How can payment processors compete with Square?

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February 13, 2013

Have you ever heard a customer say – “It’s going to take two weeks before I can process payments?  Square can set me up in only 15 minutes!”

The days of the two week adjudication period are over. Innovative merchant acquirers and payment processors are now offering your customers a better experience. And your customers are noticing.

A trend of modernization is sweeping through the merchant card services sector, and it’s transforming the way merchants interact with their payment processor. By taking advantage of e-signatures, adjudication platforms, and rapid merchant onboarding systems, startup and midsize payment processors are challenging the established giants of the industry by providing a superior customer experience, faster and at a lower cost.

Smart Process Applications Improve Customer Experience

Innovative payment processors are finding ways to improve each touch point with their customers. Their customers fill out their merchant applications online, avoiding the time consuming and frustrating process of filling out and submitting a paper application. Merchants get to skip the back-and-fourth process of paper application forms and complete them in far less time. If the CFO is out of town it’s no big deal, he is emailed the application and asked to sign electronically.

The bottom line

  1. Payment processors are using smart process applications to differentiate themselves while they increase revenue.
  2. They differentiate by improving their customer’s experience. New accounts are setup in 15 minutes instead of two weeks and applications are self-serve.
  3. Revenue generation begins 5 days sooner than before. (How much revenue would that be for your company?).

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