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.
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