Payment Partner Reputation Value | Paragon Payment Solutions
Why Your Payment Gateway Partner’s Reputation Matters
To an end-user, there’s no separation between your software application and your payment processor. Shoppers view the experience in its totality, from your initial greeting to issuance of their receipt. All of this can occur online, in person or combined between the two, but one fact remains consistent: If your payment gateway partner has a poor reputation, then so do you. Consider the value of a strong payment partner for your business and start reaping the benefits today.
They say you’re only as good as the company you keep, an idea that applies to businesses just as readily as it does people. Consumers are afforded so many choices these days that you simply can’t afford negative associations. Unfortunately for many software companies, the behemoth payment processors that have emerged as a by-product of industry consolidation leave a lot to be desired when it comes to how they support your customers.
So, what constitutes poor customer service? How do you know if your customers are being handled with the same white-glove service that you handle them with? Common complaints you might hear about third-party partners from your customers are: long wait times and response times, poor attention to detail when resolving an issue, customer service reps with lack of knowledge and unprofessional and impersonal interactions. It’s important to partner with those that will reflect positively on your brand – one that you’ve worked hard to build! The confidence and trust of your customers can have a direct effect on your bottom line.
According to New Voice Media, “Poor customer service is costing businesses more than $75 billion a year. That’s up $13 billion since its last report in 2016.”
Growing Your Business
As you can see, it’s paramount that your payment gateway partner provides the service and support your customers need. It is six to seven times more expensive to acquire a new customer than to keep an existing one, make sure your third-party partners (like the one you choose for your integrated payments functionality) are working to keep your customers!
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