Merchant Service Partner
May 15, 2023
As an agent, your goal is to connect merchants to the resources they require. Finding a merchant service partner is key to making that happen. You might have one or two major organizations you work with, but when it comes to offering a range of services, your portfolio may not be as vast as it can be.
High risk merchant partners provide a swath of banking resources outside of the mainstream banks and aggregate processing companies. Moreover, if you’re an agent looking for higher percentages, the premiums high risk merchant accounts provide are alluring.
If you’re interested in partnering with PayKings, fill out the form on our
Become An Agent page to get started.
What Agents Look For In A Merchant Service Partner
- High Percentages – Let’s be forthright. One major goal as an agent is to make money. The higher percentage a merchant service partner offers you, the better off you’ll be. Some companies start with lower rates, and increase them as you become a steadfast account provider. Moreover, the percentage alters depending on the lead stage. You’ll receive greater compensation if you provide complete packages as opposed to introducing a warm lead.
- Merchant Retention – The ability to retain a merchant depends on a few key factors. Does your merchant partner have the resources to connect businesses with other useful tools? From digital marketing to chargeback prevention, new businesses require ongoing support. More than that, their account provider should help them know the best practices and key rules for keeping their merchant account operating as their business grows.
- Communication – Some merchant providers like to stay hands-off, and keep a distance from potential clients. They might only allow complete packages which they then forward to their partner bank. While others, contact your leads and help them through the onboarding process. Find a provider that keeps you apprised of progress and onboard merchants fast. Communication is essential. Be sure to discuss the terms of your agreement and the capabilities of your merchant partners.
- Application Process – The application process should be down to a science, but still have a personal aspect. Experienced companies streamline the application process and share all of the necessary details with a potential merchant. This helps speed up the application, review, and underwriting process. The faster your accounts open, the quicker merchants can start processing and generating revenue on their credit card processing transactions.
- Experience – Though it may sound cliche, experience makes all the difference. An experienced customer service team will be able to tell you if your leads are quality, or if they don’t have the resources available to place them. Moreover, they can wear many hats when it comes to figuring out any pain points, or delays in the process. A merchant team with a history of agent interactions means you’ll be well taken care of.
Merchant partnerships are cooperative agreements between merchant account providers and agents, banks, or ISOs. Finding the best companies and people to work with is key when it comes to establishing relationships and growing a business. Nonetheless, there is a lot to evaluate when it comes to growing a network of trusted businesses in the payment processing industry.
This article gives you the resources you need to review and select the best merchant partner for your growth as an agent or expansion as a financial business.
Banks provide the final product when it comes to payment processing, the merchant account. They seek to open new accounts and sign on new customers, but when it comes to dealing with new businesses directly they may have limited resources.
As a bank representative, it’s best to outsource the merchant application process to agents and partners who can qualify and work with new businesses.
If you’re a bank looking for a merchant partner, it may mean you have an account solution that you’re willing to offer to new industries. When dealing with high risk merchant accounts, banks may be reluctant to advertise their services. In this case, it’s best to partner with a brokerage that serves as the intermediary between the unique or account and the banking entity.
As an Independent Sales Organization, an ISO’s goal is to develop new means of expanding their business network. Although some ISOs compete against one another, many work together to supply one-to-one lead flow in a collaborative dynamic. The benefits of finding an ISO partner are abundant.
- Work with a knowledgeable team who can place accounts you may not have a solution for.
- Understand the current environment in payment processing for emerging industries.
- Expand your international reach and deal with clients from different geographical locations
Finding The Best Merchant Partners
The best merchant service partner is one that provides you time and resources to help your customers succeed.
Whether you’re an ambitious bank representative finding new sources to bring in clients or an agent on the lookout for new opportunities, partnering with the right merchant partner is key to empowering your clients with the right tools, and flourishing in the changing world of payment processing.
May 15, 2023 | Merchants | Dustin