Is Your Payment Service Provider Giving Your Business The Support It Needs?
To accept online payments it is essential that your business or organisation has a Payment Service Provider (PSP) – a third party that allows merchants to take a variety of payment methods through one channel. In this post we explore why working with a PSP should not be a purely transactional relationship – focused on business operations – but can be a partnership where your PSP supports your organisation’s business objectives and growth.
Yes, your PSP will provide services according to the agreed SLA, and in return deduct their fees for facilitating the transaction process, but your payment service provider should also be proactively supporting your business. Instead of just providing payment services, we believe that PSPs have a role to play in developing their customers’ businesses, helping them optimise their online payments and global business strategies.
Your Payment Experts
Payment service providers are experts in all things to do with online transactions. That not only includes the logistics of accepting different payment methods and transferring funds, but also they are experts on e-commerce, fraud and security, cross-border trade and overseas markets.
With a wealth of knowledge gained from working with customers across many different sectors, acquirers and financial services institutions, and cyber security professionals your PSP are payment industry experts and have valuable information they can share with you. Ensure you keep your contact details up to date with your provider so you can be made aware of all communications, both mandatory and educational.
What Support Should You Expect From A PSP?
The way different payment service providers support their merchants’ business objectives will vary, but typically expect them to offer support in the following areas:
Customer support – this will include resources and service desk support to manage your PSP account. Expect knowledge banks, support documentation and tutorials to enable your business to get set up and manage the day-to-day running of your payment gateway and troubleshoot any issues. Alongside this ‘self-serve’ support, your PSP should provide responsive service desk support, with the option to get support via phone, email, online enquiry forms or ChatBots etc.
Fraud and security – your PSP will have fraud and cyber security solutions available to increase the security of transactions and protect your customers and organisation from cyber threats. The cyber threat landscape is complex with merchants in some sectors being more vulnerable than others, and different global markets having different risk levels. Expect your PSP to take a proactive approach to fraud and security, with in-house security analysts and relationships with other specialist providers. Also expect your PSP to communicate regularly with your organisation about threats and risk, offering advice and support for improving protection and detection.
E-commerce support – while your PSP may be focused on facilitating transactions behind the scenes, providing payment gateway services and / or acquiring services, they are also very knowledgeable about front end e-commerce strategies such as optimising your organisation’s website for conversion. Expect to be able to discuss issues with conversion with your PSP and benefit from their experience supporting other merchants in your sector and other industries. Your PSP may also have resources available such as guides and downloads, blog posts and whitepapers that you can access to benefit from this area of expertise.
Market-specific support – partnering with a PSP with market-specific expertise should be a priority as they will be in the best position to support your business objectives. Payment methods, security risks, compliance, customer behaviour, and other factors vary between different markets and therefore tools needed for conversion, and for securely processing payments, need to be localised for the target market. There are also differences between different sectors operating in the same market. For example the majority of transactions in some sectors occur on desktop and laptop computers, whereas in other sectors m-commerce is making significant gains and this presents different challenges, opportunities and threats. Your PSP should have market and sector-specific expertise to provide your organisation with the right support.
In summary, your payment service provider has valuable experience and knowledge to share with your business or organisation to help align processing transactions with your customers or clients’ needs, the market you operate in and the cyber threat landscape. Take advantage of this expertise!
If you want to talk to a payments expert about any of the topics covered in this blog post, get in touch with our team. Call +44(0)8082564381 or email [email protected]