Skip to main content

How to Succeed as a Merchant Account Provider in Just 30 Days

We all know it.  Competition is fierce!  Many business owners are likely tired of hearing that we have the lowest rates, or we can provide better support, or even a free terminal.  In fact, many are not bashful telling us the last time they spoke to someone about a merchant account.  So what can you do as a MLS or ISO to differentiate yourself from the rest?

Before I answer that question, let's examine the merchant's viewpoint for a moment.  The merchant is either happy with the company they are  processing with or they are unhappy.  I don't think there is anyone who is on middle ground in this matter.   If they are a happy customer, you can talk to them all day long and they are not going to make a decision to switch.   But what about the others?  Why are merchants unhappy with their processing service?  Because someone over-promised and under-delivered.  Here is the key. 

Do not tell the customer something they want to hear just to make the sale.  In the end, they will find out otherwise and you will lose credibility. Eventually they will switch to another company.  I am hardly the first person to write about this.  This is nothing new, is it?   But have you ever been in a situation where the processor or bank you are working with, failed to tell you something important about the merchant's fees, risk management, or other issue and you had no idea about it?  The next thing you know, your merchant is calling all upset and blaming you about something on their monthly statement.  They are not happy and its your fault.  Wait a minute! You told the merchant that they would get good rates, service, equipment and everything.  Why are they unhappy?

Because they were not informed about details connected with their merchant account.  Details that you need to communicate to them. The fine print on a merchant account applicaiton is the most important part.  We tend to write  the discount rate in LARGE print.  We make the free equipment pictures BIG.  However, we make the cancellation fees small and the PCI fee is rarely mentioned.  Or once they begin processing for a few months to a year, they are charged some new Visa or Mastercard fee that wasn't even mentioned as part of their contract.   MLSs and ISOs need to stop doing this.   We need to inform the merchants well in advance.  Keeping your word is important! 

So how can you be successful in just 30 days?  Well it takes only 30 days to create a new habit.  Why not make honesty and forthrightness your habit?   Go out of your way to tell the merchants about the fine print.  It may be a difficult adjustment at first, and the competition will no doubt mislead the merchant into thinking that what you are telling them is not true.  But if you adopt this habit, it will ultimately lead to your success in this industry.   And if you are working with a company that has a different habit; perhaps charging your merchants hidden fees or adding fees that you waived when you initially wrote the business; be forewarned!  It might be better, to find a new company to work with that values forthrightness and respects what is written on the contract.  If you do, you will be successful as your merchants stay loyal to you and inform others as to why you are different than the rest.

Comments

  1. Modern technology made the lengthy processes very short and effective to smoothly run the business and made the transactions easy through the Credit cards but vulnerabilities still remaining in the process.

    ReplyDelete

Post a Comment

Popular posts from this blog

THE IMPORTANCE OF MERCHANT STATEMENT ANALYSIS IN BUSINESS

Businesses often rely on a variety of vendors and suppliers to provide the materials and services needed to run their operations. However, it's important to keep track of these expenses and ensure that you are being charged correctly. One way to do this is through merchant statement analysis. Merchant statement analysis is the process of reviewing and analyzing the statements provided by your vendors and suppliers. This allows you to identify any errors or discrepancies in the charges, such as duplicate charges or incorrect pricing. By regularly having your statements reviewed, you can ensure that you are only being charged for the goods and services that you have actually received. The best help with merchant statement analysis is from us: Merchant Statement Analysis. Its our very name! This service  quickly and easily reviews and analyzes  merchant credit card statements. It can save time and reduce errors, leading to more accurate and reliable financial information. A merc

DON'T GET OVERCHARGED FOR CREDIT CARD PROCESSING FEES!

Hey there! So, accepting credit cards is pretty much a necessity for any business these days, right? But, the cost of credit card processing can add up quickly. From merchant account fees to chargeback fees, it can be tough to keep track of what you're paying and why. In this article, we're going to break down the costs of credit card processing and give you some tips on how to avoid overpaying. First, there's merchant account fees. This is the fee you pay to the company that sets up your merchant account, which is the account you use to accept credit card payments. Merchant account fees can vary widely, and they can include monthly fees, annual fees, and application fees. It's important to shop around and compare merchant account fees from different providers to make sure you're not overpaying. Next, there's interchange fees. These are the fees that are charged by the credit card issuer, such as Visa or Mastercard, for each transaction. These fees are set by th

FIND THE LATEST MERCHANT CREDIT PROCESSING INTERCHANGE RATES HERE

LATEST OFFICIAL INTERCHANGE RATES  Here is where you will find the latest interchange reimbursement rates that are available to the public.  Merchant Statement Analysis is here to help you with your statement quote needs.  Just click the Welcome MSA logo to the right of this page to visit our website and get more help.  VISA USA VISA EUROPE   MASTERCARD  MASTERCARD EUROPE WELLS FARGO PASS-THROUGH FEES  WELLS FARGO PAYMENT NETWORK QUALIFICATION MATRIX