Choose Wisely: 3 Things to Look for in a Provider
This content is sponsored by Vantiv.
Liz Crider, Vantiv
Payment facilitators enable a more seamless merchant experience when it comes to payment acceptance. This is what you do for your customers. But what are some of the steps that you need to take to grow and strengthen your own bottom line? Put simply – choose your partners wisely.
What steps can be taken to ensure the providers you choose to partner with are the best fit for your business model?
1. Business alignment is key. When interviewing merchant processors, asking the right questions is crucial. And keep it simple. What’s best for your demographic will be best for you. A few key suggestions:
- It’s important to familiarize yourself with the sponsor bank and their merchant on-boarding requirements.
- Understand their offerings when it comes to online transaction support and payment gateway integration.
- And always know the customer service protocol – including everything from operational changes to on-boarding and compliance support.
2. Tools that increase operational efficiency are important. The right partner has tools in place to ease the burden of managing submerchants. This includes:
- Robust reporting that offers you visibility into everything from the transaction to reconciliation.
- The ability to consolidate multiple brands, break out data for business units and drill down to the transaction level.
- SSR report details, transactional analysis and financial reporting.
- The ability to board submerchants. This is your lifeline.
And when it comes to payouts, remember that the right tools can tame what could otherwise become an unwieldy operational burden.
3. Finally, the right provider will have card network influence. The acquirer you’re looking for will have a close relationship with the card networks and can help elevate the needs of its partner when necessary.
Your business is facilitating a more streamlined and efficient way of accepting payments. What you need is a partner that supports this dynamic, forward-thinking momentum.
For more tips on choosing the right partner, read the full Vantiv paper here.