3 Ways to Pick Your Ideal Merchant Processing Service
When we look for new cars, we have a lot of resources to utilize before making our choice as a consumer. But
differentiating price model systems. As an insider, I’ll tell you this: Out of all of them, the interchange-plus-pricing model is the only transparent pricing type that exists. It means whatever the cost of a particular card, a small basis-point markup is added and the profit is known to everyone. Then, consider if their markup is reasonable. It’s best to aim for 10–30 basis points above interchange and 10 cents per transaction. Make Sure Your Agent Performs Regular Audits Ideally, you should get an audit quarterly — if not, at least semi-annually — to track activity in your account. Not a lot of companies do this, but a good agent should notify you of any rate increases or anything else happening to your account. My company does this regularly for all our dental practices, and it sets us apart from the masses thus far. Even if your current rates seem low, some agents can give you nearly 150 unnecessary junk fees which spike up the cost for you and your business. My service, DentalPay, is committed to zero junk fees. There’s not even a startup fee! You can learn more about my service on our website, DentalPay.net.
when shopping for a merchant processing service, it’s more complicated and with far, far less information available. So, what do you do? Find a Trustworthy Agent It’s very rare that agents are qualified or certified in some way. Why? Most agents don’t stay in the industry long enough to be experts. A vast majority of agents have a tenure of 14 days or less. Often, their companies push them out to gain 100% of their residual. So, not only do you want an agent whose credibility you can verify (like a referral from a friend or another trustworthy person), but you want an agent who has been in the industry for a minimum of 24–36 months. Five years would be even better. Demand ‘Low-Cost Interchange Plus Pricing’ Agents will throw a lot of jargon at you to make you feel dumb. Don’t let that trick you from having them fully explain their
Give Love, Get Love
Turn Amazing Customer Service Into a Major Revenue Source
Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels, convincing others that your business exists and has value. But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again?
It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee-customer interactions, your response to problems, your response time , and your approachability on social media. Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you.
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