3 Things to Look for in a Payment Processing Partner
Your merchants don’t want to deal with hidden fees or get a robot when they need technical support. Neither do you. This is why it’s critical to thoroughly vet your processing partner for how they treat you as a “customer.” Are they only paying you out on a few revenue streams? When you call in with an urgent question is there a warm body on the other end of the phone? If you truly want to deliver the most value to your merchants you need to have a strong partner who treats you the way you deserve to be treated.
These are the three things to look for in a payment processing partner:
1. Transparency for your Accounts AND You.
If you’ve been in the payments industry for any amount of time you know that your merchants prefer transparency. No one likes to be saddled with hidden fees, early cancellation charges or deceptive terminal rental agreements. When you partner with a payment processor, be sure that they are as committed to your merchants as you are, because, the happier your merchants are, the longer they are going to do business with you. It takes a lot more work to acquire new accounts than it does to retain current accounts. Beyond the happiness of your merchants, you also need to look out for yourself! Be sure that your partner is upfront about the revenue streams that you’ll have access to and that your monthly statements don’t include any hidden fees that will affect your business.
2. Technology Leadership
Payment processing is always changing. Whether it’s the impending EMV liability shift or tokenization and mobile payment options to online payment portals and whatever might come next, be sure that your partner is ahead of the curve. As time moves on, merchants will demand access to these new technologies or the industry at large will require them. As a sales agent or ISO, ask your payment provider what integrations they offer and how they’re responding to industry shifts. If you get a clear picture of how they’ve responded in the past and they are upfront about their plan for the future, you can rest easy knowing that they’re on top of their game.
3. Customer Service
We saved the most important aspect for last: customer service. We want to reiterate the importance of customer service when choosing a partner. Not only is it important to the merchant, but it’s important for you to run your business smoothly as well! When a merchant calls at 10pm because their terminal is down, you need a partner who’s right there, picking up your phone call and working with you on fixing the problem quickly and efficiently.