When it comes to payment processors, there is an array of options to pick from. As a result, finding the right one to do business with can be challenging. Ensure you understand how each processor, and their respective products and services, operate. Finding the right payment processor will be crucial to the success of your business and should serve as a catalyst for future growth and revenue. It’s critical to find a processor that will fit your unique needs and allow you to provide merchants with the best overall experience. In the end, their success will determine your success.
In the end, flexibility is the name of the game. Ensure you partner with a payment processor that provides ISOs and agents with a flexible and robust reselling program that provides transparent pricing, industry-leading products and services, and a superior support team.
If you are overwhelmed, then keep reading. Here are some key criteria to keep in mind when selecting a payment processing company to ensure you’re getting the most bang for your buck.
The Bottom Line
Payment processing should be on the terms of the ISO and agent so they can grow their business with confidence by partnering with a processor that doesn’t increase rates, has no hidden fees and provides complete visibility into costs and pricing.
This should include a payment processor that has an ISO program which offers same-day funding. When transactions are made, the merchant won’t have to wait another business day before they receive their funds in their bank account. This is a great marketing tactic when going into businesses and trying to promote the payment products and services you offer.
In addition, credit card processing fees are becoming quite expensive. For years, these fees have been frustrating for merchants and business owners. With cash discount, merchants can implement a service fee to all customers who pay with cards, while giving a discount to those who pay with cash. This saves the merchant money by not having to pay a fee for every credit card transaction, so ensure any payment processor you’re considering partnering with makes a cash discount program available to you.
Deliver A Superior Merchant Experience
Ensure any payment processor has the ecosystem designed to support your success. This means they should provide you with the solutions, services and an environment where agents and ISOs can truly thrive and focus on delivering a quality experience to merchants in an ever-competitive marketplace.
Increased acceptance rates are one cornerstone of this philosophy. Ensure there is more than one place the merchant services company places business. For example, if you send in a merchant application to one bank and the bank declines the account, there are other banks to place those deals to and get the deal approved and you get paid.
The right payment processing partner should have relationships with a broad range of banks, financial institutions and financial technology companies. This provides ISOs and agents more opportunities to sign or acquire merchants of all shapes, sizes and risk levels. As a result, ISOs will be better placed to accommodate these different business types from one single provider, which means improved approval rates, even if they’re perceived as a higher risk.
It also means providing the tools to allow merchants to deliver a superior customer experience to their customers. With over 35% of merchants now asking for omnichannel payment solutions and 28% striving to be early adopters of new payment technologies, partnering with a full-service payment processor can help ISOs deliver more value efficiently.
To begin with, a full-service provider will have a larger product suite and specialized tools. And this means ISOs can deliver on all a merchant’s requirements — whether these are for fixed points-of-sale or a comprehensive ecommerce solution — without having to make separate arrangements with different processors.
More importantly, a full-service provider is more likely to have access to industry-leading products and the know-how to implement them cost-effectively. The right payment provider can help ISOs explore new technologies and products, provide the guidance they need to offer a better service, and ultimately help them unlock exciting new opportunities.
The Tech and Hardware
Partnering with a payment processor should provide access to the most seamless and best payment processing technology and hardware on the market. If it doesn’t, you’re handicapping your business.
Payment technology goes through many changes every year, especially recently. The array of payment options has expanded drastically. Having access to a wide range of payment processing products is vital to give the buyers exactly what they need to run their business. Some hardware options to look for:
- Smart terminals
- A selection of point-of-sale solutions
- Wide range of payment terminals
- Mobile payments
- Payment gateways
- Check processing
- Loyalty and gift card programs
Perhaps one of the most overlooked points when it comes to ISOs and agents, a payment processor that offers unparalleled, 24/7 support is critical. Seek a payment processor that provides a great support team that can provide assistance to your merchant clients. Ideally, this should include an in-house support team that is available 24/7 and understands all aspects of payment processing and provides IT support. This will ensure that if a merchant’s POS system or terminal goes down, there is always someone available to service it. Many payment processing vendors will outsource their customer service teams, thereby compromising the quality of service.
Navigating the merchant services industry can be difficult and confusing, but with the right partner and proper tools and services, a payment processor can serve as a catalyst for future growth and revenue. Before selecting a processor, make sure you know all the facts and have a firm understanding of the their business model, solutions and services.