Your customers rely on many different vendors, tools and technologies to effectively manage their business. The amount of time and effort it requires to manage these various resources quickly starts to add up. Subsequently, this time allocated to administrative demands begins to detract from their focus on their business and thus their level of service to their customers begins to suffer.
Your customers are always looking for ways to boost efficiency and profitability. Payment facilitation is a powerful model that can help them do just that. By embedding payment processing services into your existing solution, you can strengthen your value to your customers.
Below are three important challenges your customers often face. Becoming a payment facilitator could allow you to help them resolve these issues. This would, in turn, boost your customer retention rates, make it easier to attract new customers, and increase your streams of revenue.
Too many vendors, technology components, and moving parts
Many merchants struggle with disjointed technology resources. They may have one provider for e-commerce, another for their point-of-sale system, and maybe another for mobile. The list may go on for additional services such as payroll, accounting, and more.
If you’re currently providing technology services to your customers, such as point-of-sale hardware or software, you could provide a seamless experience as a payment facilitator by integrating payments into your existing solution. Your customers’ credit card transactions would be seamlessly integrated into the service and technology you already provide. This minimizes the moving parts on your customer’s end and consolidates their points-of-contact when questions or issues arise in their day-to-day operations.
Unclear, inaccurate reporting
Information can be a business’ most powerful tool, empowering them to make smart choices around pricing, staffing, inventory, and more. However, not having access to clear and concise data can end up wasting a company’s time and lead to less favorable decisions.
Payment facilitation can minimize that issue. If your customers aren’t processing their credit card transactions through a payment facilitator, they are likely getting statements and data directly from a bank or other merchant services provider. Those statements can be confusing, making it difficult to quickly identify the most helpful information.
As a payment facilitator, you can provide the reporting and transparency that your customers rely on. For example, you can integrate payment reporting into their user portal, empowering them to quickly access vital business information. You can help your customers make faster, smarter decisions by providing them with clear, actionable data embedded into the tools they use everyday.
Disjointed customer service experience
As mentioned earlier, having to manage multiple vendors and services often distracts businesses from servicing their customers to the greatest extent. It can also be a nightmare when the business needs support. When an issue arises, the customer may not know which part of the process is responsible or which provider to contact.
As a payment facilitator you can amplify the level of service you provide to your customers and streamline their efforts to manage all the components of their business. You can reduce the number of vendors involved in the process and provide them a single point-of-contact for issues that arise. You can effectively consolidate their administrative responsibilities to allow them to focus on what matters most to them: running a better business for their customers.
Stay tuned for more payments strategy guidance
Payments may not be your core business, but it may present a strategic opportunity for you to better serve your customers. Is it the right decision for you?
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