How Selecting the Right Acquiring Partner Will Benefit You

How Selecting the Right Acquiring Partner Will Benefit You

All payment processing solutions do not provide you with the same capabilities and opportunities. Some partners will limit the potential for clients that you can bring on through your onboarding process. This will, in turn, limit your business potential by stopping you from working with some successful strategic accounts. Working with the right acquiring partner who can give you the most opportunity can push your payment solutions processing to the next level.

Who are Acquiring Partners?
Companies need to partner with an acquiring bank to achieve their goals. They assume that if they own or license some payment solutions software or payment gateway software product, they will be able to process credit and debit card payments. However, companies will require merchant accounts and some entity to underwrite them. A payment gateway is only one aspect of the payment process. An acquiring partner is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. An acquiring partner underwrites merchant accounts. Merchant accounts are virtual accounts linked to physical bank accounts. Transactions processed through a merchant account are settled into a physical bank account which is associated with the respective merchant account. A regular bank account can be opened by any bank, but a merchant account needs to be opened through an acquiring bank which is now the acquiring partner.

Add Strategic Accounts
Some acquiring partners follow a risk-averse approach in the way they conduct their business. Unfortunately, this may keep some lucrative businesses from working with you. To be a successful online payment gateway in Indonesia, look for acquiring partners who are willing to think outside the box to help you accept and onboard new merchants in historically difficult to place markets such as online pharmacy, timeshare relief, document preparation, consulting, online firearms and personal protective equipment among others. These are legitimate businesses that need to be able to process sales. If you are able to work with the top merchants in these avenues, you have an excellent opportunity to grow exponentially. It is only with the help of the right acquiring partner that you can successfully get there.

Improve Revenues
There are independent sales organizations that might prefer working exclusively with traditional merchant accounts. While that may suit some organizations, the revenue opportunity is large enough that it should not be ignored. Strategic accounts are known to generate higher fees per transaction, and many are building powerful businesses in growing areas. The right acquiring partner will look far beyond the industry-level analysis and will go much further to assess the value of the individual merchant. Finding the right merchants to be onboard can create lucrative revenue streams for your organization.

Onboard Quickly
By having a stronger acquiring partner, you will be able to do more than just sign new merchants. A strong platform with experienced banks ready to accept strategic accounts will give you the advantage of time too. Having excellent acquiring partners will provide you with a chance to run your risk analysis and onboard new merchants more quickly and efficiently with fewer faulty decisions. You can accept payments quicker, and you can generate your fees also much sooner as a result of this. Another important thing to consider is that you diminish your risk of losing revenue to a competitor who can move on the merchant application.

Payment processing partners are widely available, but not all are equipped with the right acquiring partners in place to help you reach your true potential. If you are keen to be Indonesia’s leading payment gateway, do not settle for someone who can do no more than help you be average. Work with the top acquiring partner to take your business to the next level.