Customer Feedback Is Vital to Business Success
There is no easy way to acquire business success. Whether you have a low- or high-risk merchant account, it is becoming so challenging to face the marketplace now that it has become more digital. Thus, merchants need to improve the way they develop their products using valuable customer feedback as well as insight from payment providers as well.
Understandably, merchants are constantly pressured by tech-savvy consumers who are looking to schedule personal service appointments, order items in-store for delivery, or order products online to then pick them up on-site.
In this case, if merchants are not able to meet such demands, customer loyalty can fade away in a breeze, especially with many e-commerce competitors getting into the mix.
Shift to Electronic Transactions
Shifting to electronic transactions can give your business a major edge against your competitors. Secure payment gateways on-site as well as ACH payment processing are traditional options that are still viable, but businesses must start accepting credit card payments online, providing customers with digital selling options and an exceptional customer experience.
Partnership Is Key to Develop Solutions
Merchants aren’t usually closely involved in the strategy and product development process of fintech players. However, there is an opportunity for payment technology providers to work closely with customers for the development of solutions to meet the expectations of the merchants and help them grow.
The Importance of Feedback from Customers & Merchants
Getting to know the needs of merchants will aid payment providers in building superior products on one end as well as a technology strategy to allow them to strengthen their relationship with the customer on the other end.
A reliable payment processing company will help merchants learn to achieve the best solution. Together they will be able to identify any challenges and implement the right technological improvements.
As they become more familiar and well-versed with the current software-based solutions, payment providers will be able to offer an effective solution for their merchants.
This collaborative effort will offer valuable insights to understand the unique needs of both customers and merchants. This will determine how merchants and customers interact so that payment providers can help guide their merchants along the digital experience pathway.
New vs Long-Term Relationships Between Customers & Merchants
Nurturing an existing consumer base is more important than spending excessive capital to build a new one. As a common business practice, payment providers need to deliver effective, integrated solutions with help from merchants in order to build a long-lasting and committed business relationship.
Improving customer retention rates by just 5% will enable businesses to boost their bottom line by up to 95%. That being said, investing in existing customers has been recommended as a top strategy to achieve business success; the first step is to review customer feedback.
Listen & Understand Business Needs
The ability to reach, connect, and engage with merchants is an excellent way to ensure the success of your business. This can be done by creating a business model that will require payment vendors to listen to customers and understand their needs.
Nevertheless, it is not an easy task to achieve sustainable growth in the U.S. payments space. It requires intelligent solutions, a great business model, and customer feedback as well as insight to help payment vendors gain a competitive advantage.
Joyce Hope is a writer who specializes in merchant accounts. She has worked for First Card Payments since 2017.