30 Jul [INFOGRAPHIC] Potential Consequences of Choosing the Wrong Processor
Building a successful program depends on choosing the right processing partner, and not all providers will be a good fit. So what happens if your bank chooses the WRONG processor? For an in-depth look at this topic, read the corresponding blog post. Here’s a brief overview:
High Attrition: The industry retention average is only 70% annually, but in the case of retention, you should never settle for average. Make sure any potential partner has a retention rate of 90% or higher. This is an indicator that a processor prioritizes customer service. Even better, with a retention rate of 90% or higher and a portfolio of 500 merchants, you only need to sign 50 new accounts a year to maintain your portfolio, leaving tremendous potential for growth.
Reputational Exposure: When you choose a merchant services partner, you’re recommending their services. If your merchant calls customer support and has a bad experience, or reaches a robot that says, “Enter your 15-digit account number,” merchants will associate that negative experience with you. Before you choose a partner, make sure they’ll provide your merchants with the same great service they’d receive from your bank.
Profit-Gouging: The wrong processor will inflate their own profit by overcharging your merchants. In these cases, the processor will overstate their hard costs, meaning your merchants pay more and, before you receive your agreed-upon revenue share, each account will have to exceed an overblown, made-up number. If your merchants aren’t priced competitively, they’ll take their business elsewhere.
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.