The recent Fireside Chat event hosted by Entreprenista and Paysafe on payment trends and optimization was a valuable opportunity for businesses of all sizes to gain insights into the evolving landscape of merchant services. The discussion, led by Madison Fiore, a payments and product specialist with extensive experience in streamlining and optimizing payment solutions for businesses, shed light on the changing priorities in selecting merchant service providers.
The conversation began with a reflection on how businesses used to prioritize the latest technology when choosing merchant service providers. They would compare quotes from different companies and choose the most cost-effective option that offered all the newest technology, without considering other factors. However, with the onset of the Covid-19 pandemic, businesses began to take a more holistic approach to merchant services. They became more open to conversations about security and safer options for their business. Merchant service providers also shifted their focus to building long-term relationships with their clients. They started to provide additional tools and services that would help businesses, rather than just offering credit and debit card processing.
Paysafe takes a consultative approach to merchant services, prioritizing safe and secure solutions while also controlling costs. By building partnerships with merchant service providers, businesses can potentially save more money beyond just transaction fees. During the discussion, Madison shared several practical cost-saving tips and strategies that businesses can use to increase their cash flow. She advised business owners to regularly review bills and invoices and seek clarification when necessary, as well as to look for customizable solutions rather than all-in-one packages that may have unnecessary features.
Madison also suggested implementing programs where businesses can pass fees off to their customers for credit card processing and considering merchant cash advance programs for additional capital. Madison explained that customers are currently more aware and accepting of these fees due to the current climate. However, she recommends that businesses consider the impact on their customers and offer multiple payment options, including cash, to incentivize cash sales while still providing the convenience of credit card payments.
Madison recommended merchant cash advance programs for businesses that need additional capital for things like inventory or new equipment. These programs work differently from traditional bank loans, as a portion of daily sales goes towards repayment rather than a fixed monthly payment. Madison noted that eligibility requirements for these programs include having credit card processing and a history of using it. However, the application process tends to be less paperwork-heavy than traditional bank loans.
Saving money is important, but making money is equally important. Businesses need to focus on increasing their revenue while also controlling costs. Merchant service providers can play an important role in this process by offering additional tools and services that help businesses grow. Overall, Madison emphasizes the importance of being proactive and informed when it comes to controlling costs in business operations. By asking questions, reviewing bills and statements, and seeking out customizable solutions, business owners can make more informed decisions that can help them save money and improve their bottom line.
The Fireside Chat was an informative and practical resource for businesses of all sizes seeking to optimize their payment processes and grow their business. The conversation emphasized the importance of taking a holistic approach to merchant services and the benefits of partnering with providers who offer customizable solutions, additional tools, and services that can help businesses save money beyond transaction fees. The event offered a great resource for businesses of all sizes looking to optimize their payment processes and grow their business. By building long-term relationships with merchant service providers, businesses can save money, increase revenue, and offer a safe and secure solution for their customers.
Q/A With Madison Fiore
What is an MSP?
That's just the fancy way of saying merchant service provider; so any company out there that's selling you credit card or debit card processing is a merchant service provider.
What is a digital wallet?
It can contain your Apple Pay or things like that. But most people have used it for concert tickets or their plane rides or anything like that. Essentially, it is a virtual space to hold anything you'd put in an actual physical wallet.
What is a POS?
POS stands for point of sale, and it can refer to any device where you're taking a payment, but it's most commonly referred to those bigger systems that restaurants or big retailers will have where there's inventory and equipment. They are a powerful tool that does more than just credit card processing.
What does NFC stand for?
That stands for near-field communication. That's really what we've been talking about with Apple Pay and Google Wallet; anything, where you're not inserting your chip card or swiping your card, is using NFC.
Does Paysafe integrate easily with many platforms?
Yes, absolutely. We do integrate with almost all web hosting platforms. We have a few different gateway solutions, so that way we can match you to the proper one.
How do processing fees work?
Typically your merchant service provider will structure it in a way where you are paying a percentage rate or a per-transaction fee for every single transaction that you run via debit and credit card.
What kind of analytical tools should someone be looking for to track transactions and use to make business decisions?
Paysafe offers a whole merchant dashboard website. So we want to make sure that every business owner feels in control of their transactions. We provide online support to assist with running these reports. For example, if somebody has inventory items, they can run a report by item, over a certain date range, and they can see which items are best-sellers and know when to order more. Or, say they only sold one of these in three months, they can remove it entirely from the inventory. Almost all merchant service providers should be providing you with some type of dashboard where you can, at least at the bare minimum see all of your transactions and your deposits to your bank account.