In this uber-fast paced world, sometimes it doesn’t matter so much whether your business is big or small. What matters more is how fast you do business or how convenient your delivery of goods or services is.
This can’t be truer in the global merchant services industry. As more and more customers rely on online services to order goods, so does the competition between merchant service providers stiffen. Clients realize the advantages and are always on the lookout for the best provider to emerge, or for the one with a breakthrough solution to improving the purchase process.
Here are some ways to make a name for your business in the extremely competitive merchant service industry:
Watch your Rates
When you’re against the big boys, you cannot play according to their tempo. Chances are, they dictate the ballgame. The same is true with pricing. When you’re a newcomer, it is unwise to peg your rates on the same level as the leaders’. The technique is to do things at your own pace. What you have to do is get a portion of the market first, make a good impression, and slowly keep the rates up.
Of course, people equate price with quality, that’s why it is also important to increase your rates as you get more and more mileage in the industry. Outsource if you need to, but make sure to get a provider that offers lower fees to you. When you think your services are at par with the best in the industry, do not hesitate to be competitive rates-wise.
Don’t Scrimp on Features
When you’re trying to compete with the best, you do not scrimp on the features that retain customers: provide virtual terminals and shopping
cart services, offer eCheck services and 24/7 live support via email or toll-free number. Throw in a live chat support for good measure.
Make them Feel Secure
Securing your customers’ data is a no-brainer. In any relationship, a high level of trust is essential for it to thrive. If a customer trusts that their information is safe in your hands, then that customer will be more likely to patronize your business. You have to be able to protect customer data from any type theft, ensuring that your date security measures can not be breached by some overzealous hackers. White collar and cyber crimes are increasing at an alarming rate, so make sure you have five levels of fraud protection. Do not take for granted the fact that your clients also pay for peace of mind.
Design a Cool Rewards Program
Who doesn’t want rewards? People have always reacted positively towards any form of positive reinforcement. In this business, it can’t get any better than offering your customers with some type of rewards program. As a merchant services provider, you can always design a rewards program that is unique to your type of business.
If you own a slew of other business, perhaps you can tap this resource to work to your advantage. Have you a car dealership? Offer free or discounted car rentals for every 1,000 kilometers they’ve traveled with your company. You own some hotels, too? A night of stay without charge for every 10 days of stay your customer has accumulated over a certain period might make him recommend you to his friends. Believe me, little things go a long way.
Of course, it wouldn’t be that easy to convince them, it takes a time to build a tremendous credibility to make your clients refer you to some other business.
Your business will also be judged according to your average start-up and monthly costs, how fast you approve applications, customer service and experience, and others. When you’re in a dilemma, just put yourself in your customer’s shoes. If you’re happy, your customer is probably happier. It won’t make you a major player overnight, but you know what they say about a happy customer.
Originally appeared at How to Be a Major Market Player in the Global Merchant Industry