Focus Sales Efforts on High Volume Accounts
While businesses with higher volume may have thinner margins and longer sales cycles, there are several reasons to focus sales efforts on this profitable segment. Traditionally, higher sales volume often translates into higher dollars in net revenue. Further, these businesses tend to be equipped with the internal resources and workforce necessary to manage technology and data security requirements, while also remaining progressive enough to understand the value of solutions that help improve their business operations, such as the utilization of additional bank-offered treasury services. Working with your merchant services provider to identify, pursue, and engage these accounts has the potential to reap many rewards.
Decrease Attrition with High-Touch Relationship Management and Evolving Product Solutions
Signing new merchant services accounts can be time consuming and require much effort, so it is imperative that you and your merchant services provider remain aligned in maintaining the same momentum and drive to keep that relationship after the sale. Choose a merchant services provider that values relationship management and deploys account executives that spend time with current accounts while actively pursuing new business. In addition, your businesses are seeking ways to improve their operations and sales growth – be sure to offer them product solutions that meet their evolving needs.
Use Transparent and Value-Based Pricing
All businesses are continually seeking to lower their expenses, but the most successful businesses know that spending more money in the right way can improve their profitability. Pricing merchant services in a way that demonstrates transparency is not only important to your reputation in the community, it also establishes a foundation with your clients built on trust and honesty. Fostering this type of working relationship with your business clients, while providing products and services that assist in their growth is a win for everyone’s bottom line.
Drive Merchant Services Program Awareness
As a trusted financial institution partner, making your business customers consistently aware that you offer merchant services as another value-added service is important to the success of the program. Work with a merchant services provider that can take on the heavy lifting of preparing and delivering marketing content and messaging that aligns with your culture and your customer engagement objectives. Highlighting the merchant program at various touchpoints ensures that your business customers know that you offer merchant services and will aid in garnering increased participation in the program.
Align with the Right-Sized Merchant Services Provider
Whether you are a very large, large, medium, or small financial institution, it is important that you work with a merchant services provider that aligns best with your size and your growth goals. Some merchant services providers may be too big, which means that you and your merchant program may start out strong, but eventually end up losing momentum due to variants such as representative/staff turnover. Conversely, some merchant services providers are too small and lack the ability to provide viable product and service- based solutions that your customers need. Finding a merchant services provider that is big enough to serve, yet small enough to care is a key ingredient to building a long-lasting, successful, and mutually beneficial working relationship between all parties.