Distributors need an effective merchant processing partner because they take on numerous roles requiring the comprehensive management of detailed and important information. Their merchant processing account needs to provide value across their transaction process, beyond the simple act of processing credit cards. A distributor’s payment processing system is a critical component to the success of a distributor’s company, therefore they require an equally capable partner that supports their bottom line.
Below are 5 ways an effective merchant processing partner should be supporting your distribution company.
1. Simplify your internal use
First, the partnership needs to improve the overall internal process of the distribution company by offering a system with an easy user interface for simplified internal use. Your team needs to be able to navigate through the system quickly without the unnecessary confusion or lag to streamline your day to day operations. The merchant processing company needs to be an expert in their own system to provide the initial training as well as ongoing advice that will ensure your company is using the system to its full capacity. The system needs to be powerful yet remain simple to navigate and operate.
2. Provide a robust tracking and reporting system
In addition to a streamlined system, distribution companies benefit from a tracking and reporting system tailored to their company. With countless transactions running simultaneously, you need a system that can track each order in detail. This significantly advances the management process by eliminating manual and time-consuming tracking of purchase orders. Instead, distribution companies can easily see where an order is for a quick review. The tracked orders should also be easy to export as customizable reports.
Depending on the requested data, distribution companies can export specific reports that compile only the requested information for robust analysis. This means your distribution can use reports customized to each unique need or situation to enhance understanding of performances, patterns, etc. A merchant processing partner should provide enhancements at each step of your processing system in order to effectively track and report transactions across the funnel.
3. Decrease your processing fees
Importantly, your merchant processing partner needs to eliminate unnecessary fees. As a business to business (B2B) company, you are able to qualify for a more advanced form of credit card processing. During the transaction process, your company has the authority to collect comprehensive information from your client or customer. With the collection of more credit card data, it means there is less risk associated with the transaction. The more information required and gathered inhibits fraudulent activity since it is significantly more difficult to run a scam when more data points are needed. Therefore, as the risk is limited, then the associated fees that are put in place to counter fraudulent activity are significantly lowered. Since a B2B company collects more information about the credit card and it’s owner during a transaction, as compared to B2C companies, then there is a lower risk of fraud which should decrease additional fees.
With the right merchant processing partner and compatible system, it enables distributor companies the capability to process transactions and effectively collect the necessary information. Ultimately, your merchant processing company should equip your company with the systems necessary to eliminate unnecessary fees.
4. Support in the resolution of disputes
Using the collected credit card data and the robust tracking, your company is equipped with the information and resources necessary to dispute controversies. You are able to provide the appropriate information to effectively negate false claims or prove you upheld your end of the bargain. As a distribution company, you can often be at risk for disputes which can hinder normal operations and potentially be a costly undertaking. Yet by having a well-documented log of transactions, as well as additional tracking points, you are able to disprove and settle the claim without further action.
5. Improve your customer engagement
To elevate your merchant processing, it starts with the experience of your customers. Positive user experience is a significant precursor for returning customers, which is dependent on all of your company’s touchpoints. For transactions, this means the checkout process, whether online, on the phone, or in-person, is straightforward for the customer. An outdated or confusing checkout process can inhibit a customer from completing a transaction, thus losing your company that sale. Yet, the process still needs to collect all the ordering information and credit card data for the distribution company.
Evolve Payment specializes in this area by providing your company with the capability to have a customizable and branded platform for client or customer interaction. The platform enables a positive user experience at each step while being personalized to the specific needs and considerations of the distribution company.
Having the right merchant processing partner can do more than enable your business to simply accept and process credit cards, they should provide the tools and resources to be a profitable partnership. Evolve Payment is a merchant processing company that offers services outside the traditional bounds of merchant processing to effectively assist your company’s bottom line. Get in touch with the team at Evolve Payment to receive a free assessment that numerically shows how we can help your distribution company.