Six Common Merchant Processing Pain Points (& How to Address Them)

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The Confusing World of Payment Processing

As a merchant in an increasingly digital world, mastering the intricacies of payment processing might not be your top priority. However, meeting your clients’ expectations for seamless and secure transactions is crucial for the success of your brand and the health of your bottom line.

During our time in the industry, we’ve worked with merchants of all sizes. We often encounter one common complaint: the world of integrated payment processing is complicated, confusing, and downright tedious to manage. Based on feedback from our clients, we’ve compiled a list of typical merchant processing challenges and practical solutions to help make this aspect of your business more straightforward. If by the end of this you still feel overwhelmed, reach out to our team. We’ll be your partner and advocate, so you have one less aspect of your business to lose sleep over.

woman searching a merchant statement with magnifying glass

1. Juggling the Application Process

Merchant processing applications are tedious and time-consuming. Some are completed online, some in person. Regardless, they’re all confusing and written in “processor language.”  Evolve Payment will work with you to complete the application to have a smooth and painless process.

Nowadays, processors require significantly more supporting documentation during the application process to ensure the business is valid and thus prevent additional fraud. At a minimum, the merchant must supply:

  1. A voided copy of a check
  2. Their W-9
  3. A photocopy of their driver’s license
  4. Three months of processing statements

Additional documentation like three months of bank statements, letters of incorporation, and sometimes other financials may be required. Because Evolve Payment follows up with the processors, we will notify you if there are any additional requests for information to make the process fast and fluid.

Merchant processing underwriting is a slow and stressful process. Sometimes processors don’t provide timely notifications updating the merchant on their progress. Other times information is lost in translation or dropped along the way. Evolve Payment will work with you and the processor to keep you informed throughout the process.

Referral Partners

2. Selecting the Right Merchant Partners

Whether you’re choosing your processor, gateway, ACH service provider, or virtual terminal, the sheer number of choices can overwhelm even the most experienced finance teams. Shopping for different providers is tedious and confusing, especially considering how you and your team will interact with their customer service departments.

Finding a merchant services partner that can effectively support your team is a great way to alleviate this pain point. A merchant partner like Evolve Payment is a single point of contact that will coordinate and fight for you. If there’s an issue, we can help resolve it quickly by bringing all parties together.

We have partnerships with companies at every payment processing stage, so we can create a hybrid program that maximizes your savings while minimizing headaches. Have a problem? Call our customer service, and we can do the rest.

Online connected transaction

3. Overcoming Integration Limitations

Many payment systems, including POS and virtual terminals, force merchants to pay using their designated processing platform. Whether it’s native to their system, PayPal, or some other sole partnership, merchants are at the mercy of the processor and the gateway associated with their system. Gateway locks are a big pain point for merchants because it eliminates the possibility of price comparison and shopping.

However, this doesn’t have to be the case. Evolve Payment can provide the support you need while you use your first-choice payment system. Tell us what you want from your terminal, and we’ll help you figure out the best way to achieve it. Our team is among the best in the business and identifying and solving tough integration challenges so your business can make the most of your payment system.

person holding coin next to graph

4. Managing High Rates & Other Costs

Payment processing costs add up. If you aren’t checking your rates and asking the right questions to your processor, you could be missing out on significant savings. Although this sounds nice, it can be hard to understand where to start when looking to lower your rates. There are nuances that merchants need to understand, and different considerations apply for B2B vs. B2C, as well as processing volume. For B2B merchants, understanding where to start in reducing these costs can be particularly challenging due to the unique nuances and volume considerations compared to B2C transactions.

At the start of our partnership, Evolve Payment will conduct a comprehensive cost analysis to identify potential savings through rate reductions. By including additional transaction information, we can help you secure lower rates, as processors often offer discounts for merchants that provide fraud protection verification. We will guide you on the right questions and actions to achieve these savings. Additionally, we can configure your equipment to ensure it collects the necessary transaction information to qualify for these reduced rates.

True Fraud Thief in front of locked tablet

5. PCI Compliance, Security, & Fraud Prevention

PCI compliance is essential in digital payment processing. Maintaining PCI compliance not only protects your business but also saves you money and prevents potential headaches.

Evolve Payment can guide you through the PCI compliance questionnaire, explaining each question and the reasons behind specific answers. This survey is a training tool, ensuring you securely manage your payment processing. For businesses processing transactions online, we can help establish a scanning schedule to test for system vulnerabilities regularly.

Card testing is one of the most costly fraud scams affecting merchants today. Scammers test thousands of cards on your processing system to find valid ones, with each test incurring a fee. We can help you set up filters to prevent scammers from exploiting your system for card testing, thereby saving you from unnecessary fees and fraud risks.

Payment Terminal

6. Slow Processing & Equipment Lifecycle

Is your business still using outdated payment processing equipment like dial-up terminals? If so, you could be incurring unnecessary long-term costs. While old hardware with outdated technology might have lower upfront costs, they are too slow to handle the complex security information required for modern transactions, leading to backlogs and potential payment issues.

With the rapid advancement of technology and the increasing prevalence of fraud, security measures are constantly evolving, and older physical terminals are quickly becoming obsolete. Evolve Payment can help you select a system that minimizes updates and maintenance while maximizing lifespan. We can recommend the best modern physical terminal or a virtual terminal that suits your business by assessing your processing needs. These systems have regular software updates to keep them current and enhance their security against fraud.

Merchant Processing Doesn’t Have to Be Painful

As a merchant, you already have plenty on your plate; the last thing you want is another heaping stack of payment processing pancakes added to it. This list of common pain points is designed to clarify the complexities of payment processing, allowing you to focus on what you do best. If you’re looking for more information or still find the process overwhelming, we’re here to help. Contact the Evolve Payment team, and let us manage your payment processing needs behind the scenes. We’ll handle the complexities, save you money, and let you concentrate on growing your business.