Getting The Most From Your Payments Partner
By Don Apgar, Senior VP, Integrity Payment Systems
If you are in the POS business, offering a bundled solution that includes payment processing is probably not a new idea for you. In fact, it’s probably safe to say that most, if not all, of the dealers reading this article are already realizing the value of residual income from the merchant services component of their business. Regular, recurring monthly income provided by Payments-as-a-Service (PaaS) has influenced many VARs in their efforts to move toward becoming a Managed Services Dealer (MSD).
Unfortunately for many VARs, the “easy money” coming from payment processing residuals has increased their costs of servicing their customers, and in the process created a potential liability for the reputation of their business. The obvious question is, “How do I prevent that from happening?”, but there is more that you should be asking. The real question is, “How can my payment processing partner be an asset to my business beyond just providing a revenue stream?” The answer, of course, depends on selecting the right partner to work with in providing merchant services to your customers.
Finding the right partner can be a challenge in the labyrinth of relationships the make up the payments industry. Before getting into what the right partner looks like, it may be helpful to look at the different types of companies in the business and what their specific roles are:
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