Accepting credit and debit cards is a large part of your everyday business operations. Whether it is through an online solution, a wireless terminal or a virtual terminal, providing a service to your customer base that allows them different payment options to meet their everyday needs speaks volumes about your business, and your service to your customers. But accepting credit and debit cards through a convenient merchant services program is not the only thing that can benefit your business.
There are a number of different parts of a merchant services program that can take different parts of your business to the next level, providing great service to your customers, ensuring that your daily reconciliation of transactions are done properly and that your merchant services program is secure, cost effective and reliable. I have outlined 3 ways to get the most of your merchant services program, other than just having multiple payment solutions.
1. CUSTOMIZED SOLUTIONS
Getting a merchant services program should never just be a box in one generic program that is designed for the masses. With your merchant services program, it should be catered to your specific business needs. Take a look into the different solutions, or merchant services programs that are available to you through a merchant services provider. The problem with box in one generic programs are that they typically are not designed for your specific industry, and definitely not designed based on your specific business needs.
When it comes to large processors, it is much too difficult for them to customize merchant services programs to each one of the merchants that are looking to contract with them. However, the smaller more nimbler ISO's or hybrid ISO's do just that. These types of payment processors will cater to your business needs through a program that makes sense given your requirements.
They will also support that program, and monitor it to ensure that the pricing and breakdown makes sense as your business grows, or changes. This is the best way to ensure that based on your customer base, the cards you typically accept, and whether they are standard or electronic transactions you are receiving the best merchant services program.
2. ONLINE REPORTING
Online reporting is a fantastic feature for your business in order to manage all your daily and monthly transactions, export data, and provide vital information if a chargeback or discrepancy occurs with a customer.
Not all online reporting is the same, and knowing exactly how to use your online reporting tool, or dashboard to your benefit will greatly increase efficiency, management of transactions, and even reconciliation. If you are unfamiliar with your online reporting tool, or you are not sure if you even have access to online data of your transaction history, contact your merchant services provider right away.
Not only is online reporting an amazing tool to monitor your business transactions, but reducing manually reconciliation hours, or bookkeeping will allow your business to become more efficient, and cater to the needs of your customers, which should always be a top priority.
3. NEW TECHNOLOGIES
Building a relationship with your merchant services provider can benefit you in more ways than one. Not only are you able to build that trust with your merchant services provider, but you should keep up to date with new technologies, especially when it pertains to an online solution as online shopping and eCommerce continues to rise. New technologies with your merchant services program can provide your business with new efficiencies, new ways to accept payment, and perhaps new ways that can cut down on your merchant services monthly fees. Whether it is through a daily blog post, an information page that gets updated weekly, or an email from your merchant services provider that you can subscribe to.
There are a number of ways that you can use the information provided to you by your merchant services provider to benefit your business, and get the most out of your merchant services program. Take into consideration these 3 great ways and start learning how merchant services can work for your business, while continuing to provide great service to your customer base.