What retailers want from a credit card processing agent.

Written by Jereme on

Businesses are looking for value and beneficial partnerships. 

When pitching services to a new account, credit card processing agents often tend to focus on what the platform delivers. You probably stress the features, new types of payment experiences merchants can offer, and the flexibility they’ll have to accept payments in-store, online, on a mobile app. You may also detail the security and fraud prevention measures in place to protect both cardholder data and their businesses from the damage that a data breach can cause to both their pocketbook and their reputation.

However, you may be forgetting something in your sales pitch that prospects want to hear: What you specifically bring to the table. Make sure you communicate these four things about your business that can help business owners confidently decide to sign with you.

1. Maximum accessibility. 

If you found a way to get your foot in the door, chances are it had something to do with the lack of customer service their previous credit card processing agent provided. Forming a smart partnership with a payments vendor is the key to delivering service and support your customers can count on. However, you also need to let your customers know they can reach you when they have questions or need help making decisions, such as how to go about adding new channels or payment methods that can keep their businesses going during social distancing. 

2. Total transparency.

You would never harm a business relationship by intentionally keeping vital information from your customers, so it’s critical that you fully inform your customers about fees and contract terms so they don’t get the impression that you’re hiding anything. Merchants new to payment processing or modern payment types may find it challenging to understand processes and fees. Take the time to make sure they won’t be caught off guard by any surprises.  

3. Deep industry knowledge. 

Change in the payments space keeps happening at a rapid pace. Continually educate yourself on trending topics, such as technological advances, changes to tax laws, and updates to the Payment Card Industry Data Security Standard (PCI DSS), which the Security Standards Council will be announcing PCI DSS 4.0 soon. Then, share the information that your customers need to know. 

4. Forward-thinking solutions.

Unless your prospect’s company is opening a new business or accepting digital payments for the first time, they probably have a payment solution they’re comfortable with. You may be able to score some points by making them aware of new capabilities that could benefit their business. 

For example, the pandemic has driven an increase in contactless payment use. A Visa Back to Business study found 48 percent of consumers say they won’t shop at stores that only have payment options that require contact, and 20 percent of small and medium-sized (SMB) businesses have already enabled contactless payments. Helping your customers expand their capabilities to include acceptance for these payment types can help them provide the checkout experiences consumers are looking for and that their competitors may already be offering. 

The value in partnership focus.

Retailers are continually courted by payment providers. To win their business, you need to differentiate yourself from the crowd. Prove that you’re more than just a reseller through a willingness to work with merchants to help them build their businesses. 

Your commitment to keeping merchants informed, being there when they need you, and helping them plan for business growth, will demonstrate that you are a partner worth having. Show your prospects you are just what they’re looking for.