Merchant Feedback Is Vital To Success

Mar 25, 2021

As the marketplace is becoming more digital, payment providers have the unique opportunity to tap into the minds of merchants in order to gain valuable feedback, significantly improving their product development. 

Merchants are currently faced with an onslaught of pressure from tech-savvy consumers, especially young “digital-first shoppers”, to provide smartphone electronic wallets. Acquirers have had to scramble to find ways to integrate a variety of features onto their platforms such as scheduling personal service appointments, ordering groceries online and picking them up on-site, and ordering items within the store but having them delivered. 

With many e-Commerce competitors offering same-day or next-day delivery, merchants that don’t meet at least this particular demand may see their customers’ loyalty fade away. 

Partnership Is Key

Smaller merchants undoubtedly lack the capital to invest in multiple solutions, let alone manage them. Many would greatly appreciate a solution that integrates all the essential functions in one platform. 

Merchants have never been key players in fintech’s product development process. However, that is about to change. Payments technology providers are becoming increasingly aware of the importance of working closely with merchants to develop solutions that address their pain points.  And ultimately helping them grow. Allowing merchants to offer their feedback will strengthen the relationship between the payment providers and their merchant customers.

The importance of fostering customer intimacy and loyalty is a far cry from the relationship that payment vendors and their merchants used to be. It is no longer merely transactional, but cooperative. By taking part in this collaboration, opportunities for long-term revenue will be likely. Along with benefitting the bottom line, the creation of exceptional payment tools will also come to fruition, benefiting everyone involved, including the end customer.

Merchants are not typically tech-savvy, and therefore are dependent on their payment providers to take on a more consultative role in order to teach them and guide them towards the best solution. Together, they can identify any challenges and therefore implement the right technological improvements. 

Payment providers must thereby become quite familiar and well-versed with the current software-based solutions and understanding the pros and cons of each one. This will enable them to offer a tailor-made solution for their merchants. 

By taking this collaborative approach, payment vendors will be receiving valuable insights into the unique needs of both merchants and their customers. Not to mention gaining access to more data. Gaining knowledge as to how merchants and their customers interact will also give payment vendors invaluable data in order to help guide their merchants along the “digital experience pathway”. 

Building A Lasting Relationship

Common business knowledge states that it is more important to nurture your existing consumer base instead of spending excessive capital to secure new ones. When payment providers deliver effective, integrated solutions in collaboration with merchants, the result will be the creation of long-lasting value and in turn, a committed business relationship.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.