When consumers shop around, price is often the driving factor when making a decision about a merchant credit card processing provider.
If value-added services really do take a back seat over price, how can merchant credit card processing companies survive with consistent margin erosion? When Credit Card Processing Rates Rule When it comes down to it, the industry is constantly competing on price.
In the current market, small merchants can often get the same pricing as larger retailers that have more money behind them to negotiate.
With a level playing field, rate cuts may work to get the sale in the moment, but what impact does that have on the industry -- especially when the next provider is willing to go lower? If price is not negotiable, are you willing to let the customer walk? Standout in a Sea of Providers Outside of price, people want good customer service.
It's hard to put a price on the customer's peace-of-mind, knowing that when they have a problem it will be handled quickly and successfully.
Customers may be willing to pay a bit more for the convenience of talking with a real person locally, instead of calling a foreign county and trying to guess how their specific problem fits into a general automated menu.
People want to know their challenges are important to someone, and that a real person can fix things.
Also factor in the element of time.
What is it worth to a customer to have a replacement machine updated and in hand within an hour during a busy weekend retail rush, especially during the holidays? Is there a Solution to the Price Debate? At the end of the day, price, value, customer service, and technical support are all important, for merchant credit card processing, sometimes individually, sometimes collectively.
Its best to stick to these basics and upsell as needed:
If value-added services really do take a back seat over price, how can merchant credit card processing companies survive with consistent margin erosion? When Credit Card Processing Rates Rule When it comes down to it, the industry is constantly competing on price.
In the current market, small merchants can often get the same pricing as larger retailers that have more money behind them to negotiate.
With a level playing field, rate cuts may work to get the sale in the moment, but what impact does that have on the industry -- especially when the next provider is willing to go lower? If price is not negotiable, are you willing to let the customer walk? Standout in a Sea of Providers Outside of price, people want good customer service.
It's hard to put a price on the customer's peace-of-mind, knowing that when they have a problem it will be handled quickly and successfully.
Customers may be willing to pay a bit more for the convenience of talking with a real person locally, instead of calling a foreign county and trying to guess how their specific problem fits into a general automated menu.
People want to know their challenges are important to someone, and that a real person can fix things.
Also factor in the element of time.
What is it worth to a customer to have a replacement machine updated and in hand within an hour during a busy weekend retail rush, especially during the holidays? Is there a Solution to the Price Debate? At the end of the day, price, value, customer service, and technical support are all important, for merchant credit card processing, sometimes individually, sometimes collectively.
Its best to stick to these basics and upsell as needed:
- Understand why the customer is shopping or buying
- Get to the pain, and create a solution to resolve it, making it win for the customer
- Know your final offer