What to Consider When Choosing a New Merchant Services Partner

What to Consider When Choosing a New Merchant Services Partner

If you’re an experienced Agent who has worked in the payments industry for a while, you already have an idea of what to look for in a merchant services partner. Your partner needs to be:

    • Responsive
    • Flexible
    • Innovative
    • Easy to work with
    • Committed to customer service
    • Focused on offering impactful solutions

These traits are important for your partnership and for your reputation. After all, you will be the one selling the merchant services solutions to business owners. That means, when you partner with a merchant services provider as an Agent, you become a face of that company. In turn, that company should become your support.

If you aren’t feeling supported by your current merchant services partner, it may be time to add a different one or switch to a new partner entirely. Either way, it’s no small decision. We’d like to help by sharing some things to carefully consider before making the big switch. Keep reading to learn more.

 

First, Consider Your Customers

Before choosing a new merchant services partner to work with, put yourself in your customers’ shoes. What are they looking for in a payment processing solution? Payments are an essential part of the customer experience. Your customers deserve a payment processor that can not only provide the essential products they need but ultimately help them grow their business. Cost, convenience, and functionality are also important things to consider when choosing a new merchant services partner. Do your best to think ahead and it will help you and your customers in the long run.

 

Second, Consider Yourself

What do you need to succeed as an Agent? Transparency, support, and education are a few key things to get you started. Here are five additional traits to look for in a solid merchant services partner:

 

      1. Positive Merchant Reviews

        Your top priority is building your business, which means creating a large merchant network. This obviously takes time, but it’ll be a lot easier if the partner you’re working with has a positive reputation.

        Seek out reviews about the provider you’re considering and read through both the good and bad. If most merchants seem satisfied with the provider, their products, and their support, it’s worth a call to learn more.
      1. Relationship Building

        It’s extremely difficult to stay motivated if your partner isn’t invested in your own growth and success.

        Look for providers who have the same interest in relationship building as you do. A merchant services provider who understands how important it is to build healthy relationships with merchants should also do everything they can to maintain a positive partnership with you and help you reach your goals. After all, a true partnership is all about mutual support and respect.
      1. 24/7/365 Customer Support

        You can't be expected to sell a product if you don’t understand what it is, how it works, and why merchants should care about it.

        What if you run into a problem or a merchant asks a question you can't answer? If support from your merchant services provider is only available during business hours, you could end up losing the sale. That's why it is important to find a provider with around-the-clock support, who will take the time to educate you on products and help solve problems. When researching providers, make sure responsive customer service is a common theme in the reviews.

        You should also talk to the ISO about its support services for agents. A good partner will offer marketing materials and educational resources to help you succeed in every way they can.
      1. PCI-Compliance and Security

        Maintaining business and customer data security is vital to the success of any merchant. It's also important for your reputation as an agent.

        When searching for your next merchant services partner, make sure they are as serious about security as you are. Look for a badge from the PCI Security Standards Council on their website or call to ask the provider if they are PCI-compliant. If they say no or skirt the question - that's a big red flag.

        Visit the PCI Security Standards website for more information on credit card security.
      1. Innovation

        This industry is highly competitive. To get ahead of your competition as an agent, you should partner with a merchant services provider that is committed to not just providing products but developing innovative solutions.

        These solutions should help the merchant not only manage but grow their business and boost their reputation. Take an eCommerce or Payment Gateway solution as an example. Solutions like these can help smaller merchants compete with larger entities and sets you apart from other agents in the industry.

 

Finally, Consider the Advantages

What extra advantages and incentives can a new merchant services partner offer your business? The right partner will be focused on offering every additional tool necessary for your success. Because when you succeed, they succeed.

At Electronic Merchant Systems, we offer these additional tools. We partner with multiple sponsor banks, so every merchant you serve can find a payment home. We also offer an intuitive online portal for managing every aspect of your business, MyPortfolio. Plus, our in-house marketing professionals are constantly creating brochures, websites, sales slicks, and more to help you successfully sell our powerful payment solutions.

 

Become an EMS Agent

Electronic Merchant Systems partners with savvy, motivated individuals like you to bring our products and services to merchants across the nation. EMS Agents experience unmatched support through customized agreements, unprecedented transparency, marketing assistance, dedicated 24/7/365 customer service, and more. Additional benefits for our Agents include:

    1. Transparent contracts that make building residual income simple.
    2. Residuals always paid on time, whether you need them monthly or even daily.
    3. The tools you need to grow your business.
    4. Consistent, reliable communication.
    5. Healthy relationships with banks to help you win business.

Contact us today to learn more!

 

To read more tips for choosing the right merchant services partner for your business, check out these posts:

5 Tips for Choosing the Best Merchant Services Agent Program

What to Look for in an ISO Partner

5 Benefits of a Good Merchant Services Partnership

 

Sources: Payline Data