The time has never been more appropriate than now to have a consultant who is overseeing your account. I had a great conversation with a prospective client today. The business is a perfect match for our expertise- medium size, wholesale supplier. Their bank has them on the right plan and is providing an appropriate merchant discount rate for their business size. They have a long term relationship. They promised to service the account over the years. But is the business getting the maximum benefit out of this relationship?
I don’t think so. I see several areas for improvement that will lower their overall processing costs. The only way to help them though is to change their credit card processor. While this could be viewed as a negative, or a conflict of interest, the fact is we cannot see the detail of information to truly decipher all the issues, nor fix the problems, without access to back-end data and front-end hardware.
Is an equipment change needed? Maybe, maybe not. We have to determine if the hardware meets current compliance requirements. If it does, then no change is warranted unless they want new features.
I’ve just scratched the surface, but identified two reasons why you need a consultant for your merchant card processing:
1. Oversight- Our consultancy is not sales people with quotas. Our job is to service accounts year-round so they can focus on their core business. We advise of changes needed to optimize processing costs and new technology that can simplify their workflow.
2. Compliance- Information is disseminated from various organizations about compliance, but is anyone receiving it? Again, we are a supplemental information resource that is proactive instead of reactive.