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.
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.
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.
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