Guide to How Community Banks Can Level the Playing Field

Merchant Services is an underutilized tool that provides customers with a more motivated and educated staff, and improved bottom line. With larger banks using Merchant Services as a business development tool, Retriever Payment Systems know that community banks need to have a proactive approach to Merchant Services.

If done right, Merchant Services can be a key differentiator. Here’s an overview of three things to look for in a Merchant Services partner, and how it can level the playing field for community banks:

  1. Customer Service Top-notch customer service includes a dedicated, local representative who is available for side-by-side selling with bank account executives. Because changes occur constantly in credit card processing, ongoing staff training on these changes, and on products in general, is essential. In-branch incentives for bank employees is another key aspect of customer service.
  1. Relationship Building and Retention Full Merchant Services and support should include face-to-face merchant sign up, installation, training, and support after the sale. This takes all the work off the bank, while fostering a strong business relationship. Marketing materials designed to help solicit old and new clients continue to build and maintain relationships.
  1. Increased Fee Income A local, honest Merchant Services partner can offer increased fee income of 20 to 30% of net residual income and fees, based on volume. These fees are paid monthly and include:
  • Visa, MasterCard, & Discover discount fees
  • All transaction fees
  • Statement/batch fees
  • Service plans

What to Expect from a Merchant Services Partner
Merchant Services partners are not created equal. Top-notch firms are committed to forming ongoing, long-term relationships, and ensuring that your needs are met. Make sure your partner embodies these qualities:

  • Better Business Bureau A rating or higher
  • Bi-monthly reports tracking leads and status
  • Interchange Plus pricing with processor fees ranging from .10%-.40%, depending on volume, and no annual fees
  • New state-of-the-art EMV equipment competitively priced, and free loaner terminals for merchants who qualify based on volume
  • Full suite of other solutions, including mobile, virtual terminals, and point-of-sale systems

You should expect a lot from your Merchant Services provider. Focusing on what partners provide when it comes customer service, relationship building, and increased fee income will let you take a proactive approach.

Interested in learning more about Retriever? Call us today!