When leads mature into contracts, merchants typically expect to have one contract for all selected features (i.e., POS terminal rent, online payment gateway, cards acceptance, acquisition, reporting and value-added solutions). Expectations include:
- Minimal effort to manage contracts (e.g., monitor, track and manage contract periods, automatic renewal, reference accounts)
- Single touchpoint for service requests and complaints
- A high first-call resolution rate
To efficiently implement these requirements, the omnichannel payment provider must analyze merchant interaction points and company information to determine a single-point of truth for merchant and payment data. In other words, the service agent on the phone must see the exact same reference and transaction data as the merchant in the online portal.
Payment providers need to create a single monthly statement for the merchant, with all billable and line item costs, extra costs and hold-backs, and the total sum due. They must identify company-wide billing events and feed these into one consolidated billing system. Again, it’s critical that products and pricing are consistent and that CRM and sales information is harmonized with billing to make certain any rebates or sales-related pricing adjustments are made.
Reporting is very specific to the customer segment. Most large retailers do their own data analysis, so they are satisfied with a structured data set with information on transactions, status, payment information, chargebacks, etc. The challenge is to collect transaction data across all payment methods and channels and create a single data pool per merchant. In contrast, small to medium retailers typically have no dedicated reporting framework, so providers will need to offer analytical tools to enable merchants to “slice-and-dice” their data to gain useful insights.