The Payments Industry Post-2020
Payments marketing develops quickly as tech innovators see the need to customize more intimately to stay relevant in the consumer-centric environment. The top solution providers offer various products to meet multiple demands of a business client to make their processing more efficient while competing with their industry’s best. Entering into a relationship with a payments processor should allow the business owner to focus on their dream and logistics within the team while serving clients with the products and services to add value to the economy.
A good partnership with an engaged support team and a 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. As technology develops for the payments relevant to this business owner, their fintech remains cutting edge.
All Business Owners Need Support
What does it take to stay relevant in this economy? It seems that some days look profitable and settled. In contrast, on other days, natural disasters, politics, healthcare, or even disputes within the industry with rule changes cause cataclysmic consequences to the Q1 projections and strategies.
All business owners, whether new ones selling a brilliant idea or established ones running a large enterprise with offices in multiple locations, must possess a payments professional in their corner. These professionals keep them posted and relevant within their goals initially and in the annual reviews. Frequent engagement as the business grows in volume helps them adjust the innovative solutions to ensure that growth and bill pay run smoothly, meeting the needs of the consumers.
An online shopping experience should be a breeze, whether online through a hosted payments portal frame, iFrame payments page, mobile setup or 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 a choice how to pay. A steady hand with a supportive community to learn, network, and grow could lead to a more successful presence in the marketplace.
The conversation for payments professionals can overwhelm a merchant entrepreneur if the latter has a pile of unfinished work 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 merchant 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.
How Do Partners Help?
Value-added resellers and payment gateways with proprietary ownership ensure that the latest regulations by the credit card industry and Nacha stay top of mind while 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 partner about changing needs, to adjust for more bandwidth while the sales employees have gone on the road. Technologies help organizations fulfill mobile commerce needs, by helping them go online.
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.
Suppose a sale completes in a seamless experience for the benefit of both the consumer and the merchant. In that case, they experience more efficiency as they go about their day knocking out professional and personal goals.
Creating a Strategy
Why wouldn’t we have some fun working together to strategize more with partnerships to make that happen?
If all the 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 and less than 500 employees, do 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 the 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 a 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:
Date Originally Published: 1 October, 2021
Date Updated: August 1, 2022