- October 5, 2018
- Posted by: ipaytotal
- Category: best high risk merchant account provider, best high risk merchant services, high risk merchant payment processor, online payments
There is a classic joke where a man visits his doctor, uplifts his arm and says that “It pains whenever I do this.” The doctor, being funny, responds with, “Well, do not do that then.” Another change of this joke includes a common prescription to “avail two aspirins and call me in the morning.” It did not actually matter whether you have a headache or a broken arm.
Fortunately, these are just jokes, and that doctors do not work like this in the actual world. They are informed that pain is indicating a symptom of a problem and not actually the problem itself. A doctor’s objective is to figure out and identify the existing problem and solve it, if possible, instead of just healing the symptoms itself. For instance, if you are experiencing a weakness in your left arm, the pain you are feeling could be the solution of a pinched nerve, muscle fatigue, or a further severe heart attack. The doctor will be asking questions, together with performing tests and scans to locate the definite cause.
Experience Pain with Your Credit Card Processing Provider
With regard to credit card processing sales, there are around two reasons a merchant will be purchasing or signing with you: pain or gain. The field of gain is easier to measure; but, it does not sustain as much. For instance, if you provide your products and services at a reduced price, the consecutive person to offer the merchant an even reduced price is going to win their enterprise. So, the philosophy here is quite easy: no pain, no sale.
So, how do you figure out pain using a merchant’s credit card processing provider and explore the root cause? Akin to what a doctor does. Initially, you listen to what they have to state, then you do your investigation. It will start with some simple questions:
“tell me something about your current processing provider.”
“What do you like? What don’t you like?”
After calling your questions, wait for their reply and listen very carefully to their answers. If the merchant initiates with the price, respond with a straightforward comment like, “significant business owners focus majorly on price, and understandably so.” Then, ask if there is something happening that cautions them, cost them money, or factors some sad inconvenience and pain to them and their business.
Once you have figured out their problem, take on their pain. Keep in mind that their pain is a consequence, and not a reason that you should treat.
If the merchant states that their credit card processing company is not depositing their money on time, do not assume that next day merchant funding is the most unique solution for them. Rather than, keep questioning for more and more details.
Structure of Conversation
The conversation may go something like this
You: Can you tell me more about the matter? What are you seeing right now?
Merchant: I’ve been noticing that my money normally arrives within 48 hours, but sometimes I don’t get it for more than three days.
You: What actions have you done to check on that?
Merchant: I tried calling my credit card provider, but there’s no answer, so I sent a follow-up email. They responded, saying that they were looking at the issue, but haven’t heard anything else other than that. Since it happens on a random basis, I was assuming they would just fix it for me.
You: So, did it get fixed?
Merchant: Hardly, it occurred again just this Monday.
At this moment, you already have the necessary information to proceed with another set of probing questions. This could, however, be an issue with batch timing, or a problem with auto closing. The reason could be that the processor is holding that merchants money for some reason. It could also be as simple as needing next day merchant funding.
Have patience for it To Materialize
Just wait, even if some useful solutions come to mind. As of now is not the time as it is still too soon to solve the problem. At this time, you should reply by saying, “I see a lot of fields where I can help you. But, since I am not your payments professional just yet, there is not much I can assist you. I reasonably believe I can solve this current problem and free you from future pain though. I can also assist you on various other areas if given the opportunity.”
Never disclose and give the merchant the options you recommend to fix their problems. Otherwise, they can always reject and just let their existing credit card processing provider fix them. Again, be clear, common, and outright with your answers until they finally choose to sign with you. You could possibly match their current pricing. That’s after you have taken out any credit card processing fees. Once you arrange to solve their pain, they will consider you not as their vendor, but a potential partner as well.
Problems with Your Acquiring Bank
Many times, a situation can place that may obstruct payment processing on your merchant account. A general one is when fraudulent transactions are figured. Your acquiring bank shall automatically refute the payment and may initiate protocols to secure your account if the threat is grave. Other factors for credit card processing problems are as follows:
- Your merchant account is not experienced and you require to adjust the settings
- Your bank is seeing technical difficulties
- Your account has been on hold
- Your account has been shut down
- You have crossed your monthly volume limit
If you are seeing a problem with your merchant account or overall credit card processing abilities, the unique place to initiate is with your acquiring bank. One remedy is to obtain different merchant accounts: This will solve volume threshold problems and proposes a backup solution should one merchant account experience a deferment.
Declined Debit Or Credit Card Transactions
You might see differences in your transaction data and attribute it to credit card processing challenges. It could very easily be, but, that a customer’s credit card issuing bank rejected a transaction for any number of factors:
- Their card is expired
- No enough funds in their account
- Crossed/exceeded a credit limit
- Card reported been lost or stolen
- Someone is trying fraud with the card
If you are looking for a Reliable Merchant Account Provider, you are in the right place, as iPAYTOTAL provides the best solutions for Low and High-Risk businesses. We guaranty quick real-time credit card processing, top-notch services and at reasonable rates. Give us a call at +44 800 776 5988 or get in touch with us through our website.