22 Aug [INFOGRAPHIC] 8 Questions to Ask a Prospective Merchant Services Partner
The merchant services industry has a lot of moving parts, so banks searching for a new merchant services partner should make sure they’re asking the right questions. For an in-depth look at this topic, read the corresponding blog post. Here’s a brief overview:
1. What’s your annual merchant retention rate? The ideal merchant services partner will have a retention rate of 90%+.
2. Do you have an in-house support team? Don’t force your merchants to navigate a complicated phone tree, then wait on hold to reach a representative.
3. Do you proactively reach out to merchants regarding PCI Compliance? PCI Compliance requirements change frequently and the process can be confusing. Make sure your merchant services partner is there to help.
4. Will we have a dedicated contact person? A direct contact person means you can get the help you need when you need it.
5. How long will it take us to receive savings analyses? 50% of sales go to the first vendor to respond to a prospect’s inquiry. Your processor should help you respond quickly so you can win more business.
6. What kind of training will our bank have access to? Extensive training will allow branch staff to feel confident selling merchant services. That means more portfolio growth.
7. What platforms and processing methods will we have access to? Confirm that you’ll have access to a wide variety of processing methods so you’re able to meet the unique needs of each merchant.
8. How will you help us grow our portfolio? Your merchant services partner should share strategies to ensure your program’s success.50% of sales go to the first vendor to respond to a prospect's inquiry.Click To Tweet
If you’re searching for the right processing partner for your merchant services program, read 8 Things Banks Should Look for In a Merchant Services Partner, or reach out to us.
To learn more about the benefits of our partnership program, click here.
BASYS Processing as a business partner
If your processor isn’t delivering top-notch customer service and strategies to help grow your merchant services revenue, please call BASYS Processing at (800) 386-0711 or enter some basic information in the form below. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.