While most small business merchants today have opened up to credit card payments processing, there are still some on the sidelines. It is not a lack of will, but the lack of information that holds them back. Many merchants are not aware of how much they stand to gain with credit card processing and how easy it is to get started.

As a credit card processing company, you should fill the gap and educate customers on the advantages of accepting credit card payments. Here are a few tips to get started:

Describe the Merchant Account Credit Card Processing Solution

Explain what a credit card processing company does for small business merchants. Walk the customer through the whole cycle starting from the consumer swiping their credit cards to the time the funds are deposited in the merchant account. Describe the application process in 3 easy steps. Outline all the merchant services you will be providing such as merchant account set up, credit card terminals, and customer service.

Create Merchant Account Credit Card Processing Brochure with Details

Create a brochure for the merchant to help them make an informed decision. Supporting documents substantiate your offer when the merchant is thinking it over or discussing it with her business partner.

Identify the Merchant Account Credit Card Processing Needs

Ask the merchant how orders are accepted – sales desk, phone, mail, or online? The type of credit card processing will affect the credit card processing fees charged and will give you an idea of the type of credit card processing equipment that will be needed.  What is the merchant’s average sales volume in a month? Are there seasonal variations in the credit card sales volume? The answers to these questions will not only enable you to give a reasonably accurate estimate, but also help the merchant in the decision making process.

Disclose All the Credit Card Processing Fees Upfront

Clear communication is the key to building long term relationships with merchants. Describe all the credit card processing fees included in the contract – annual fee, monthly minimum fee, processing fee, chargeback fee, monthly statement fee, and gateway fees for online credit card processing. Make sure you have no hidden merchant services fees. You don’t want the merchants to have a bad taste in their mouth when they recieve their first monthly statement as the switching costs for merchant account credit card processing solutions are very low and you may lose your recurring revenue stream at the drop of a hat.

Discuss the Potential Increase in Sales with Credit Card Processing

Ask the merchants about instances when a sale could not be made because they did not accept credit card payments. Discuss about the comfort and security consumers feel with credit card payments, especially for high ticket items. Shoppers can pay for expensive items and buy more without worrying about carrying cash in their wallets. Even after deducting all the credit card processing fees paid out to the credit card processing companies, the merchant is likely to experience an increase in revenues and profit margins.

Merchant Account Setup Process

Help the merchant in setting up their merchant account. After the merchant account is set up, send the merchant details such as account number and passcode via a secure mail system. Send the credit card terminals via fedex or UPS with easy to follow installation guides and operating manuals so that they can start accepting credit card payments within minutes. If the merchant needs help, provide timely customer support services. Administer the online system and integrate the customer’s merchant account number with their website for e-commerce transactions. Provide clear instructions for any merchant account process that needs to be followed by the merchant.

Selling merchant account credit card processing solutions to merchants is just the first step. Following through on your commitment by providing excellent merchant account support and customer service can help you stand out from the crowd and build a sustainable competitive advantage  in the credit card processing industry.

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Tags: Credit Card Processing, merchant account

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