“We’ve been getting no love from our current payment processor,” was the sentiment expressed by the customer of one of our newer software partners. After a little more probing, I learned what he meant:
His situation was very similar to many others we’ve spoken with lately. I won’t say it was caused by COVID-19 because these are simple needs that have always existed. However, I do believe the pandemic has amplified these needs – and it’s in all our best interests to listen and respond.
Let’s delve a little deeper into what customers are looking for in a payment provider.
Payments are paramount to your customers and time matters. When issues arise, they need them quickly rectified. If they can’t even reach their payment provider, there will be no quick resolution.
We often see this with larger payment providers that have merged or been acquired over the last couple of years. Often the focus is on larger customers that represent greater revenue. Smaller customers tend to get pushed lower on the priority list.
If your processor is a larger company, keep an eye on the service level your customers are receiving.
Many customers suddenly found themselves scrambling to enable channels they had not previously used. In many businesses, online purchases and phone orders were the only things keeping them afloat. Guidance on how to quickly open those channels and accept those payments cost-effectively and securely was critical for your customers. Processors that did not reach out to help, failed at meeting your customers’ need.
I promise not to use tired phrases like “the new normal” to describe post-pandemic business needs. But the truth is, consumers have shifted how they want to engage businesses, and we need to respond accordingly. A perfect example is contactless payments.
Consumers are wary of touching common surfaces, which may be why Mastercard reported a 40% surge in contactless transactions last quarter. Your customers need guidance from your payment processor to ensure they are properly equipped to address the shift in consumer behavior.
The customer I referenced earlier had a serious problem with PCI scope. Both the customer and our software partner had been burning through a bunch of resource hours and a ton of money to keep data secure and their compliance intact. Taking a problem-solver approach got both of them out of PCI scope so they didn’t have to worry about security or chasing compliance.
This was not a new problem for the software partner or its customer. It was simply a problem that had been ignored for years by the incumbent payment provider.
There are probably other needs that are unique to your specific customers. If you want to be a hero to them and retain/grow your business, make sure you’re listening and responding.