The payments marketing develops quickly as tech innovators see the need to customize more intimately to stay relevant in the consumer-centric environment. Solutions can fulfill more than just the need to process a payment, and the front runners attempt to host the entire line up to meet any possible need a business client could think of to make their processing more efficient and cutting edge to compete with their industry’s best. Entering into a relationship with a payments processor should allow for the business owner to focus on their dream, their gift or trade, and their logistics within running the team they have serving their clients with the products and/or services they want to offer to add value to the economy.
A good partnership with an engaged support team and sales representative will lend to educating this business owner so that they do not need to switch or go “price shopping” annually because they know their best interests have been considered regularly, and as #technology develops for the payments relevant to this business owner, their fintech also remains cutting edge.
What does it take to stay relevant in this economy as it seems that some days all look profitable and settled to continue as expected, and other days natural disasters, politics, healthcare, or even disputes within the industry with rule changes cause cataclysmic consequences to the Q1 projections and strategies?
As a business owner, whether beginning a new adventure with some entrepreneurial efforts selling a brilliant new idea or running a large enterprise of a well established conglomerate with offices located in multiple locations, each needs to possess a payments professional in their corner to keep them posted and relevant within their goals set together initially and in the annual reviews. The more frequently they can engage as the business owner grows in volume, they can adjust the innovative solutions to ensure the growth and bill pay run smoothly, meeting the needs of the consumers the business owner wants to attract and retain for further transactions, and/or referrals to others as much as possible.
Checking out should be a breeze, whether it is online through a hosted payments portal frame or iFrame payments page, through a mobile set up, over an automated system like Interactive Voice Response (IVR) technology, integrated within an accounting software like Quickbooks, and within discount programs like Cash Discount that utilizes ACH as the savings online option to credit cards for consumers to own the decision to make the choice how to pay. A steady hand with a supportive community to learn, network, and grow with as the world economy turns could lead to a more successful presence in the marketplace.
The conversation for payments professionals can produce an overwhelming effect on a merchant entrepreneur if the SMB owner has a pile of work in front of them to accomplish with their phone ringing all day with 0% rates, or some other ploy to demand a new merchant account application get signed today.
If the lead feels well educated on payment processing options, if others in the payments industry back them with verbal and solution support, and if the #sales process solves the payment pain points with efficiency in technology, success for all parties seems inevitable.
Value added resellers and payment gateways with proprietary ownership will ensure that the latest regulations stay top of mind, as set by the powers that be in the credit card industry and Nacha, when accepting ACH, Check 21, Remote Deposit Capture, and echecks. Let’s not forget #cybersecurity ranks as one of the highest priorities to not back track from a fraudulent attack that pulls the rug out of the potential otherwise successful venture, as intended by the dreams of every business owner.
Keep good communication with the representing payments professional about changing needs, whether it be the business decided it would need more phone support that IVR could assist in giving such kind of bandwidth, the company employees have gone on the road with their sales team with more mobile commerce needs, or the store wants to go online with a link for payable link to send out.
In all cases, in the ideal payments experience, credit/debit card processing and #ach processing give the merchant business multiple methods to offer an excellent payment agreement for products and/or services offered, and numerous options how to pay keeps the consumer in the driver’s seat choosing how they will pay without logging into multiple locations.
If a sale completes in a seamless experience for the benefit of both the consumer and the merchant, they experience more efficiency as they go about their day knocking out professional and personal goals.
Why wouldn’t we have some fun working together to strategize more with partnerships to make that happen?
If all above make American business owners more successful, especially in a climate post 2020, shouldn’t payment industry thought leaders start working together to implement strategies that give merchants the technology needed to stay online, relevant, and in security compliance?
If the country possesses 31.7 million businesses in 2021 of less than 500 employees, does any merchant processing organization think they can just bolster their portfolio with the entire book of clients with the staff to support each well, the servers to manage the technology and development of the custom needs requested, much less the bandwidth of sales agents to continually check in on the merchants for annual reviews to ensure PCI and/or Nacha regulations compliance and updates?
It would make more logical sense that transparent and encouraging thought leaders would band together, create educational platforms and press on together to ensure success with one another for the ultimate health of the businesses in progress of meeting their entrepreneurial goals. Does one partner have a solution that solves the merchant at hand’s needs the other does not possess? Seamlessly integrate the API, come up with fair cost and revenue sharing plans so that both parties win residuals based on efforts in support required, but ultimately “stay in your lane,” as payment leaders say, and kindly pass off business to partners more experienced with certain industries than their own based on the bandwidth, synergy, and apparent magnetism the merchant and payments processor or payment gateway possess.
Communication with education, collaboration, and support will remain the key to everyone’s success.
Originally Posted on LinkedIn as an Article by Nikki Estes, DMM:
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