18 Jul Consolidation Still Creating Concern in Merchant Services Industry
Consolidation has influenced the banking and merchant services industries for almost a century. In 1922, the number of U.S. banks peaked at roughly 23 thousand, and has been decreasing ever since. Just this year, it was announced that BB&T and SunTrust have plans to join in a merger that will form the sixth-largest bank in the United States.
And in the merchant services industry, which is already riddled with consolidation, the acquisition of First Data by Fiserv Inc. is an omen of more turbulent times ahead. In Q1 of 2019 alone, over 10 small-to-medium-sized organizations were acquired by larger providers. One of these, Worldpay, just merged with Vantiv in 2017, and is now being acquired by FIS.
Here’s a list of notable acquisitions from the past 2 years:
• Card Connect
• First Data
• Security Card Services
• Vanco Payment Solutions
Rampant consolidation has led to an eerie trend in the merchant services industry:
A bank is working with a processor they love. Merchants are happy, support is top-notch, and both parties feel that they’re part of a true partnership. Then, the bank’s partner is purchased by an enormous processor that completely transforms the customer experience, and NOT for the better.
Is consolidation impacting your bank?
Customers are loyal to their banks because of the personalized service they can provide. A large processor can completely undercut your efforts, and lead to upset merchants and a damaged reputation.
Here at BASYS, we’d like to be part of the solution. BASYS is a bank-centric merchant services provider. Our systems, philosophies and culture are structured around working with banks. Perhaps more importantly, we’re family owned and not for sale. Our service philosophy mirrors the exceptional service you deliver to your own customers. We do everything in our power to increase your bank’s revenue while protecting your greatest asset—your reputation.
BASYS Processing as a business partner
If your processor isn’t delivering strategies to help grow your program and personal service to your customers, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a business partnership that will help you meet and exceed your goals.
BASYS Processing features:
• A friendly, live voice will answer the phone when you or your customers call; no automated phone systems.
• In-house PCI Compliance team to walk your customers through the process step-by-step, improving security and reducing costs.
• Thorough Market Analysis followed by mutual plans and goals to grow your portfolio.
• In-depth initial training and ongoing bootcamp training for bank staff.
• A full suite of turnkey marketing assets that can be customized with your bank branding.
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus 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 and 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 Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: