Regardless of what industry your business is in or the type of competition that your industry has, there are always ways to differentiate yourself from your competitors. It may start with a logo design or how your store is designed, and could even be the way that your products are being promoted through magazines or billboards etc. There are a number of differetiators that any business can use to try and separate themselves from their competition, and for the most part, merchant services doesn't even come to mind for most.
Although to many business owners, merchant services is the same for everyone. Every merchant services program provides the same abilities to each business. It allows them to accept credit cards, debit cards, either by card present transaction or over the phone. And eventhough there are many merchant services providers that do provide the same programs, and the same technologies, there are a number of different merchant services providers that can benefit your business, especially given the specific industry that you are in.
Take a look at the 3 ways that merchant services can separate your business from the rest, and start driving revenue to your business and away from your competition.
1- Online Solution
An online solution is great, and is very common, however, an online solution that is easy, efficient, and secure, with a great user interface can make the difference between a customer coming to your online store and making a purchase feeling secure, happy and ready to come back, and a customer coming to your online store and feeling insecure about their purchase they had to fill out too much information, and perhaps didn't get a receipt leaving them feeling unsatisfied, and most likely will not return. A strong online solution through your merchant services provider can thrust your website into a league of it's own. There are numerous types of shopping carts, integrated solutions, and hosted pay pages, but not all can be fully customized, and with the right merchant services provider, your online solution and online store can be your biggest revenue generate by far.
2 - Online Reporting
With online reporiting, not only can you manage and monitor all transactions and transaction history, but you can actively see which products are being sold, when they are being sold, and effectively manage your data from your brick and motar location, as well as your online solution. Great merchant services programs will provide in depth, easy to read online reporting for your business. This is a great asset, especially for month end, and daily reconciliation. This will also provide your bookeeper or accountant the ease of having to manage all transactions and cash transactions effectively. This in particular, is something that many merchant services providers do not take into consideration. There are some seriously flawed online reporting options out there, don't be the one to get stuck with a sub par reporting tool.
3 - Support
Support and service through your merchant services provider will be able to ensure that you can always accept your customers payments. This could be through an over the phone transaction, in store transaction using a credit card, or a simple debit card transaction. There is nothing worse than having a line-up at your store because your terminal went down, or you are having issues loging into your virtual terminal. When customers are faced with difficult cash out experiences, they begin to second guess their purchases, and how much time they have spent shopping. When it comes to waiting in line, very few customers have the patience or the time to wait for a problem to get fixed. For these cases, having a top quality support and service team through your merchant services provider will ensure that you don't have any downtime, and if you do, it will be back up and running without missing a beat. Some merchant services programs will even give you a back up terminal for those problems that cannot be fixed immediately.
Take a look at these 3 ways that merchant services can separate your business from the rest, and start looking at accepting credit cards as a way to promote your customer experience.