Financial institutions that have merchant services programs often think their programs should be generating more money. But many of them simply haven’t put enough time and thought into making their program work for them.
In that light, we’ve compiled a list of steps to grow your program and your profits so that your merchant services program lags no more.
If you don’t do this already, set a number of customers selling merchant services you want to add to your portfolio and measure your progress. Knowing what you have and what you want is the first step in turning things around.
Fine-tune your Customer Service
If your program isn’t growing as fast as you think it should be, there is a good chance that you can gain some more credit card processing business by training your front-line personnel to be excellent salesmen. If your merchant service program offers fast merchant approvals, your staff should be relaying that to potential customers. Make sure they are not only personable and comfortable in dealing with customers, but they are making an effort to throw all of your capabilities on the table.
Make your Merchant Services Provider Accountable
Your merchant services provider is your partner, and they should act like it. The best merchant credit card processing service should always focus on your program and the relationship manager they assign to you should routinely check on you to help you find ways to build your portfolio.
The best merchant credit card processing service will also treat your merchants right. Be wary of random fees thrown at your merchants like high PCI compliance fees or others that seem to have no purpose. If you don’t understand the fees and feel that they are just another way for the credit card processing company to nickel and dime your merchants, then don’t be afraid to call them out. They should also provide fast merchant approvals. Merchants really appreciate when they can see that they are valued customers.
Monitor your Merchants
The volume of your merchants’ sales is directly related to the profits you reap from your merchant services program. It is essential to calculate which of your merchants are doing the best so you can provide them with a higher degree of support.
Pinpoint your Pricing
So now that you know your merchants’ profitability rates, it’s time to take this information a step further and figure out optimal pricing. If your merchants are priced too high, they may get fed up and seek an alternative processing company. If they are priced too low, you aren’t earning what you should be.