24 Jan Eliminating the 4 Biggest Time Wreckers in Merchant Services
Merchants often choose to open merchant accounts with their banks because it’s convenient. They choose you because they already do business with you and trust you with their money. In turn, it’s vital that your bank chooses a service-centric processing partner that will uphold your hard-earned reputation while increasing revenue.
One of the most important aspects of choosing a partner for your merchant services program is ensuring your processing partner can successfully manage all the technical tasks and account maintenance, so you can focus on growing your portfolio.
Merchant services is typically only a small part of a banker’s responsibilities; but there are countless, time-consuming tasks that go along with building a solid program. Make sure you know what they are, and how the right partner can help you eliminate the 4 biggest time wreckers in merchant services.
Time Wrecker #1: Savings Analysis
The right partner should be an expert in interpreting and translating the complex language of card industry rates and fees. If a merchant sends you three months of statements and asks how you can save them money, do you feel confident breaking down various interchange rates, vague language, and hidden fees to give them an answer?
Look for a merchant services provider that will create the savings analysis for you. The very best providers will continue to monitor the profitability of your portfolio, so you don’t have to. This would include portfolio reviews to make sure that you’re not losing money on any accounts, as well as periodic reviews to confirm that you’re saving merchants the amount they were quoted.
These tasks can be an unfortunate time wrecker for banking staff. But, they are essential parts of a merchant services program that successfully retains customers.
Time Wrecker #2: POS Integration Research
Merchants who have already gone through the time and expense of setting up a Point of Sale (POS) will want to continue using that equipment when they switch to your bank’s merchant services program. Unfortunately, many POS systems have specific compatibility requirements that require time and effort to investigate.
Let’s say a merchant has indicated they’ll make the switch, but only if they can continue using their current equipment. Does your bank have the time, resources, and experience to find out if that’s a possibility?
Calling the helpline for that POS system when you’re not even sure what you should be asking is a prime time wrecker, but not a necessary one. Your merchant services partner should be well-acquainted with various processing methods, including integration with numerous POS systems and software solutions. The best payment processing partners will take your research headaches away and eliminate this time wrecker. They’ll know exactly who to call and what to ask in order to quickly resolve compatibility questions and get your prospective merchants on the path to approval.
Time Wrecker #3: Deployment
The deployment phase is always an opportunity to build relationships with your merchants. Many banks like to handle this process personally. Whether you prefer a hands-on approach or not, you should always have the support of a competent and service-minded processing partner behind you; someone who can eliminate the myriad of tasks needed to provide excellent service in deployment, all of which can be a large time wrecker to bankers.
A solid processing partner will have a dedicated deployment team to provide training to both bank representatives and merchants. If a new employee needs training, or a refresher is needed, it’s just a phone call away. Your processor should also be helping you cut down on the time between account approval and first deposit. This means assisting with equipment setup, test transactions, and offering flexible shipment options, including the potential to deploy certain systems directly from your bank’s locations.
Your merchants can’t process without equipment, so no time should be wasted in making sure they have it.
Time Wrecker #4: PCI Compliance
PCI stands for Payment Card Industry. This refers to a set of standards created by the major card brands to protect sensitive information during transactions and reduce the likelihood of a data breach. PCI Compliance is required by the credit card associations, but many merchants don’t realize this and are billed monthly for something they don’t fully understand.
In order to be considered compliant, a merchant must complete a self-assessment questionnaire regarding how they handle and store information. Making sure that most of your merchants stay compliant can become an incredible time wrecker, as the questionnaire needs to be completed on an annual basis. Most merchant services providers see non-compliance fees as a moneymaker and will not assist you in keeping your merchants compliant, so it’s very important to ask potential processing partners if they have a PCI Compliance Program.
A reputable merchant services provider should proactively call your merchants and walk them through the often confusing PCI Compliance process. Not all merchants will need help or even a reminder, but if they do, make sure your partner will reach out to them and, if necessary, hold their hand through the entire process. When your bank doesn’t have to worry about keeping merchants compliant with industry standards, that time can be spent building relationships and expanding your client base.
It’s rare that your bank will have the bandwidth to establish a dedicated merchant services department. Don’t get caught up in tasks like PCI Compliance and rate reviews. These tasks will eat away at time better spent elsewhere, and as they say, “Time is money.”
Choose a merchant services provider that can help you with the day-to-day so you can focus on keeping your existing merchants and signing new ones. Your bank deserves a partner that will work with you, hand-in-hand, to eliminate time wreckers, and offer the support your merchant services program needs to succeed.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
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 & 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: