Merchant Madness
Remember cash and checks?
The average merchant in the US now accepts 11 different forms of payment.
Merchants are expected to act as a payment acquirer, banker, fraud manager, sales manager, process engineer, security expert, technologist, communications specialist and collection agent just in order to ensure getting paid for the services or goods they provide to their customers. On top of all that they are then expected to pay upwards of 3% for the "privilege" of getting paid. Isn't it time that someone stood up for the merchant - small or large, and genuinely served their interests? With Clarity.
At BlueSquare Resolutions we believe that it is never the merchant's responsibility to ask, know or understand how to get paid for their services. That is our responsibility.
Accepting payments, particularly electronic ones, has never been more complex, more involved or more expensive. The cost of interchange has risen by over 20% in the last 5 years and the frequency at which consumers use their cards for ease of payments is up nearly 200% over the same time period.
Merchants can be billed at fixed rates, per transaction fees, downgrades, surcharges, billbacks, penalties, dues, fees and assessments. They are billed for internet transactions differently than for dial up transactions and differently again for transactions made by a rewards card. Merchants are promised one rate but are more commonly billed another, often based on circumstances beyond their control.
Many times the merchant has never been educated on how to reduce costs for the simple fact that reduction costs their providers money. Simple acts such as hand keying in a transaction over the phone or not putting in an address or checking the printed code could generate excess charges for the merchant. And it's not mere pennies per transaction as some would have you believe. The difference to a hotel for example could be as much as 70 basis points. On a $600 hotel stay - that difference alone could be over $4.20! The cost of that one transaction could cost a hotel in excess of $15.00. Real money, really spent, in a tough economy.
No wonder so many merchants are upset and feel trapped. Their customers demand plastic acceptance, and your competitors provide it. How can you control your costs without spending your valuable time learning the intricacies of your service provider or simply just choosing a provider and "hoping for the best"? Wouldn't your energies be better invested in running your business and serving your customer base?
Work with a partner that performs the basics brilliantly for you:
- Total billing clarity - all fees disclosed in advance
- If interchange reductions can be made, they are passed along to the merchant.
- Educate the merchant on best practices to reduce costs and enhance security.
- Be available 24/7 x 365 to solve any technical issues.
- Provide proactive security guidance and protection.
- Understand the full spectrum of technology - not wedded to one solution - but the best solution for the merchant.
- Be reliable and robust - always on, never down.
- Be responsible. If it's not right - it gets fixed.
- Be proactive - recognize issues AND opportunities for the merchant.
- Be honest - express limitations clearly.
.Work withBlueSquareResolutions
