How CNP Merchants can Better Process Visa & MasterCard
6. Low Cost Merchant Accounts and Customer Service
It is a time-honored tenet that business should strive to obtain products and services at the lowest possible price. Frequently, merchants adhere to this principle a little too zealously. Payment processing is large, extremely fragmented industry, and it is filled with a plethora of players residing in numerous layers. It’s simply not that difficult for a merchant to get “good” pricing in today’s highly competitive processing environment. It is however, often difficult to get good customer service. Low pricing typically comes at a cost, and that cost is usually poor customer service. Determine whether the provider that sold you your account will inevitably be providing you with processing and customer service. Does the vendor offer a 24x7 call center? Is your processing firm a good fit for online business? Remember, payment processors handle virtually all of your cash and often affect your customers’ buying experience. Competent customer service is therefore a critical component in running an effective credit card operation. Consider spending a little bit more for outstanding customer service. Constantly review your own customer service processes.