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.

Three Types of Mobile Credit Card Processing Loyalty Apps

If you’ve been following the growth of mobile credit card processing, you may have come across a variety of new apps to help merchants manage their loyalty programs.

Some strictly help with loyalty programs. Others can handle processing credit cards as well. What’s for certain is that new apps are popping up all the time, and it’s hard to keep track of them all.

To help understand these apps a bit better, think about them in three broad categories.

Digital Punch Cards

These are digital versions of the punch cards that you carry around in your wallet. They track your purchases so that you can redeem an incentive after so many visits (think buy 5, get one free).

Usually, merchants will have a laminated card with a QR code on it their store, and consumers scan the code with a smartphone app to record their purchase.

One thing to remember is that these apps are not tied into the POS system.

Telugo, Klikt and Punched are three of the most popular apps in this category. And while they allow the user to empty their wallet of bulky loyalty cards, different merchants may use different apps, so consumers may have to download a handful of them.

Sophisticated Loyalty Apps

Other apps, including SpotOn and Belly, allow for more sophisticated loyalty programs.

These apps may be integrated with Facebook, Twitter or other social networks, allowing users to share their experience with their friends. Many of the apps require merchants to have a tablet or iPad at their store so that customers can sign up and check in.

Loyalty/Payment Apps

And yet other apps combine loyalty programs with mobile credit card processing.

The most famous of the apps that combines processing credit card payments along with a loyalty program is the Starbucks Mobile App.

Another solution is LevelUp. Users download the app then attach a credit card to it. The merchant installs hardware in their store, including a mobile phone. Then the user makes a purchase by holding up their phone to the merchant’s phone.

Some apps, like TabbedOut and Vibe, process credit card transactions by integrating with existing point of sale systems.

Merchants are just starting to experiment with these apps, trying to figure out what works best for them. For example, a merchant I know is promoting two apps at the same time.

Every day, some apps fold and new ones are born. It’s important to keep up so you can stay up-to-date on this ever changing space.

Are your merchants experimenting with loyalty apps? Which ones seem to be their favorites so far? Let us know with a comment.

 

Jeff Zimmerman, Vice President of Product Management and Marketing at Clearent, has worked in finance, marketing and product management for 15 years. Clearent can offer an array mobile credit card processing solutions for your merchant program, many of which go beyond just processing credit card payments and include loyalty program integration.

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.

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.

 

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. 

 

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.