“Matching merchants to payment processors” was a very insightful panel organized during CNP Expo 2013, in Orlando, Florida. Our colleague Joe Emig attended it as a speaker and he came back with some key conclusions from the discussions he had with the merchants during the session. He gave advice on the ingredients of successful partnerships, international ecommerce, and how to create the perfect match between merchants and the right payment processors.
When asked “How to be sure your global card processor considers all the options?”, Joe Emig believes that merchants should work with sales organizations and processors who have already proved their experience in the international ecommerce space. They have to check their chosen processor and make sure that it brings to the table, besides the payment processing platform, the ability to understand merchants’ needs and provide them with a proper knowledge to answer those needs. Merchants should also ask questions about pricing, they should understand the different elements of their costs so that they can be sure to avoid surprises when evaluating their overall pricing.
Joe Emig emphasized that merchants have to be concerned about issues like fraud, so when asked about how to mitigate their risks, Joe explained about the front-end fraud protection providers and the ability of some merchants to preempt fraud and use third-party providers who can help them score their fraud in ways that will not put them in conflict with their payment processors. “It’s all about having an open dialog and making sure that the merchant’s needs are understood by the processor, but also that the processor understands the merchant,” says Joe.
Last but not least, merchants have to strive to grow their business in a sustainable way that can allow them to mitigate risk while still promoting their products in different markets. Engaging with a payment processor who understands all aspects related to international ecommerce, especially the rules and regulations in different markets, the ability to support multi-currency transactions and banking programs in foreign markets, will give merchants the paramount competitive advantage they need when expanding into many markets simultaneously.