Summary
- Dealing with multiple payment processing vendors can be inefficient and expensive
- Simplifying your business’ approach to payment systems and connected tools reduces overhead
- All-in-one solutions providers deliver everything you need with better service and lower costs
There are many reasons why a business may seek out a combination of different suppliers, vendors, and service providers to help support their operations, but in some situations this approach may actually be detrimental to the success of the company over the long term. In the case of payment processing and merchant services, a single-source approach can make a lot of sense, and the advantages to the business can be quite significant.
No matter what type of business you operate, you’ll surely have multiple partners, vendors, suppliers, and support services that help you manage the many different aspects of operating your business each and every day. In some cases, these partners will serve a defined purpose to help drive your business forward. After all, a restaurant is probably not going to be able to use the same partner for both food supply and marketing support. However, there are other elements of business operations that make sense to consolidate with a single-source, such as payment processing, merchant services, POS equipment, and ecommerce platforms. In fact, there are many advantages to doing so.
To fully understand the scope of the impact that an all-in-one provider for payment processing and merchant services can have for a business, it’s important to first outline the various disadvantages that are often experienced by companies who are currently using a more fragmented approach to these types of business services.
The Disadvantages of Dealing with Multiple Vendors
There are several common challenges that every business has experienced in some way, shape or form as they seek to solve problems, improve efficiency, and get support from their various suppliers and partners. Some of these situations are related to various types of hardware and software, while others are related to business processes, both internal and external.
Multiple Statements and Multiple Fees
It’s not unusual for some suppliers and vendors to only handle a very narrow list of services or products, with everything else falling outside the standard packages and pricing. This means that to get everything you need to manage your inventory, process payments, deploy an ecommerce solution, coordinate rewards programs, and all the other tasks you require, you will end up with a long list of suppliers and vendors. Naturally, for every service provider you work with, there will be costs associated and likely some recurring fees for ongoing support. Handling all these different monthly statements and fee payments is a real hassle, and results in ballooning overhead costs and internal inefficiencies.
Fragmented Reporting and Missing Data Connections
When dealing with separate partners for different business tools and operational processes, there’s a significantly greater likelihood that the various systems won’t effectively ‘talk’ to each other. This creates disconnects in the analysis and reporting functions that are so critical to understanding how the business is operating. Under this type of structure, each independent system would need to be looked at individually, with analysis requiring substantial manual effort in order to get a complete picture of the success of the company. When you need insights into how your business is performing, the time required to obtain them can be a major hindrance.
Customer Service and Technical Support Challenges
When you encounter any kind of problem that requires a call to customer support or technical services, the responsibility then lies with you to determine which vendor or partner is the right one to call for that particular issue. The last thing you need when there’s a problem is confusion and wasted time trying to figure out if the problem lies with your POS system, your ecommerce platform, or something else. Calling the wrong vendor needlessly takes up your time and theirs. All of this adds up to lost revenue and decreased productivity, and certainly more stress and frustration for you.
Now, it’s time for the good news. All of those problems are avoidable. There are solutions providers out there that can facilitate the entire spectrum of payment processing services, ecommerce solutions, traditional POS hardware, unattended payment hardware, robust reporting, complete customer service, and technical support. By consolidating these aspects of your operations all under a single business partner, you can significantly reduce overhead costs, improve production efficiency, boost customer satisfaction, and drive profitability higher.
Reduce your operating costs with our full suite of payment solutions
Advantages of All-In-One Services and Payment Processing Providers
By choosing MONEXgroup as your all-in-one merchant services provider, there are many powerful benefits that your company will be able to take advantage of. We’ll help streamline your payment processing systems, add capability to your POS and ecommerce systems, and improve loyalty by providing a smoother, more efficient experience for your customers.
Complete System Integration and Hardware/Software Compatibility
When you partner with MONEXgroup as your single source payment partner, we offer any solution you may need to provide a smooth, fast, secure checkout experience, whether it’s in-store, mobile, and online. In addition, we are able to support any type of installation, setup, and integration with existing systems to support your business. Your POS terminals will be 100% compatible with your ecommerce platform, will sync with your inventory management system, and so much more. Data flows seamlessly across the entire system, with no hiccups. This equates to one comprehensive payment processing solution that is custom-configured to meet the unique demands of your business for maximum effect.
One Merchant Account and One Billing Statement
Once configured and installed, managing your services and costs becomes easier than ever. You’ll have a single merchant account for all the services you’re using, and will be billed on one statement so there will be no surprises or unexpected charges that come up. Everything will be outlined exactly as was agreed to at the onset of the project, and with all your merchant services consolidated with MONEXgroup, you’ll be able to take advantage of lower rates for reduced overhead costs that will boost your bottom line each month.
Dedicated Account Manager and Expert Customer Support
Another critical advantage to bringing all your merchant services and payment processing needs under one roof with MONEXgroup is our team of customer care experts and technical service professionals. Your business will be provided with your own dedicated account manager who will work side by side with you and directly oversee all elements of configuration, start-up and ongoing account services. You will also gain access to 24/7/365 technical resources and support teams that will spring into action whenever and wherever you need them. We understand that every second of productivity matters, and so we are committed to delivering the finest support and customer service in the industry.
Leverage the Strength and Stability of an All-In-One Payment Processing Partner
To gain competitive advantage in your markets, you’ve got to do things better, faster, and with greater effect than your competition. When you think about the impact that the various components of your payment processing, order management, and ecommerce platform have on the overall customer experience, it quickly becomes clear how beneficial it can be to consolidate them all under a single provider that is a proven leader in the industry. There are few business partnerships that have such a far-reaching effect on the overall profitability of your company, and so it is absolutely essential to your success to choose the right merchant services provider. If you’re ready to take the next steps with MONEXgroup, contact our team of payment processing experts today and obtain a free no-obligation quote that can show you just what kind of savings you can achieve. We look forward to speaking with you!
Author: Layal Scheirich, Head of Sales at MONEXgroup
Bio: With 18 years of experience in payment processing and merchant services, Layal has seen in-store POS technology evolve from its humble beginnings to contactless, unattended, mobile and online alternatives. Today, Layal is an inspiration to the MONEXgroup’s team and a go-to source of information related to payment processing. She is enthusiastic to share her knowledge with audiences interested in cutting-edge technologies available today, such as unattended payment for self-serve kiosks, e-commerce online payment gateways, virtual terminals, and contactless and mobile payment solutions.
Social Media Profile: LinkedIn
Contact Info: insights@monexgroup.com
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