Merchant Services is an underutilized tool that provides customers with a more motivated and educated staff, and improved bottom line. With larger banks using Merchant Services as a business development tool, Retriever Payment Systems know that community banks need to have a proactive approach to Merchant Services.
If done right, Merchant Services can be a key differentiator. Here’s an overview of three things to look for in a Merchant Services partner, and how it can level the playing field for community banks:
- Customer Service Top-notch customer service includes a dedicated, local representative who is available for side-by-side selling with bank account executives. Because changes occur constantly in credit card processing, ongoing staff training on these changes, and on products in general, is essential. In-branch incentives for bank employees is another key aspect of customer service.
- Relationship Building and Retention Full Merchant Services and support should include face-to-face merchant sign up, installation, training, and support after the sale. This takes all the work off the bank, while fostering a strong business relationship. Marketing materials designed to help solicit old and new clients continue to build and maintain relationships.
- Increased Fee Income A local, honest Merchant Services partner can offer increased fee income of 20 to 30% of net residual income and fees, based on volume. These fees are paid monthly and include:
- Visa, MasterCard, & Discover discount fees
- All transaction fees
- Statement/batch fees
- Service plans
What to Expect from a Merchant Services Partner
Merchant Services partners are not created equal. Top-notch firms are committed to forming ongoing, long-term relationships, and ensuring that your needs are met. Make sure your partner embodies these qualities:
- Better Business Bureau A rating or higher
- Bi-monthly reports tracking leads and status
- Interchange Plus pricing with processor fees ranging from .10%-.40%, depending on volume, and no annual fees
- New state-of-the-art EMV equipment competitively priced, and free loaner terminals for merchants who qualify based on volume
- Full suite of other solutions, including mobile, virtual terminals, and point-of-sale systems
You should expect a lot from your Merchant Services provider. Focusing on what partners provide when it comes customer service, relationship building, and increased fee income will let you take a proactive approach.
Interested in learning more about Retriever? Call us today!