How to Build a Good Relationship with Your Merchant Bank
Building good, strong relationships is an integral part of business success, whether you are running a bricks and mortar shop or operating an ecommerce store. Nowhere is this more important than when looking at banking services.
Which merchant service you choose and how you develop a good relationship with the people who run it should all be integral to the smooth running of your business operation.
Choosing the Right Merchant Bank
When you are first starting out in business, it can often be the path of least resistance to choose the first merchant bank you come across. Like all other things in life, however, you should shop around and take a closer look at the service you are being offered. If you already have a merchant bank but feel that you have made the wrong decision in choosing them, then it might also be time to look around at the market and what’s on offer.
The problem many businesses find is that some merchant banks tend to be poor at communication. That, in turn, can make it very difficult to build a profitable relationship which is flexible to their needs.
When you are choosing your merchant bank you need to:
- Check their helplines and support thoroughly. Either give them a test call or research online to see what complaints have been made.
- Check the costs you are being asked to pay and compare these with other providers – it can be difficult to do but if you know the sector it’s a lot easier.
- While there are many reputable suppliers of merchant services out there, you can also come across ones that are not so great.
The last thing you want is to start using a merchant bank and find there are problems with connections, the tech you are using or the costs you are being charged for the service. If you are not sure about the market and what you should be looking for, choosing a company that helps you find the right card payment or online merchant service is a good option.
Building a Relationship
Gone are the days where we used to have a local bank manager who we could sit down with and chew the fat. Most business relationships are carried out remotely nowadays, either online or via a web chat facility. That doesn’t mean you can’t still build that relationship and get what you want from your service but is a little more difficult.
Doing your research is a good start and understanding how your merchant bank works with customers is important. You want to know how flexible that bank is going to be as your business grows – for instance if you want to take on new payment options to give your own customers choice. You can often tell a lot about a merchant bank, or any other service, from their helpline and support. This includes how flexible they are in dealing with your queries and, perhaps more importantly, how knowledgeable they are.
- Do they operate a 24/7 helpline service?
- Are they easy to contact?
- Do you get a polite and, above all, helpful response?
- Are they responsive to changes in the payment market and delivering what your business needs?
All these are important if you want to build a trusting relationship with your merchant bank. It can be difficult to gauge with so many providers available but this relationship should be top of your list when you are looking for a service that compliments and benefits your business.