Should a bank provide merchant services or let their merchants handle their choice of merchant services by themselves?
On the one hand a merchant services program is supposed to spin off a revenue stream to the bank. On the other hand the bank gets complaints from its customers regarding various merchant services issues ranging from:
- slow deposits
- complicated contracts
- high fees
- terminals not working properly
- poor customer service in general and on and on…..
It makes the bank wonder if it shouldn’t just let their customers find their own merchant services solution?
Here is the problem with telling merchants to fend for themselves.
If your bank client goes elsewhere for their merchant services it might be through a competitive bank. Next thing you know your customer is asking that bank for assistance and when that bank is finished helping your customer they will probably ask if they need a business loan or other services, and there goes your customer. Merchant services is the unsung hero at your bank and when it is done properly it will create revenue and keep your customers where they belong—at your bank.