Understanding why a growing and reliable service demands so much time and effort.
In today’s world of uncertainty, there is one thing we can be sure of: COVID-19 has changed our world forever. Not just today, but it will change everything after the vaccine becomes widely available. The biggest change will be in how we invest the limited time we have each and every day. Services, such as credit card processing will come under scrutiny. And that’s where IQCS comes in.
27% of Merchants Say, “They Will Definitely” Switch Processors
The first step to solving any problem is understanding its root cause. What is motiving over 8.3 million businesses to go through the time intensive process of finding a new processor? Answers can be boiled down to two primary issues: service and price.
The unique nature of credit card processing creates unique problems. Whereas the typical vendor staffs their own sales & service teams, merchant services is outsourced. Processing is done through only a handful of platforms, such as FirstData or Global, who resell their services through thousands of ISOs and banks. The problem isn’t with processing; the problem is with how it’s supported.
The Hidden (and Dark) Side of Processing
For all its faults, credit and debit card processing is very reliable boasting a 99.99% uptime. But when a problem arises, this structure can fail the merchant. This leads to our first problem: service.
When a merchant needs help, they call their provider and must make their way through deep phone trees only to end back at the processor (ISOs pay processors to handle service calls). If the merchant is lucky, they get their problem solved with one call. If they’re unlucky, they run into customer service hell.
This can lead the merchant to review their costs, resulting in issue #2. Processing fees are based on interchange – a complex rate structure with hundreds of qualifications – so complex that even seasoned reps don’t understand it. Interchange may be universal, but how its presented is not. Multiple statement formats & pricing schemes, padded rates, hidden fees, and numerous line item costs; it’s no wonder there’s so much turnover.
Discovering New Solutions
Managing processing in a post-COVID world requires a new approach that doesn’t take time away from rebuilding. IQCS has created two new solutions to solve the merchant’s burden of processing:
IQ Analysis solves the cost issue. Capable of breaking down any statement, from any processor, our smart analysis searches for every possible cost improvement. From uncovering hidden fees to cost savings through Level-2 and Level-3 programs, we leave no stone unturned.
IQ Care solves the service issue. From monthly statement reviews to quarterly performance reports, we remain vigilant to ensure costs remain constant. And if problems arise, we work the problems on your behalf to keep you focused on growing your business.
Solving processing problems doesn’t always mean having to change. In today’s business, it’s time to bring in the professionals to solve the problem for you.
