No two Merchant Account Statements are alike? In fact, the vast differences from one statement to the next can often make it close to impossible for the majority of today’s billers to understand the exact services they will actually receive, and their related service fees.
Many experts today complain that the industry itself is a mish mash of back-end networks that lack efficiencies and consistencies. The main issue, as we see it, roots from the general lack of incentives to change current practices and processes within the industry as a whole. For example, similar to buying a used car, when a merchant can’t make a comparison so that the consumer clearly understands the related fees and/or services, there is an (unfortunate) opportunity for the credit card vendor to make more money and potentially provide less services.
What should you do?
A good place to start is to enlist the help of and work with a trusted merchant service provider. For example, at BillingTree, we are focused on making the application process and experience seamless, removing the confusion, and making it easy for merchants.
BillingTree’s Payrazr suite is comprised of the most innovative, intuitive and flexible integrated payment processing gateways available on the market today. Created by leveraging the knowledge of BillingTree’s team of experts, our solutions combine the most cutting-edge technology solutions with over a decade of payment processing and compliance experience.
In the long run, we aim to help billers build strong, trusting relationships with their bill-paying customers, all while taking payments more efficiently and increasing paperless adoption rates. The main advantage: Developing improved relationships with bill-payers can remove frustration, and make available pricing and services more clear and transparent.
Leveraging partner gateway services from third parties, BillingTree’s legacy gateways offer existing integrations with many of the industry leading software providers. The result is a payment gateway that delivers a unique combination of performance and usability with the goal of maximizing customers’ cash flow while minimizing exposure to compliance risk.