Merchants, banks, and card networks may dominate discussions about chargebacks and other challenges within the payments industry, but we should never overlook the other players in this ecosystem who make instantaneous global ecommerce possible. Payment processing companies perform the essential work of authorizing and settling transactions for merchants, handling all of the lightning-fast checks and communications that allow you to enter in payment credentials and see the “approved” message pop up within a matter of seconds. This is vital work, but in today’s competitive environment, it sometimes goes unrecognized. How can payment processors set themselves apart from the pack and strengthen their relationships with the merchants they serve?

The reality for payment processors is that the competition is fierce and plentiful—there are over 10,000 payment processing companies operating within the United States alone. So much competition means that profit margins are razor-thin for most processors, since there’s always another company willing to undercut you by a few fractional cents.

Full Text:
https://www.chargebackgurus.com/blog/3-payment-processor-tips-better-merchant-relationships

©Chargeback Gurus 2020
Production: Tyler DeLarm
Narration: Sarah Rife