How the Best Credit Card Processing Companies Recruit Talent

It’s getting harder and harder to attract and keep the best talent, especially in the business credit card processing industry. The competition is stiff. New companies are sprouting up every day, and each is working hard to sell themselves as the best place to work for talented agents and merchant level salespeople.

What makes the arena even more competitive is the fact that agents and salespeople play such a pivotal role in determining the success of a business credit card processing company. In many aspects, merchants can have a tough time telling one credit card processing company from another. Consequently, every company fights hard to recruit, cultivate and retain the best salespeople possible.

One way they do this is through bonuses and high splits. This works well, especially for young salespeople who haven’t had time to build their savings accounts. However, experienced agents often choose their partners for other reasons. As they say, money can’t buy happiness.

So here are four tips to recruit and maintain talented agents without resorting to monetary means.

Cultivate a team atmosphere.

Yes, it might be cliche, but it works. If you make your agents, or anyone for that matter, feel like they’re part of the team, they will be happier. So encourage honest and open communication. Make sure everyone knows how their job contributes to the overall effort. These are the first steps in making your company an attractive place to work.

Have a wide array of products and services.

Little could be more frustrating to your agents than having to repeatedly tell potential customers that you just don’t offer what they need. Merchants have a variety of needs, so make sure you offer a variety of products. It’ll make things much easier on your agents.

Update your platforms and systems.

Working with outdated and clunky systems can be a pain, but imagine trying to sell it. It’s no fun. Make sure your platforms and systems are up-to-date. The best credit card processing companies do, and it helps them retain the best salespeople. Make signing merchants easy When your agent has a deal that’s ready to be sealed, make it easy for them do it. Offer fast, easy applications, clear and short underwriting policies and fast merchant approvals. After working hard to make the sale, the last thing your agent wants is a tedious, complicated process for bringing on new merchants.

Those are four tips for recruiting and retaining the top sales talent. Do you use any of them? Do you have your own ways to make sure your agents are happy with their jobs? Let us know.

As a Vice Presicent of Business Development, Terry Nawara’s focus is growing supportive partnerships with ISOs and financial institutions. Terry brings nearly 20 years experience in the merchant services industry -- experience that makes Clearent one of the best credit card processing companies. With an abundance of business credit card processing services, Clearent can provide clients with the necessary tools to really make a difference.

Grow Your Credit Card Processing Services Portfolio with Fast Merchant Account Approval

With credit card processing services, being able to get a fast merchant account approval can be the difference between a potential client signing with you or your competitor.

Often you’ll meet merchants who are opening businesses but have waited until the last minute to think about credit card processing services. Their doors open in two days, but they have no processing in place.

In this scenario, it’s crucial to have a good processing partner, one that is committed to fast merchant account approval.

Without a good partner, it could be days before the merchant is able to process credit cards.

However, with a good partner, you can easily say, “No problem. I’ll have you accepting credit cards in no time.”

Without a good partner, you’ll submit a completed application to your processor along with a note begging for fast merchant account approval.

With a good partner, you can fax the application knowing that you’ll get the terminal ID number (TID) in a few hours, and that you’ll have the merchant’s terminal up and running fast.

As you can see, partnering with the right processor is important. Don’t just choose one that offers a special rush service. Pick one who views turning around new applications in just a few hours as business as usual.

After picking a partner dedicated to fast merchant account approval, you can speed up the approval process with these tips:

• Make sure you get the TID. A fast approval is the first step, but to reprogram the merchant’s terminal and get them up and running quickly, you need the TID.
• Understand your processor’s credit policy so you can provide the right documents based on the type of merchant (e.g., low vs. high risk). This way your processor’s underwriting department will have the information they need, and you won’t have to spend time collecting additional documents.
• Gather accurate and complete information about the client’s terminal setup so the processor can create the file build correctly.
• If you have questions about underwriting or equipment, ask your processor. They’ll be happy to answer your questions to make your turnaround fast.

Have you met merchants who need two-day turnarounds–or less? Do you have any other tips to speed up turnaround? Leave us a comment below.

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His career includes over 35 years in financial services, with the last 17 focused on the debit and credit card processing industry. Clearent provides fast merchant account approval and is a valuable partner to many ISOs and agents. If you’re looking for a new partner for your credit card processing services, Clearent will be sure to give you and your merchants high-quality service, competitive pricing and sought-after products and services.

Make Your Merchant Services Program More Profitable

Across the country, bankers at both large and small financial institutions want to boost their non-interest income, and they’re asking third party service providers to help them do so.

One potential source of valuable revenue is a financial institution’s merchant services program. With a little time and a renewed focus, you can create a more profitable program. Here are a few pointers that can help boost your portfolio and revenue.

Train Your Employees

Make sure your employees know your merchant services program inside and out. Otherwise they won’t be able to effectively pitch it to potential clients. Also, make sure they’re up-to-date on the industry. Educate them on the latest trends, train them on the newest merchant services software, and basically do everything you can to ensure they’re cutting edge.

Help Your Employees Beat Sales Call Stress

A sales call can be frightening, and some of your employees are probably reluctant to truly engage with your customers. But once they see that they’re helping customers−not tricking them or forcing information on them− they’ll feel more comfortable talking about your merchant services program. So point out how your services help your merchants. Framing a sales pitch in this light can make it much less stressful.

Offer Your Employees Incentives

Think about the rewards that would best motivate your team. Then give them to employees when they reach milestones. Incentives can be based on individual performance or team success. A little friendly competition encourages teamwork.

Reach Customers in Multiple Ways

There are many ways to reach out to your customers, including direct mail campaigns, phone calls, online newsletters and in-person visits. The more methods you use, the better your response will be.

Keep Merchant Services Top of Mind

Make sure your merchant services program and merchant services software stay top of mind for your employees and customers.

It’s not easy, but having brochures, posters and table tents set up at all your branches can help accomplish this. Featuring a banner about your program on your website can also help boost awareness.

With these tips and some hard work, you can make your financial institution’s merchant services program more profitable. What else have you done to try to increase your profits? Leave us a comment below.

As a Relationship Manager, Nick Karcher supports both current bank partners as well as those institutions that want to know what makes Clearent a different kind of payment processor. Nick began his career in debit and credit card processing with Electronic Merchant Systems (EMS) as an Account Executive and later started his own Independent Sales Office. With an abundance of credit card processing solutions and excellent merchant services software, Clearent provides clients with the necessary tools to really improve their merchant services programs.

 

 

Measuring the ROI of Your Merchant Credit Card Processing Services

To provide the best credit card processing services, you have to identify and address your weaknesses.

Sounds simple, and many ISOs agree that this self-examination is a good idea. But when it comes time to evaluate their merchant credit card processing services, they settle for cursory reviews and come up with unhelpful findings. They don’t delve deep into the details of their business, and consequently, they gain little insight and might say something vague like, “Well, things are going alright, but I guess they could be better.”

Pinpointing areas for improvement takes a detailed examination of your business. Start by evaluating why your portfolio didn’t produce as much income as you thought. There are two primary reasons for lower returns: your practices and those of your credit card processor.

Your Practices
Identify the merchants who you priced below your minimum acceptable price. Then ask why they were priced so low. After all, there may be a good reason why they’re underpriced. For example, maybe you set their rate on a different average ticket than what is the norm for their business today. Or maybe you predicted higher volume. If the reason was a perceived promise of return, examine the merchant’s volume to determine if it panned out. If not, remember to reward merchants after you receive your desired return – not before.

Those of Your Credit Card Processor
Many ISOs don’t consider the practices of their credit card processor when evaluating their merchant credit card processing services. Credit card processors can impact your return more than you might think.

Consider these questions when evaluating your current partner:
1. Can I proof my residuals down to my costs?
If not, you may have a problem, but you’ll have no way of knowing it.

2. I thought my pricing was great when I first signed? But is it really that great?
One area may look great, but other areas like lower splits, high monthly costs and miscellaneous fees may offset it.  

3. Am I getting the support I need?
Your credit card processor should be a good partner, providing advice, supporting you when you need help, and being available to address questions or concerns.

Follow these tips when you evaluate your business and you’ll be on the way to finding your weaknesses and developing the best credit card processing service possible. Did you find these tips helpful? Do you have some of your own? Let us know below.

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His career includes over 35 years in financial services, with the last 17 focused on the debit and credit card processing industry. Clearent is a valuable partner to many ISOs and agents. If you’re looking to develop the best credit card processing services, Clearent will be sure to give you high quality merchants credit card processing services, competitive pricing and sought-after products and services. 

Become One of the Best Small Business Credit Card Process Services

You may have the latest technologies, hardworking employees and a savvy business model, but that’s not enough to succeed in the debit and credit card processing industry. Like any successful business, the best small business credit card process services not only display all the attributes above, but they also excel at cultivating relationships with current and potential clients.

So to help you grow your debit and credit card processing business, here are a few tips for forging profitable business partnerships.

Keep in touch

 Stay in constant contact with your merchants. It will keep your business at the top of their minds, and if you’re at the top of their minds, another debit and credit card processing service can’t be.

A great way to do this is sending an electronic newsletter. A variety of companies offer user-friendly templates that let you create custom, professional HTML newsletters at little or no cost. Mail Chimp has always worked well for us.
 
As far as content for your newsletter, remember to keep it short. All you need is a logo, a personal message, and some interesting information about debit and credit card processing services that can easily be found on the Internet. Also, keep your tone and design consistent, and try to send your newsletter every month---or at least every quarter.

Build Loyalty

 Don’t let your merchants think of you as a vendor or supplier. Make sure they see you as a partner.

How do you do this? Alert them to new forms of debit and credit processing, such as mobile payments, which will help them grow their business. Furthermore, when you’re near their business, call them and see if you can drop by to say hello. Lastly, build connections between your merchants, referring one to another if you think they’d make good business partners.

Once your merchants start to see you as a partner, keep cultivating those relationships and remember that the loyalty building process never stops. Ask your merchants for referrals, and keep sending business to them as well. This reciprocation will keep your partnerships strong.

These are just a few ways to cultivate successful and lasting relationships with your clients. What are some other great ways to build loyalty among your merchants? Share your ideas and leave us a comment below.

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His career includes over 35 years in financial services, with the last 17 focused on the debit and credit card processing industry. As one of the best small business credit card processing services, Clearent is a valuable partner to many ISOs and agents. If you’re looking for a new partner for debit and credit card processing services, Clearent will be sure to give you and your merchants high-quality service, competitive pricing and sought-after products and services. Contact us to learn more.

 

Normal Credit Card Processing vs. Next Day Funding Merchant Services

Many merchant services providers are adopting next day funding to grow their next day funding merchant services, and in a post last February, Carry Notheis explained many of the basics and benefits of this hot new service. However, despite the popularity of next day funding merchant services, many merchants don’t completely understand how it works. So to clarify this tricky topic, we thought it would help to compare next day funding to how credit card payments are typically processed by merchant services providers.

Normal credit card transaction processing
Typically, it takes two days from the time of sale for funds to appear in a merchant’s bank account. Say a boutique sells a blouse for $100 dollars on Tuesday afternoon, and after closing at 6:00 pm, the manager batches out and settles the terminal. That $100 (minus any fees) will be deposited in the boutique’s bank account on Thursday.

So what occurred between Tuesday and Thursday to make that deposit happen? Early Wednesday morning, the merchant service provider processed the debit and credit card transactions from Tuesday, submitted them to the card associations and initiated a transfer of funds to deposit the money into the boutique’s bank account. The money was then transferred via the ACH network. Because the ACH network transfers money between bank accounts overnight, the transfer occurred late Wednesday or early Thursday, and so the boutique received the funds sometime on Thursday during the day.

Next day funding
Now, using the same boutique example, let’s examine the next day funding cycle. If the boutique had next day funding, their merchant services provider would have processed the blouse transaction late Tuesday night and initiated the funds transfer to the ACH network Tuesday night before its last cut-off time. The ACH network would have transferred the funds overnight, and so the deposit would have appeared in the boutique’s bank account on the next day---Wednesday.

It sounds simple, but it can be tricky because each payment processor has its own processing and funding methods. Processors have to meet the cut-off time of the ACH network, and so they have to set a cut-off time for their merchants. This cut-off time varies from processor to processor because, depending on their systems and capabilities, some processors need more time to get everything in order to meet the ACH network cut-off time.

Furthermore, other processors may circumvent the ACH stipulations altogether. Collaborating with banks, they may “memo post” the transactions to the merchants’ accounts before the funds have really been transferred. This process relies on the policies of each bank and often requires funds to be held at a certain bank.

Jeff Zimmerman is Vice President of Product Management and Marketing at Clearent and has held management roles at Network Solutions and Intuit. Jeff brings 15 years of product management, finance and marketing experience to Clearent. Clearent is an experienced merchant services provider offering solutions such as mobile payment processing, wireless terminals, and next day funding merchant services. Learn more about how we can aid your credit card payments service and let us know any questions you might have.

 

4-Step Routine to Create the Best Merchant Services Program

We all have a daily routine, and whatever it may be, we consistently follow it. It helps us keep our lives in order. It makes us feel good. It just works.

And just as we should all follow our personal routines, Independent Sales Organizations (ISOs) and agents should follow routines of their own to get the most productivity out of their merchant service program. So to help you develop the best merchant services program possible, we’ve created this simple, 4-step routine.

1. Stay up-to-date

Like many other industries affected by the rise of the digital age, things constantly change in the world of merchant services. New technology is being produced, critical regulatory changes are taking place and your customers may be talking about you in a digital social sphere.

2. Make time to make sales calls

You know your portfolio isn’t going to just build itself. However, many ISOs fall into a trap of complacency when it comes to sales. They think that because their portfolio is adding to their bottom line, then there is no point changing anything. Building your portfolio with one or two successful merchants can do wonders for your profits. Yet to realize true organic growth, every day you should set aside a time to call prospective merchants and see if you can help them.

3. Follow-up with your customers

If your merchant has just been set up, call them to see how they’re doing and see if they need anything else. From a customer service perspective, staying in touch with your merchants is the best way to gain their trust and make them feel valuable. Managers of the best merchant services programs will consistently check on their customers.

4. Know where your merchants stand

It is important to know which of your merchants you’re at risk of losing. The best merchant services provider will be able to provide you with data that will help you figure out which merchants may be seeking a more profitable merchant services program. Additionally, checking on your merchants’ sales volume each day is a quick and painless process, and if you find a merchant that is dissatisfied, see if you can meet them halfway to salvage what profits you can.

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His career includes over 35 years in financial services, with the last 17 focused on the debit and credit card processing industry. As one of the best merchant services programs, Clearent is a valuable partner to many ISOs and agents. If you’re looking for a new partner for your merchant services program, Clearent will be sure to give you and your merchants high-quality service, competitive pricing and sought-after products and services.

How to Be Better Merchant Services Providers

No matter their size or industry, merchants should demand excellent customer service from merchant services providers. The best credit card processing companies know this, and do everything they can to ensure that their merchants are taken care of.

Although many companies do offer the kind of topnotch customer service that they claim, some fail at satisfying the consumer. They may think that their customer service is topnotch simply because there is no phone wait time and a building full of representatives in headsets answering calls immediately. Maybe they call their customer service “unmatched” because they have an “advanced troubleshooting program” and the representatives just have to read from a script.

Unfortunately, people don’t like feeling like they are being read to when they should be getting talked to, and people don’t really mind a short wait for a merchant service providers to answer the phone as long as the customer service experience is good. Not to mention that questions that aren’t contained in the computer script may arise during a call.

When something has gone wrong during a customer service call, customers don’t want to be formally addressed by their last name and profusely apologized to. They just want to know that the representative is doing everything he can to solve the problem. They want the customer service representative to show genuine concern for their problem.

The best credit card processing companies know that customer service representatives need to actually care about the problems of the customers. If a representative cares about the concerns of the customers, it will come through in his or her voice, and ultimately reassure the customer. Customer service representatives who care are also much more effective at solving problems because they want to see them resolved. It’s easy for customers to tell if a customer service representative is truly sympathetic to their situation or not.

They don’t want a customer service representative who speaks in a monotone voice or one that constantly uses industry jargon and big words to make them feel inferior. Customers want representatives to talk to them like normal people. Representatives of a merchant service provider can easily fall into industry-speak and forget that customers aren’t experts in their business.

The best credit card processing companies treat customers cordially, respectfully and honestly. Customers who have exceptional customer service experiences are likely to refer others to your credit card processing company just because of that one call.

All merchant service providers could benefit by reevaluating their customer service quality and revamp it where needed.

About the Author

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His financial services career includes over 35 years, with the last 17 focused on the debit and credit card processing industry. Clearent is one of the best credit card processing companies, providing passionate service that does not go unnoticed. Learn more about what merchant service providers can do for their clients.

5 Tips to Boost End-of-Year Profitability

Now that the year is half over, it is a good time to evaluate the goals you set for your merchant services program back in January. If you’re falling just a little short, here are some tips to get you back on track.

1. Cut Costs

The most basic way to increase profits is to reduce expenses. All you really have to do is assess where you are spending money and see if you are getting sufficient returns. Cutting costs is a surefire way to increase profits, especially when it comes to your credit card transaction processing service and how much money you make with your program.

Small business credit card processing offered by your bank should have competitive pricing. This will help you sign bigger merchants and help you make a greater impact on your overall profits.

2. Track the Money

Depending on the merchant services software provided to you by your credit card transaction processing service, it may be easier than you think to figure out how much your program generates. You might not need to spend hours with a calculator, adding up percentages to know how you are generating profits. Some merchant services software creates graphical reports so you can easily determine the value of your small business credit card processing services.

3. Promote Your Program

When you have a few large merchants and things are busy, it’s easy to forget how much more you could be benefitting by continuing to add merchants. There are a number of ways to increase merchant acquisition; you can create incentives for your personnel and implement in-branch advertising techniques targeting merchants. Create a presentation and set aside an hour to train your front-line employees on how to talk to merchants and give them bonuses for signing more. Small incentives can go a long way towards growing your portfolio.

4. Demand Quality Service

Never forget that excellent service is what keeps your customers happy. Not everyone who claims they provide good service actually does. Evaluate the promises your credit card transaction processing company made when you first started regarding the quality of service you and your merchants would receive, then talk to your merchants. What do they have to say? At the end of the day it is your responsibility to make sure your merchants are happy.

5. Don’t be Afraid to Switch

If you are unsatisfied with your credit card transaction processing company, you need not be afraid to switch to another provider. Many banks are hesitant to do this because they think the process will.

In reality, many providers have a solid plan and a skilled conversion team to get you switched and updated with better service in less than 30 days.

Converting to a new small business credit card processing company shouldn’t be viewed as a hassle, but instead a chance to clean up your portfolio and bring in more merchants to give them better service.

Kick-starting your merchant services program can boost your bottom number while requiring much less work than you ever thought.

 

About the Author

As a Relationship Manager, Nick Karcher supports both current bank partners as well as those institutions that want to know what makes Clearent a different kind of payment processor. Nick began his career in debit and credit card processing with Electronic Merchant Systems (EMS) as an Account Executive and later started his own Independent Sales Office. As one of the best credit card transaction processing companies, Clearent provides the kind of passionate service that others can't. With an abundance of small business credit card processing solutions, Clearent can provide clients with the necessary tools to really make a difference.

Even The Best Credit Card Processing Companies Face Pricing Challenges

As a merchant services provider, you know that at times, it can be difficult to price new merchant accounts, especially with the addition of new association fees. After discussing referral programs with many bankers, a lack of flexibility seemed to be creating the majority of the frustration when it came to pricing these new accounts.

In such a competitive market, flexibility is key when it comes to pricing. It’s necessary to offer many different options. Some of the best credit card processing companies will work diligently toward being able to offer unique pricing based on each individual merchant and their needs. In doing so, they focus on certain characteristics, such as the average ticket size, the size of the merchant and their expected card mix (credit, debit, rewards cards, etc.).

Here are a few areas payment processing agents should be cautious of when pricing new accounts.

Small Ticket Size

Merchants with a ticket size less than $15 are hard to price due in part to the large impact of the transaction fee and the minimal impact of the discount rate – whereas normal ticket sizes have the opposite effect. Also, the range of ticket sizes can affect the percentage of transactions that actually qualify for small ticket interchange rates.

Because of this, it’s much harder to use discount pricing for merchants with small tickets, but unfortunately some providers don’t make pass through pricing an option for their banks. 

Pricing Methods

Due to limitations of some provider’s fee structures, some merchant services programs still only offer one of the two major pricing options. Typically, pricing methods in our industry include discount (tiered) pricing, and interchange plus (pass through) pricing. When deciding which pricing method to choose, many small business owners are looking for payment processing agents that will work with them as a partner and help them find or create the best pricing structure to enhance the success of their business.

The best credit card processing companies will work to find the best option possible for your program – which could include either the discount or interchange pricing method. When only offered one option that might not meet all of their needs, there’s a good chance banks have turn business away. Plus the profitability on certain accounts will take a serious hit.

Looking to the future, I bet we will see more hybrids of discount and interchange plus pricing, like a discount pricing with pass through fees.

Support

Because merchant statements can become confusing, it has become increasingly difficult to offer the right price to merchants. It’s best if a bank can be given the opportunity to call their processing company for advice, although some aren’t given such option. With a good support system, banks will be able to take advantage of more opportunities.

About The Author

 

As a Relationship Manager, Nick Karcher supports both current bank partners as well as those institutions that want to know what makes Clearent a different kind of payment processor. Nick began his career in debit and credit card processing with Electronic Merchant Systems (EMS) as an Account Executive and later started his own Independent Sales Office. Clearent is always working toward being one of the best credit card processing companies thanks to its dedicated staff and many services. Talk to one of Clearent’s payment processing agents about how you can improve your sales.

 

Four Problems Even the Best Merchant Service Providers Face

As a merchant services provider, do you offer merchant tools to help you cater to the many different types of businesses in your market? Upon talking to many bankers about referral programs, there seemed to be an overwhelming number of people with frustration over the lack of flexibility when pricing new accounts. 

When trying to succeed in a fairly competitive market, it’s necessary to be flexible when it comes to pricing and offer many different options. The best merchant service providers will work hard to offer pricing based on each merchant individually and take into consideration size of the merchant, average ticket size and the amount and mix of different reward cards, debit cards, credit cards, etc. 

Here are four problems to avoid if you want to offer the best merchant service possible. 

Flexibility 

Small business owners are looking for merchant service providers that will work with them to help find or create the best option for their success. However, some financial institutions’ merchant services programs still only offer one pricing option. The problem can be due to system limitations or the bank’s fee structure.

As a service provider, it’s your job to try to offer your merchants what they need – that could be either a discount (tiered) or interchange plus (pass through) pricing method. Unfortunately, when banks are only offered one option that doesn’t meet all of their needs, they are forced to turn business away. Providers should be able to offer more than one method, and as we move into the future we’ll probably see more hybrids of the two – discount pricing with pass through fees. 

Small Ticket Merchants 

It can be difficult to use discount pricing for merchants with small ticket sizes. For one, the discount rate for merchants with a ticket size less than $15 has minimal impact and the transaction fee has a significant impact. Normal ticket sizes have the opposite effect.

The smaller the ticket, the harder it is to use discount pricing – but some banks still are unable to use pass through pricing because it is not available from their provider.

Limited Rates

The discount rates offered by many financial institutions’ merchant service programs tend to be rounded to a specified amount, rather than delivered in smaller increments. However, real world situations often call for precise rates, otherwise banks will likely frustrate their customers or offer lower-than-necessary rates, thus lowering profitability. 

Nonexistant Support 

Both industry veterans and “newbies” occasionally come across merchant statements that are difficult to understand. Because of this, it makes it harder to price the merchant correctly. Some banks have the luxury of calling their credit card processing company for guidance; others do not and are left to fend for themselves. With more support, banks will be able to better evaluate sales opportunities. 

 

About The Author

As a Relationship Manager, Nick Karcher supports both current bank partners as well as those institutions that want to know what makes Clearent a different kind of payment processor. Nick began his career in debit and credit card processing with Electronic Merchant Systems (EMS) as an Account Executive and later started his own Independent Sales Office. Clearent is always working toward being the best merchant service provider possible through dedicated staff and many services. Learn more about Clearent’s financial institutions merchant services programs that include next day funding merchant accounts can help you improve your sales.

 

 

Enhance Your Credit Card Processing Service With Social Media

Social media is constantly growing, changing and becoming a larger part of how people and companies interact with one another. It's a way for businesses to really get to know and understand their consumers and how they can help give them the best experience possible. When it comes to merchant service providers, it's important to build that relationship with business owners and show them you can provide reliable small business credit card processing. A recent report from the Nielsen Company found a few promising statistics about the use of social media.

 

• About 4 out of every 5 active Internet users frequently visit blogs and social media websites.
• 23% of the total time Americans spend online is spent visiting these sites. 
• Approximately 40% of social media users gain access via their mobile phones.
• Accessing social media via the mobile phone is rapidly growing for those ages 55 and up.

 

Because it is becoming a larger part of American culture, it's important that companies offering credit card processing services have an online presence, where their merchants are located. The majority of customers want to know that they are being heard and can rely on companies to respond to their concerns and offer more information about their services and small business credit card processing in general. 

Although it's important to provide small businesses with information about your credit card processing service, it's also necessary to not overwhelm consumers with only facts and product information. Here are two great tips to using social media to enhance your small business credit card processing company. 

1. Keep it Conversational

Don't always be trying to hard sell your products and services to everyone you reach online. Instead, try listening to consumers about what they especially like and dislike about your services. Think of it as a way to build relationships and loyalty, rather than just push product information. 

2. Share Good Content

Social media has completely transformed the way that people are sharing information, however it hasn't quite changed what people are sharing. People are still sharing things that are "awesome", or in this case, information that is useful and relevant to your specific audience. If you publish content that is meaningful to your consumers, it is more likely that they will share with their friends, start to trust your company and look at other services you offer. 

When used correctly, social media can be an important tool in enhancing small business credit card processing companies by helping to foster relationships with merchants. The fact is, people are using social media every day and it's important to be available to answer questions from your customers and provide useful information in a more conversational online atmosphere. It's time to spread the word about your credit card processing service.

 

Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions' merchant services programs. Kate's 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. It is our mission to build trust-based working relationships with our merchants through our credit card processing service. Learn how our interactive online reporting tools can benefit small business credit card processing .

How to Use Social Media to Your Advantage

In today’s digital age, it’s becoming more important than ever to connect with consumers where they live. No longer is in-store communication the only factor that plays a role in your customers’ purchase decisions. With mobile phones, tablets and laptops being seamlessly integrated into the lives of consumers, we are beginning to see a shift to constant connectedness. We need to find new ways to reach people where they live, work and play – social media platforms.

Many large banks and credit card processing companies are currently active on social media, creating conversations within their larger communities, but what about the smaller community banks? With social media, you can have the best strategy for reaching your audience, but without the resources, time and effort your execution may fail. 

Although it may take a little more planning, banks and credit card processing companies can both agree that social media is valuable. Let’s take a look why social media is important, as well as techniques to make it work for you.

 

Why Use Social Media?

Builds Loyalty: When your customers begin engaging with your brand on a daily or weekly basis, they’ll feel more connected on a more personal and less formal level. Once they make that connection with your brand, they’ll be more likely to stay loyal. 

 

Where Do You Begin?

Make it a job: Believe it or not, implementing a social media strategy is going to take work and time – which may mean finding the right employee within your company, or an outside source. It’s important that you create a unified message and brand voice that everyone can enforce. Be honest, be sincere and offer real solutions.

Consistency: Be consistent. Are you going to communicate with your customers once a week, twice a week or each day? Try to stick to a schedule so your customers know what days and times you will be communicating with them. 

Value: Give your consumers something they will value. Inform them about your brand and let them know about any promotions. When promoting your credit card processing company, don’t just ask that they sign up. Instead, inform them of solutions such as next day funding merchant accounts.

Engage Prospects: Make your content fun and interesting to engage consumers. Host contests, ask questions, take polls, etc. Ultimately, providing information about your services shouldn’t take the front seat; you should be providing interesting content that relates to your customers. 

Whether discussing your credit card processing company or next day funding merchant accounts, it’s important that you take notes as you go along and review results. Constantly improve your social media game to reach more consumers where they live – online. 

Have you been using social media to build consumer loyalty? What techniques have you found to be working for you? Leave us a comment.

 

About The Author

As Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions’ merchant services programs. Kate’s 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. Learn more about our next day funding merchant accounts and other products and services. Clearent is a credit card processing company providing passionate service to our clients. Contact us today for more information!

 

Small Business Credit Card Processing Made Easier with Tablets

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Today, technology is being used in ways we’d never imagined before. And because of this, businesses are beginning to look more credible and are becoming more efficient. 

Even other industries, like home repair services are utilizing technology more in their day-to-day profession. Recently, when getting a quick home repair, I decided to call around and get a few estimates before making a decision – a pretty common practice. Three out of the four salesmen gave me a computer-generated proposal on the spot as they were standing in my living room. 

Because they used up-to-date technology, they had a higher level of credibility. In fact, even though the company who supplied a handwritten estimate was a lower price, I decided to go with the more digital-savvy business. 

How does this relate to small business credit card processing? Well, it actually may be even more advantageous and widely used in top rated merchant services. Let’s look at a few ways that sales productivity can improve. 

 

Quick & Simple Application

With the more recent introduction of tablets and smartphones into the mainstream market, more companies are using them to their advantage and regular consumers are beginning to feel more comfortable using them. Now, an application can be signed and emailed all while standing in front of a merchant. 

Products like SignMyPad can be used to capture a customer’s signature on the spot without the time consuming application process. The application questions can be exactly the same as a paper application would be, but instead the answers can be quickly typed directly into the system. Once stored in a computer, you don’t have to worry about the hassle of finding and organizing folders, making copies, etc. You can still print out the application or send emails directly.

 

Direct Send to Underwriting

With electronic applications, the headache and hassle of sending things through to underwriting is also simplified. There will be no issues with legibility, and the paperwork can be sent through directly after the merchant signs. From there, it can be faxed or scanned from a merchant’s specific location. 

Instead of adding more time to the application process, it is instead expedited, leaving more time to win even more sales. 

 

Are you hesitant?

Many ISOs are actually hesitant to try tablets for their small business credit card processing because they don’t want to be the first to try it. However, more and more companies everyday are starting to get into more digitally savvy ways of doing business. It definitely is a top rated merchant service solution.

If your goal is to excel in small business credit card processing, don’t stick to the old application process. Try switching to a tablet device and enjoy more efficiency and a quicker application process.

 

About The Author

Jeff Fortney is Vice President of ISO Channel Management at Clearent. His financial services career stretches back over 35 years, with the last 17 years being focused in the debit and credit card processing industry. Clearent is an experienced large and small business credit card processing company providing passionate service that people don’t really expect anymore. Find out if any of our top rated merchant service solutions can help you improve sales.

Spring: The Perfect Time to Grow Your Credit Card Processing Service

Spring has sprung – and we’re pretty excited about it. Not only is the weather beginning to warm up, but spring is also the perfect season to boost credit card transaction processing.

As we embark on spring and continue into March and April, it’s important to ask yourself a few key questions to prepare for the season. It’s time to determine if you’re taking the necessary steps toward promoting your credit card processing company and that your profits will continue to grow along with everything else this season.

Are your tools up to date?

Do you currently have what you need to sell credit and debit card processing? Make sure you have a toolbox complete and organized with everything you need to make the most out of this season.

Don’t just check to make sure you have a good set of tools, make sure those tools are also up to date.

Have you established your competitive advantage?

Keep in mind, your services aren’t meant to be just for show. Be sure there is an established need for a specific service before you jump on the bandwagon for the next “cool” offering.

One example of a service that can set a company apart from the rest is to offer next day funding merchant services. It’s a service that is not only unique, but a necessary advantage.

Are you using your payment processor to its fullest?

Just as there are many different tools that can make one credit card processing company stand out above the rest, merchant service providers set themselves apart is by the specific services they offer. For example, a company that offers next day funding merchant services is one step ahead of their competition.

Does your payment processor offer any merchant services software? If so, make sure you’re taking full advantage so you can continue to grow your portfolio and profits faster – and get a leg up on your competition!

How are your pricing options?

There are a few advantages of utilizing discount pricing. Don’t just cast this idea aside because Interchange Plus seems simpler. Ask your payment processor for more tips if you are unsure of the method that is right for you!

Have you revisited your call plan?

If you’re like most, it’s probably been a while since you’ve reviewed your call plan. Spring is the perfect time to go in and make any necessary tweaks or updates – who knows, it may even need a total overhaul.

Before spring comes and goes, be sure to ask yourself these four important questions. Time will go by quickly; don’t let the best season for selling pass you by.

What other services do you plan to implement to further grow your credit card processing service?

 

About The Author

Jeff Fortney is Vice President of ISO Channel Management at Clearent™ and has developed ISO partnerships since the early days. His financial services career stretches back over 35 years, with the last 17 years being focused in the debit and credit card processing industry. Clearent is an experienced credit card processing company providing passionate service that people don’t really expect anymore. Find out if any of our solutions like next day funding merchant services or POS software can help you improve sales in spring.

 

Should merchant service providers attend trade shows?

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Should merchant service providers attend trade shows?

Whether or not to attend trade shows is a typical question that comes up among merchant service providers. The fact is, there is no simple yes or no answer. One has to analyze the cost to make a decision on whether the outcome will justify the expense.

 

There are five different trade shows in the world of merchant processing. The regional shows include those hosted by the Northeast Acquirers Association (NEAA), Southeast Acquirers Association (SEAA), Midwest Acquirers Association (MWAA) and the Western States Acquirers Association (WSAA). The Electronic Transactions Association (ETA) hosts the national show. To decide which to attend, it is good to have an understanding of the differences of what makes each show different.

 

 

Regional or National?

The regional shows are much smaller than the national show, and are even tailored to smaller ISO or MLS. In a large national show, smaller merchant service providers may be overloaded with an abundance of information – more than they can take in. However, in a smaller, regional show, they may leave with more great ideas for selling credit card processing solutions and information about the future of the industry.

 

Who should attend the show?

The more experienced the merchant service providers, the better. Although this may seem counterintuitive, it’s true. Trade shows will be filled with experts who understand the industry as well as the lingo. Attending a trade show before you’ve been in the business for a few years can be overwhelming. If you are overly excited to get started with trade shows and learning as much as possible, try working with a processing mentor for a year to increase you knowledge of credit card processing solutions beforehand.

 

Considerations Before Registration

Budget: Travel and hotel expenses can add up and they are the two largest expenses associated with regional shows. Typically, regional shows are inexpensive to attend as they generally only last one day. If the venue is close enough, you may even save more money by not having to book a hotel room.

 

 Expectations: Decide beforehand what you plan to take away from a specific show. Are you looking for any highly specified information? Have these goals and objectives in mind and remember that a trade show is a learning experience, not a vacation.

 

Look up any specific speakers prior to attending the show and come fully prepared to take notes. You may find yourself with many new credit card processing solutions and ideas. However, be sure to compare the possible takeaways with your budget to ensure that what you will be getting out of this outweighs the cost of attending – especially for national trade shows. 

It will be easy to get swept up in meeting new people and visiting the exhibits, but be sure to keep your goals in mind throughout the entire show.

 

About The Author

Jeff Fortney is Vice President of ISO Channel Management at Clearent. His financial services career stretches back over 35 years, with the last 17 years being focused in the debit and credit card processing industry. Clearent offers a variety of credit card processing solutions, including wireless options and next day funding. Find out how the right merchant service providers can make a big difference for your customers.

 

 

 

Enhance Your Credit Card Processing Service With Social Media

Social media is constantly growing, changing and becoming a larger part of how people and companies interact with one another. It’s a way for businesses to really get to know and understand their consumers and how they can help give them the best experience possible. When it comes to merchant service providers, it’s important to build that relationship with business owners and show them you can provide reliable small business credit card processing. A recent report from the Nielsen Company found a few promising statistics about the use of social media.

 

• About 4 out of every 5 active Internet users frequently visit blogs and social media websites.

 

• 23% of the total time Americans spend online is spent visiting these sites. 

 

• Approximately 40% of social media users gain access via their mobile phones.

 

• Accessing social media via the mobile phone is rapidly growing for those ages 55 and up.

 

Because social media is becoming a larger part of American culture, it’s important that companies offering credit card processing services have an online presence, where their merchants are located. The majority of customers want to know that they are being heard and can rely on companies to respond to their concerns and offer more information about their services and small business credit card processing in general.  

 

Although it’s important to provide small businesses with information about your credit card processing service, it’s also necessary to not overwhelm consumers with only facts and product information. Here are two great tips to using social media to enhance your small business credit card processing company. 

 

1. Keep it Conversational

 

Don’t always be trying to hard sell your products and services to everyone you reach online. Instead, try listening to consumers about what they especially like and dislike about your services. Think of it as a way to build relationships and loyalty, rather than just push product information. 

 

 2. Share Good Content

 

Social media has completely transformed the way that people are sharing information, however it hasn’t quite changed what people are sharing. People are still sharing things that are “awesome”, or in this case, information that is useful and relevant to your specific audience. If you publish content that is meaningful to your consumers, it is more likely that they will share with their friends, start to trust your company and look at other services you offer. 

 

When used correctly, social media can be an important tool in enhancing small business credit card processing companies by helping to foster relationships with merchants. The fact is, people are using social media every day and it’s important to be available to answer questions from your customers and provide useful information in a more conversational online atmosphere. It’s time to spread the word about your credit card processing service.

 

About The Author

As Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions’ merchant services programs. Kate’s 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. It is our mission to build trust-based working relationships with our merchants through our credit card processing service. Learn how our interactive online reporting tools can benefit small business credit card processing. 

 

New Goals for Your Credit Card Processing Service

As we embark on another year, New Year’s resolutions are in full swing for consumers, as well as companies, everywhere. Now is a better time than ever to evaluate your previous successes and areas for improvement within your credit card processing service.

When re-evaluating your business in preparation for a new year, it’s important to stay completely focused. Coming up with a generic statement or goal won’t be of much use to you. Try to think of specific areas that need improvement and come up with a few very specific and realistic goals for the future. Both large and small business credit card processing companies can only improve if objectives are set in place.

This is especially true in the world of payments. In order to identify true success and failure, it takes a detailed analysis of those factors that will directly impact your income. It’s best to think specifically in terms of ROI. Ask yourself if you made the returns you expected to make from your merchants.

When returns are less than you expected, it boils down to two main reasons: The actions taken by your credit card processing company and your own actions. Here are a few areas to evaluate so you can get your credit card processing service back on the path to success.

First review your profitability by merchant and identify those who are adding modest profits to your bottom line. Now think about why you priced those merchants they way you did. There may be an obvious reason why they’re underpriced. For example, perhaps you anticipated the merchant processing a lot more volume, and that’s unfortunately not the case. If so, take steps toward success by adjusting the merchant’s pricing.

Next analyze your credit card processing company and keep in mind the actions of your credit card processor as they may be impacting your returns. Examine these items with your current small business credit card processing partner.

1.    Review your pricing specifics

Your pricing may not actually be as good as you thought at the beginning. Fees may be starting to stack-up, there might be higher monthly costs than you imagined or lower splits. It’s good to get a firm grip on the financials as you move forward into a new year.

2.    Make sure you’re getting the support you need

Your credit card processor is your partner and they should be acting like one. They should be available to provide support and guidance that sufficiently meets your needs.

Remember, it’s never too late to dig into these areas. After all, you just might find that you’ll be on your way to a more profitable 2012.

About The Author

Nick Karcher is a Relationship Manager who supports both current bank partners as well as those institutions that want to know what makes Clearent a different kind of payment processor. Offering some of the best credit card processing services, Clearent provides the kind of passionate service that others can’t. With an abundance of technology at our disposal, we offer small business credit card processing solutions that can provide clients with the necessary tools to really make a difference.

 

Merchant Credit Card Processing: Business & Profits Explained

After recently visiting a trade show and speaking with a number of people who were in some way professionally involved with a medium-sized bank’s credit card processing business, I learned an interesting piece of information that was a common factor among attendees. When I questioned the amount of money they were making from their merchant services program, the majority agreed that they weren’t profiting as much as they’d like.

After hearing this, I realized that others might be in a similar situation. I’ve outlined 3 reasons why you may not be making as much money as you would like, and how to grow your merchant credit card processing profits.

1.    Program growth is at a stand still

Think about the goals you originally set out at the start of the year. Are you reaching your portfolio objectives? The number of merchants you have may be influenced by your current sales efforts as well as how much effort you’re putting into your customer service or customer satisfaction program. Because you are trying to gain customers’ credit card processing business, be sure to have employees trained in customer service and are comfortable talking with future clients.

When it comes to growing your portfolio, it’s also important to think about yourself and whether you are getting the proper amount of attention from your merchant services provider. Do they call or visit you frequently and do they help you think of new ways to grow your portfolio? This is an important part of your merchant credit card processing partner’s job.

2.    Bottom line confusion

Your merchant sales volume ultimately affects the bottom line of your merchant services program. Your profitability can be directly related to each merchant and the branch level. Be sure to closely assess each merchant as a way to discover which customers are profitable, and which are not. Verify that each merchant is getting a satisfactory level of support.

It may be helpful to learn more about merchant service software to help with merchant credit card processing. Some merchant services providers offer software tools that include charts that can easily calculate the net profitability of each individual merchant within your portfolio.

3.    Market price regulation issues

Go through your portfolio and look at how you are pricing your merchants. Be sure that you are neither pricing too high, or too low. Both can have an impact on your financial wellbeing.

Remember, your pricing is dependent on what you are receiving from your merchant services provider. Your partner’s price could be too high, or perhaps you’re just not pricing your merchants high enough. To assure you are making the most of your profits, sit down with your financial partner and refresh your pricing plan.

Try implementing these three important tips and see if your credit card processing business begins to develop its profits.

About The Author:
As Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions’ merchant services programs. Kate’s 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. The right merchant service provider can help you increase your profits and reach your portfolio goals. Contact us for more merchant credit card processing needs.