With all the bank products and services necessary for today’s business customer, it may be a challenge to remember to offer everything a business needs on the first pass. This may leave your business customers vulnerable to a competitor’s call with an offer your bank should have made. Many businesses consider banking service as a relationship, the one stop shop.
It is convenient for a business to transact all financial business in one place. Therefore, the financial institution that can meet all the banking needs of its customer is more likely to have a loyal customer that sticks around longer than a customer with just one or two products at the bank. Credit card processing, also known as Merchant account credit card processing, is a financial product that your bank must offer to your customers to be competitive.
Merchant Processing is not only offered by your competitors in banking, but also by hordes of independent sales representatives not associated with a bank. A Merchant account credit card processing for your bank can strengthen the relationship with a business customer that results in increased deposits. The funds from the credit card sales will be deposited into your bank. Having that relationship means it is more difficult for a business to change their primary DDA to another financial institution – they will also have to change a Merchant account credit card processing.
Offering merchant account services to your customers in the beginning of the relationship will help keep your customers loyal to your bank. If a new business customer walks out of your bank without a Merchant account credit card processing option, they will be a prime target for your competitor’s overtures. By offering a merchant account to the business, the bank will also win the primary deposit relationship.
