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How can choosing an Acquirer affect the performance of a payment service provider?
On November 16-17, Riga will host the international conference eCom21, which will bring together reputable professionals and experts in the online industry from Europe, the CIS and other regions of the world. The main partner of the forum is the Latvian processing company Decta.
Business Development Director at Decta - Maksim Dambrausks - is ready to share his professional knowledge and experience in e-commerce, explaining what is important to consider when choosing an Acquirer and what are the main characteristics to pay attention to.
Often, a partnership agreement is concluded solely on the basis of a commercial offer provided by the Acquirer. However, a decision based only on favorable pricing terms may be wrong and in the long term prove to be not in the best possible way. There are a number of other important factors that can directly affect future cooperation, the efficiency of the services provided, and, as a result, the profitability of the payment service provider's business. If you're looking for an Acquirer but don't know where to start, here are some tips to help you find a reliable payment service partner.
Simple and fast process of submitting and processing an application, fast integration and an understandable cooperation model
The simple process of registering new merchants is one of the most important key criteria for starting a partnership quickly and efficiently. The main challenge for a payment service provider is to provide fast and uninterrupted service to their merchants, so the Acquire's accompanying support in this will be very effective.
In today's highly competitive environment, only the latest in technical terms products and quality services will help to achieve significant success.
Understanding the Know Your Customer Procedure
Know Your Customer (KYC) is one of the central elements designed to ensure security in an e-commerce business. Why is it so important to properly assess each new client and determine the exact parameters of risk? The registration of dubious merchants can affect the Acquirer's reputation, and the authorization of fraudulent transactions can have serious consequences not only for the Acquirer, but also for the payment service provider.
While the risks and requirements may vary depending on the merchant's business model and the policies of each individual Acquirer, there are nonetheless globally accepted verification standards such as AML, KYC and KYCC that maintain a consistent standard of customer service. ... Accordingly, partners must clearly understand the internal procedures of the organizations and the requested documents in order to ensure the fastest and most comfortable procedure for registering merchants, as well as their further service.
The importance of risk assessment
Both acquirers and payment service providers must be very careful in assessing the business of the merchants involved and the associated risks. This includes a deep understanding of the specific industry in which the merchant operates, as well as an accurate analysis of the services or products offered.
Before starting a partnership, it is important to clearly understand the industries that Acquirer works with. Ignoring this fact when deciding to start cooperation with Acquirer can negatively affect the relationship in the future. This can lead to misunderstandings during the registration of new merchants from various business sectors, to which the Acquirer may impose additional requirements or simply refuse to service. Ultimately, the payment service provider will have to abandon the Acquirer service and spend additional time and resources looking for new partners, which can affect the relationship with the end merchants.
Acquirer's reputation
The Acquirer's reputation plays an important role in the success of a business and usually depends on its reliability and professional competence. In this context, this means both the absence of negative information about the partner and a balanced combination of experience, technical knowledge, modern technologies, innovation and know-how. When starting cooperation with Acquirer, it is also always worthwhile to familiarize yourself with its financial performance in addition to evaluating the rest of the pros and cons.
Excellent customer service
Customer service is all about providing top-notch and timely support that is a necessary part of an online business. In addition, the e-commerce market is constantly growing - many companies are moving to e-commerce platforms and the demand for online payment services is increasing at lightning speed.
The Acquirer's ability to quickly respond to requests from payment service providers directly affects their ability to provide quality services to their customers, performing all processes as quickly and efficiently as possible.
Personal attitude
Ultimately, this is not only about formal cooperation between the two parties. The personal relationship and interest of the partner builds trust and long-term relationships. Even in the high-tech and automated world of e-commerce, it all comes down to human communication and mutual understanding, which helps to achieve more and makes cooperation just more comfortable and enjoyable for both parties involved.
On November 16-17, Riga will host the international conference eCom21, which will bring together reputable professionals and experts in the online industry from Europe, the CIS and other regions of the world. The main partner of the forum is the Latvian processing company Decta.
Business Development Director at Decta - Maksim Dambrausks - is ready to share his professional knowledge and experience in e-commerce, explaining what is important to consider when choosing an Acquirer and what are the main characteristics to pay attention to.
Often, a partnership agreement is concluded solely on the basis of a commercial offer provided by the Acquirer. However, a decision based only on favorable pricing terms may be wrong and in the long term prove to be not in the best possible way. There are a number of other important factors that can directly affect future cooperation, the efficiency of the services provided, and, as a result, the profitability of the payment service provider's business. If you're looking for an Acquirer but don't know where to start, here are some tips to help you find a reliable payment service partner.
Simple and fast process of submitting and processing an application, fast integration and an understandable cooperation model
The simple process of registering new merchants is one of the most important key criteria for starting a partnership quickly and efficiently. The main challenge for a payment service provider is to provide fast and uninterrupted service to their merchants, so the Acquire's accompanying support in this will be very effective.
In today's highly competitive environment, only the latest in technical terms products and quality services will help to achieve significant success.
Understanding the Know Your Customer Procedure
Know Your Customer (KYC) is one of the central elements designed to ensure security in an e-commerce business. Why is it so important to properly assess each new client and determine the exact parameters of risk? The registration of dubious merchants can affect the Acquirer's reputation, and the authorization of fraudulent transactions can have serious consequences not only for the Acquirer, but also for the payment service provider.
While the risks and requirements may vary depending on the merchant's business model and the policies of each individual Acquirer, there are nonetheless globally accepted verification standards such as AML, KYC and KYCC that maintain a consistent standard of customer service. ... Accordingly, partners must clearly understand the internal procedures of the organizations and the requested documents in order to ensure the fastest and most comfortable procedure for registering merchants, as well as their further service.
The importance of risk assessment
Both acquirers and payment service providers must be very careful in assessing the business of the merchants involved and the associated risks. This includes a deep understanding of the specific industry in which the merchant operates, as well as an accurate analysis of the services or products offered.
Before starting a partnership, it is important to clearly understand the industries that Acquirer works with. Ignoring this fact when deciding to start cooperation with Acquirer can negatively affect the relationship in the future. This can lead to misunderstandings during the registration of new merchants from various business sectors, to which the Acquirer may impose additional requirements or simply refuse to service. Ultimately, the payment service provider will have to abandon the Acquirer service and spend additional time and resources looking for new partners, which can affect the relationship with the end merchants.
Acquirer's reputation
The Acquirer's reputation plays an important role in the success of a business and usually depends on its reliability and professional competence. In this context, this means both the absence of negative information about the partner and a balanced combination of experience, technical knowledge, modern technologies, innovation and know-how. When starting cooperation with Acquirer, it is also always worthwhile to familiarize yourself with its financial performance in addition to evaluating the rest of the pros and cons.
Excellent customer service
Customer service is all about providing top-notch and timely support that is a necessary part of an online business. In addition, the e-commerce market is constantly growing - many companies are moving to e-commerce platforms and the demand for online payment services is increasing at lightning speed.
The Acquirer's ability to quickly respond to requests from payment service providers directly affects their ability to provide quality services to their customers, performing all processes as quickly and efficiently as possible.
Personal attitude
Ultimately, this is not only about formal cooperation between the two parties. The personal relationship and interest of the partner builds trust and long-term relationships. Even in the high-tech and automated world of e-commerce, it all comes down to human communication and mutual understanding, which helps to achieve more and makes cooperation just more comfortable and enjoyable for both parties involved.
