Empowering Financial Institutions to Navigate the Payments Landscape
We don't sell merchant service programs - we optimize them.
We get it. Merchant services, as a product, is enigmatic. But in this high-rate lending environment margins are compressed and your institution's C suite team is talking about non-interest income and efficiency ratios. The pressure is on for retail deposits, treasury management products, and merchant services portfolios to deliver non-interest-based fee income. ​Whether your financial institution refers merchants to a third-party for sales and deployment, or your financial institution handles the merchant program internally - let's talk.
Let's talk about merchant services.
Here are some of the things that financial institutions should be looking at with their merchant services partners and vendors:
Your contract.
Your financial institution is likely in a contract with a merchant services provider. Are the terms of your contract helping your institution reach strategic and financial objectives?
Your pricing.
Whether you're running an agent program or a referral program, pricing and revenue shares are important to your institution. Understanding these variables matters.
Revenue share.
Your residual statements can explain a lot about the overall health of your program, and it's not just the bottom line total that matters. The details of the residual portfolio contain insights that can inform your bank's overall strategy.
Support.
Sales support.
Processing partners provide support to merchants and the financial institution. Phone support is important, but increasingly customers and institutions expect online chat and web access portals to manage their accounts.
Not all financial institutions have a merchant specific sales team, and so they rely on the sales support of their processing partner to assist them during the sales process. Data mining and product training should uncover opportunities and give you team solutions to offer.
Why SOMALTO?
We know stuff.
Contracts, pricing, buy rates, revenue share, referral fees, residuals, hardware, software, integrations, ISVs, VARs, gateways, shopping carts, POS systems, ERPs, EMV, NFC, and apps. We get it. It's a lot.
Somalto can help.