Three Rules For Being The Best Merchant Credit Card Processing Service

In your quest to be the best merchant credit card processing service or debit credit card processing service, you may be tempted to adopt gimmicks and shortcuts.

You may try to build your business by offering catchy discounts instead of quality service. You may offer merchants a technical support number instead of actual customer service. You may give them free equipment and supplies instead of proven, long term solutions.

You may turn a profit in the short term, but your clients won’t stick with you for long. But, unfortunately, the bad reputation you develop will.

Instead, follow these three rules. They’re not easy, but if you’re interested in building a credit or debit credit card processing service with long term success, they’re the only way.

1. Be dedicated to customer service.

To be one of the best merchant credit card processing services, you have to stay in touch with your customers. You need to call them, visit them in person, send them emails and keep them up-to-date via periodic newsletters. You have to check to make sure they’re getting everything they need, and if not, fix it right away.

2. Transparency is key.

Always give your merchants information in a format that’s easy to read and digest. No one likes to wade through the sludge of incomprehensible reports, so don’t make your merchants do it.

You should also promptly tell your merchants any news – good or bad. Bad news is bad enough without finding out that someone has tried to hide it from you.

And make sure to clearly explain any fees they’ll have to pay.

3. Know your merchants’ businesses.

Your merchants know everything about their respective industries, and you need to learn as much you can about them, too. How can you expect to give them good advice if you don’t know how they do business?

That being said, you don’t have to know it all. If they ask you a question and you don’t know the answer, it’s completely fine to say so. Just tell them you’ll do some research and get the answer to them as soon as possible.

Lastly, make sure your merchants understand these three important rules, and that they know you’re trying hard to live up to them. You want them to think of you as a partner –not just some company they have to pay.

And when they start thinking of you as a partner, you’ll build relationships with merchants that last – as well as a reputation that will attract new business.

Do you follow any of those rules? If so, which ones? If not, do you have any of your own? Leave us a comment below.

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Jeff Fortney is Vice President of ISO Channel Management at Clearent. He has 35 years of experience in financial services, with 17 of those in the debit and credit card processing industry. As many ISOs and agents will tell you, Clearent will help your business thrive by providing you with some of the best merchant credit card processing services and debit credit card processing services.

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.

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.

 

Providing the Best Merchant Credit Card Processing Service

The word routine is most common in the part of our lives that encompasses the time we spend away from work. Be it making your breakfast, brushing your teeth or tying your shoes, a routine is something you do without even thinking. When it comes to the world of business, however, the word routine is less ubiquitous. Somehow the idea of doing something so many times that you don’t even have to think while completing it, rubs people the wrong way.

A routine does not have to be a mindless activity. On the contrary, it could be a very well thought out and executed task, the only portion that needs to be second nature is the initiation of the task.

In every industry there is a standard for success, and achieving this success is built upon growth – whether personal, financial or for your business as a whole. This is especially true in the highly competitive field of merchant services.

If a merchant services sales person developed a list of mandatory task he or she had to complete each and every day, these tasks would eventually become a routine. Not in the execution of these tasks, but in the initiation of them. Below is a list of tasks that, if committed to a daily routine, will set you on the right path becoming the best merchant credit card processing service.

1. Merchant Management
   Knowing the sales volume of each of your merchants will help you understand which of them are satisfied with your services and which are at risk of leaving. Addressing the high-risk merchants before they have left will build strong CRM as well as save you profits. Your merchant services partner should be able to provide you with reporting on you merchants.

2. Merchant Acquisition
   Growing your merchant services program rarely happens on its own. Bringing in new merchants takes time and effort. Dedicating a portion of every day to calling new merchants is the most reliable was to improve your current portfolio.

3. Merchant CRM
   Acquiring new business is only half of the equation. Following up with them is equally important. Customer relationship management should be added to your schedule each and every day.

4. Staying Relevant
   The merchant services industry is one that is always changing. This means that in order to be the best merchant credit card processing service and to stay relevant to your merchants, you must stay informed. Setting aside a few minutes of your day to look up industry terms, new technologies and what your competitors are doing is a great way to stay on top.

The common belief is that is takes 21 days of repetition to turn something into a routine. When thinking about next month’s schedule, it may be ideal for you to add each of the listed items above to your daily checklist. What may start as being something time consuming and tedious will turn into something that is simple and the driving force that is turning you into the best merchant credit card processing service in your industry.