The changing retail landscape has resulted in huge shifts to how merchants do business with their customers. With over 25% of all retail transactions now taking place online, the risk of fraud has increased, and merchants have found dealing with hesitant acquirers more and more difficult.
But it doesn’t have to be this way. Done properly, the merchant-acquirer relationship should benefit both parties by helping create new sales opportunities. Our Chief Risk Officer, Tom Pilling, spoke at the MRC (Merchant Risk Council) Berlin 2022 event in May, where he offered his thoughts on what merchants should expect from acquirers to help drive sales, and crucially, to protect their businesses.
Here are his top five keys to getting the best from any merchant-acquirer relationships:
1. Quarterly Business Reviews
First and foremost, merchants should receive Quarterly Business Reviews (QBRs) as the rule, not the exception.
QBRs are essential to ensuring that you’re getting your money’s worth. They allow you to hold your acquirer accountable, as well as provide you with crucial updates on payments processing for your firm. You should always expect to have this in the diary each Quarter with your acquirer’s Relationship Management Team. Remember- they’re there to support you!
2. Regular tech stack reviews
As part of the regular contact that you should be having with your acquirer, it’s always worth finding out what new technology capabilities they might have. Just like you, they’re constantly trying to grow and progress- it’s handy to know what’s on offer so that you can stay safe, compliant, and avoid chargebacks where possible.
3. Data utilisations
One thing many merchants aren’t aware of is quite how much data their acquirers are keeping. These huge stores of information can be used to better understand payment trends within your business and give you a clearer picture of customer behaviour.
This includes the reasons behind chargebacks – whether it be fraud checks, or the high-value of a transaction derailing the payment, knowing exactly why customers are being declined will better equip you to predict your cash flow and behavioural patterns.
4. Digital currency support
In less than a decade, digital currencies have gone from being a fringe investment used in niche corners of online culture, to an emerging asset class that many believe to be the future of money. Today, over 11,000 digital currencies exist, with a combined market cap approaching $2 trillion, according to Bloomberg.
As not all acquirers currently offer support for digital currencies, it’s worth considering whether or not your acquirer is providing access to this rapidly expanding market, or if they have plans to in the future. At Trust Payments, cryptocurrencies are fast becoming one of our most important verticals, and our offering focuses on making the process simple and fast.
5. Security and regulatory expertise
Finally, your merchant acquirer should be able to assist in helping you comply with crucial security regulations such as the Payment Card Industry Data Security Standard.
A good acquirer will have skilled teams available to support you in choosing which solution is the best fit for your company. Advice and guidance around 3DS (3-D Secure), Stronger Cardholder Authentication (SCA) or the latest requirements from a Payment Service Directive (PSD2) is imperative to help you understand regulatory requirements.
Don’t feel like you’re getting this level of service from your acquirer? Then it’s time to act! Speak to your acquirer today, or if you just aren’t happy, why not speak to one of our team about how Trust Payments can take your business to the next level?
