3 Reasons Why Payment Solutions Improve Merchant Services

Feb 15 2016

Smaller, regional, community banks have the advantage over national banks in quality customer service, but larger financial institutions tend to take the lead in mobile and online banking solutions. By integrating payment solutions into your community bank, you can boost the level of service you are able to provide your valued merchants to an even higher level. Here are three ways payment solutions can improve merchant services:


  1. Tap into your potential

National banks may have the upper hand in the mobile and online banking strategies, but community banks have a unique advantage big banks don't have: exceptional customer service. Consider this talent in the implementation of payment solutions. Community banks have always catered to their merchants, and it should be no different when implementing digital banking. In fact, Sean Williams, a senior practice expert and Gallup banking consultant, explains that incorporating this unique feature of regional banks into payment solutions is the key to improving merchant service programs.


"Rather, community banks should seek to understand what customers need to do their banking the way they want to do it, and develop those features accordingly," said Williams.


  1. Make banking easier

Mobile and online payment solutions not only make processes easier for banks, they are also designed to fit into the hectic lives of the modern merchant. The reason mobile banking is gaining so much momentum is that merchants are looking for on-the-go financial solutions. Mobile and online payment solutions provide the efficiency and mobility merchants and customers are looking for. By adopting the best payment solutions for your community bank, you can cater to this realistic need for your customers. 


  1. Promote employee collaboration

A united front can increase employee satisfaction and workplace efficiency, ultimately contributing to a positive, customer-oriented environment at your bank. Forbes contributor Jacob Morgan cites "adapt and evolve" as one of the 12 principles of collaboration. The adoption of mobile and online payment solutions is an effective way to adapt to customer needs and the advancement of technology. Incorporating innovations such as these into a community bank demonstrates to employees that you're an organization that values initiative and forward-thinking, allowing them to apply that to their own work strategies.