As a merchant, you know that having a fluid relationship with your merchant services provider is essential in the streamlining and efficacy of your business, ensuring that communication is not only instant but clear.
Many merchants have experienced “post-sale trauma” in that once they have obtained a merchant account, their services provider does not honour the promises of a solid relationship in return. The frustrations borne of this neglect are not only stressful but have direct negative effects against revenue for merchants.
If a merchant cannot be assisted in due time and have a solution met, the propensity for customer retention loss is high. To avoid this, iPayTotal, a leading UK payment solutions company, recommends establishing a great rapport from the beginning as well as doing due research before signing up with a payment solutions company.
Remember, a payment solutions company is also a merchant services provider. It’s not a once-off set-up arrangement, but a long-term relationship, which requires nurturing, support and ongoing solutions to keep up with technological advancements, etc.
It is essential that support is available 24/7 because your merchant account may not be operating in the same time zone as your payment solutions company. The working hours may differ, and for this reason it is paramount that a support system is in place for when you need it, especially during a crisis. More importantly, your customers and their needs should be your priority; and for such it is necessitous that your business is available during their working hours.
Another important reason why solid support is essential is that it has the ability to reduce your chargeback ratio. If a customer makes a purchase on your website and then claims the charge on his or her credit card statement to be unusual or unrecognisable, then a refund may be requested. However, if you have a fully dedicated support infrastructure in place, your customer service department can easily answer any queries before your customer requests a refund from the card provider.
Selecting the right merchant services provider requires that you diligently observe how well such a company is moving in terms of technology and the technological advancements in the industry. There is no point opting for a payment solutions company if their only offer is to provide a low-risk merchant account, accepting only debit and credit card payments.
Indeed, alternative payment methods, especially post-COVID, has become the need customers require from online stores. In order to move ahead of the competition and retain your customer base, it is vital that your merchant account selects a payment solutions company with the right, forward-thinking attitude you need in order to satisfy your growing customer base.
iPayTotal, for example, offers an exciting option for its merchants in that it has partnered with a renowned company to provide a crypto-exchange platform. This will enable your customers to pay for goods in crypto currency. This will also eradicate potential fraudulent activity as well as eliminate, once and for all, the growing chargeback ratio.
The reality is daunting for business around the world. With the ease and convenience of the internet, criminals in that sphere take advantage of the gaps available.
For example, 72% of data breach victims are large businesses. (Verizon, 2020) and in the beginning of 2020 there were almost 3000 reported breaches across the globe.
It is important for merchants to consider a recent survey showed that 72% of people fear computer hackers accessing their personal, credit card or financial information. This is important because your customers are these 72% of people. You need a robust system in place to give your customers the peace of mind they need.
iPayTotal, for example, offers 3D-secure anti-fraud procedures to safeguard accounts from cybercrime. There are also manual checks in place and other API measures taken to ensure payments are safe.
With these in mind, your merchant account can have the assurance of a relationship in which you can feel confident when offering your services to your customers. — iPayTotal is a leader in the payment solutions industry, offering a robust and flexible payment solution option for your merchant business, especially for high-risk industries.
Call iPayTotal on +44 800 776 5988 or email email@example.com