You can’t have turkey without stuffing, like you can’t have ecommerce without merchant processing
Little to nothing comes together better than your favorite stuffing to a turkey on Thanksgiving. Well, maybe mashed potatoes and gravy, pumpkin pie and whipped cream, or family and political drama. You get the point- some things are made to go together to add complex textures, flavors, and results. The same can be said for your business’ ecommerce website and merchant processing. In this article, we will be going over how your merchant processing needs to plug directly into your ecommerce website just like stuffing in turkey or tofurky (tofu-turkey, if you’re into that).
When we think of ecommerce from a business perspective, we typically think of customer experience as it relates to the ordering process, shipping and handling, and retargeting ads. These items become the prime concentration, but very rarely is one of the most used tools on your website taken into consideration or even audited, your merchant processing.
Did you know that, on average, you can reduce your merchant processing fees by 20%-40% by partnering with Evolve Payment?
When businesses look at developing a website, it is common for merchant processing to be considered only after the online store has seen success. And that is when the business owner realizes how much money they are throwing away because they are using elementary merchant processing agreements from large international companies with unresponsive customer support.
Traditional business is changing, say hello to online stores
The team at Evolve Payment has found that the above situations are all too common when working with ecommerce companies. In the online world that we live in today, B2B and B2C ecommerce businesses are one of the fastest-growing and most efficient ways to shop and buy products or supplies.
We are all aware of companies like Amazon that have completely changed the way we think about shopping, coined the Amazon effect. Did you know that if you live in an urban area, you can purchase your thanksgiving meal online and have it delivered in less than 2 hours?
Your clients and customers have evolved and adapted to this precedent of immediate service, ordering, and delivering; but oftentimes, small and medium-sized businesses have remained the same, becoming increasingly more obsolete. Without conforming to the online marketplace, these businesses are limiting their reach to a restricted audience where competition is fierce and sales are hindered. This also includes ensuring your ecommerce store is up to modern standards.
How merchant processing can grow your business
I know it’s not easy to read that your online business may or may not have become archaic when held against the golden standards of the ecommerce community today. But alas! If you have found that your ecommerce business is bringing in less and less over the past few months, there is one area of opportunity that you may have not yet considered to keep your business afloat while building a new ecommerce website.
Want to take a guess? That’s right! Your merchant processing partner.
We have found that when merchant processing fees are analyzed, businesses are often paying unnecessary fees that could provide substantial monthly savings. This money can be reinvested in a modern site, marketing, internal efficiencies, etc. These are fees you don’t need to pay any more, but it is also money you can use to grow your business.
Create the perfect bite with an integrated ERP
Another key component of an ecommerce website and merchant processing is enterprise resource planning (ERP). It’s like the mashed potatoes to the turkey and stuffing, it needs to fit on the plate.
Your ERP needs to integrate with your ecommerce site and merchant processing for a start to finish, seamless operation. Your ecommerce site markets and showcases your products providing online checkout capabilities. Your merchant partner processes the payment setup to optimize each transaction. Your ERP manages everything that comes next including the accounting, stock tracking, and supply chain management.
When all these components operate in unison, it automates processes so each platform is consecutively synched. You can easily fill your fork with some turkey, stuffing, and mashed potatoes for the perfect bite.
Case study: The right merchant partner matters
It is not uncommon for our team to hear, “But Evolve Payment, I was told by my banker that I have the best rates that they offer”. And that may very well be true. It’s the best rate that they can offer.
One of Evolve Payment’s clients was told by their banking relationship that there was no way for a merchant processing team to reduce any more fees, so it would be “pointless” to conduct an analysis. This made the client a little wary of having our team perform the analysis because of their previous long-standing partnership with their banker.
Thankfully, the client allowed us to conduct our free analysis. Our results showed that the company could reduce their fees by over $100k per year. We don’t need to tell you how ecstatic our new client was in trusting us to run their statement analysis.
The thing is, the bank didn’t lie. They told the client that they couldn’t reduce the rates any further, and that was true. It is because large merchant partners provide out of the box solutions full of corporate profits. Their system is not designed to process payments based on each business, a stark contrast to Evolve Payment’s individualized services.
If you are looking for that perfect side dish to your plate, the stuffing to your turkey or the merchant partner to your ecommerce business, look no further. Evolve Payment is already at the table ready to dish up some savings.
If you’d like to learn more about how Evolve Payment can help reduce your overhead costs, get in touch with our team!