants, a 90% retention rate generates $32,400 more in annual bank revenue than a 75% retention rate
2. Merchant Customer Service
We have all been in the horrible position of dealing with voice-automated phone systems and waiting on hold in a call queue in a time of need. Your merchant customers deserve better than a voice automated system when they need support. They deserve a live operator who is assigned to their account. Make sure the processor answers calls promptly, and that you and your merchants have dedicated support.
3. PCI Compliance Process
PCI can be frustrating for your merchant customers because their processor leaves it up to the merchant to figure it out on their own. Further, many processors would rather collect a monthly non-compliance fee that have their merchants be secure. This can be detrimental to customer retention, and can also increase risk for your merchants and your bank. What is the processor’s PCI Compliance process? A true merchant services partner will proactively reach out to each of your merchant customers to walk them through the annual PCI process.
What is the processor’s background? Do they have a thorough understanding of the banking industry and merchant services from the bank’s perspective? Do they have a track record of successful bank partnerships? Many merchant service organizations have not mastered the nuances of bank partnerships. There is substantial difference between having a merchant who is a customer, and having a merchant who is a customer and is also the customer of a bank partner.
Does the processor have a vision and a plan to help you achieve your goals? Have they articulated solutions to overcome your obstacles, and the ability to take advantage of your opportunities? If not, then that processor may view your bank as just another referral source. That type of relationship is not going to benefit your bank long-term. You want to choose a processor who views your bank as a true business partner in merchant services.
You want to choose a processor who understands how you operate, and has a similar service mentality as your bank. Too many times, banks forget about this essential component of the relationship. As a result the bank ends up frustrated because their processor doesn’t share the same culture as the bank, and risks causing great harm to the bank’s hard earned reputation.
7. Training for Bank Employees
A comprehensive bank training program is a great indication of what support will be like moving forward. What type of training program does the processor have for the bank? Do they only offer initial training? Can the processor detail milestones and metrics for follow-up training to keep the partnership thriving and the portfolio growing? To ensure program success, bank employees should receive initial training, following by weekly training calls and regular boot-camp training programs. A processor interested in a mutually beneficial relationship will champion these efforts.
All partnerships and relationships depend upon an open line of communication. A true merchant services partner should understand the extraordinary value in maintaining transparent communication between the processor, the bank, and the bank’s merchant customers. Further, the processor should be responsive, prioritize you and demonstrate that they value your relationship.
BASYS as a business partner
If your bank’s current merchant services provider isn’t meeting your goals in terms of service, reputation, retention, or revenue, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a true business partnership that will help you meet and exceed your goals for your merchant services program.
BASYS Processing features:
* 90% + Customer Retention Rate
* Live operator when your merchant customers need support – no automated voice systems
* Dedicated relationship manager for questions and concerns
* Proactive contact with every merchant to walk through the annual PCI process
* In-house PCI Team to assist with questions and concerns
* Founded by a family who previously owned a bank
* Track record of successful bank partnerships
* Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
* High quality service mentality, similar to your bank
* Vested interest in protecting your bank’s hard earned reputation
* In-depth initial bank training
* On-going bank training via weekly call and boot-camp programs
* Open line of communication between BASYS, you, and your customers
* Quick response time for your questions and concerns; you are a priority
About BASYS Processing
BASYS Processing is merchant services born from banking. Founded by a family that once owned a bank, BASYS is a true business partner for credit card and debit card processing. BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale; customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
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