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.