The case for Merchant Account Management as a Service
As societies becomes increasingly cashless, Merchants of all sizes and all shapes are embracing e-payments acceptance in its various forms: POS, Web, Mobile, USSD, QR Code etc.
Undoubtedly, e-payments acceptance opens various fronts of opportunities for growing the merchants business. Most merchants are now demanding for and embracing multi-channel payment acceptance, even as the Fintech landscape blossoms and various payments are enabled.
In certain climes, especially in developing countries, most merchants have accounts with multiple payments processors or acquirers mainly as a business continuity or redundancy strategy and also for various other concerns: Loans, lower prices, differentiation, management concerns etc
For each payment processor, acquirer or even channel enabled for your business a merchant account is created for the merchant. Managing this merchant account is critical for your business. You would typically be concerned with transaction matching to account for every transaction done at your locations(physical or online), settlement — to ensure you are receiving money for your sales and that the agreed commission is being deducted per transaction -no more no less. You also want to pay attention to reversals arising from chargeback or dispute claims.
On a daily basis, your merchant account reconciliation must not only be completed but also analyzed for any discrepancies to prevent financial losses for your business. Even if you are not processing millions of transactions, but especially if you are, this is a process that should be automated for many reasons — particular because it creates the foundation for sustainable business growth
Your account staff spend over 90% of their time in simply completing reconciliations, and only 10 % of it is spent actually analyzing the implications of the results. What could your business accomplish if these percentages were reversed?
By turning over the management of your merchant account to experts that are better suited at this and by leveraging technology, your merchant account worries could be turned into a potential for huge growth.
At Mercator(www.mercator.ng), we leverage the power of technology, data and domain expertise to solve your merchant account management challenges so you can focus on growing your business.