Your acquirer plays a crucial role in processing card payments for your business. They manage the transfer of funds from the customer’s bank to your business account. While most acquirers in New Zealand are banks, some began as terminal providers and later entered the acquiring space. These non-bank acquirers often have significantly less experience, fewer resources, and may not offer the same level of reliability or expertise as banks.
When it comes to managing your business payments, choosing a trusted partner is essential. In the ever-evolving payments landscape, working with a bank acquirer provides distinct advantages, ensuring your business is well-supported both now and in the future.
Here’s why partnering with a bank is the smarter choice for your payment processing needs:
1. Transparent Pricing Without Surprises
Some non-bank acquirers advertise low fees but often include hidden costs that can catch businesses off guard. Banks, on the other hand, offer clear and transparent pricing. With a bank acquirer, you know exactly what you’re paying for, and there are no unexpected fees buried in the fine print.
Banks are proponents of 'interchange-plus' pricing, which directly reflects the true cost of each transaction. This ensures you’re getting the most cost-effective solution, rather than being locked into a one-size-fits-all blended pricing model that may not align with your business’s needs. Over time, this transparency can lead to significant savings and better cost management.
2. No Complicated Requirements or Hidden Fees
Another benefit of working with a bank is avoiding the hassle of complicated requirements. Some providers might tie their services to conditions like minimum monthly transaction volumes, leading to extra costs if your business doesn’t meet these thresholds. Banks, however, focus on supporting businesses of all sizes, providing the flexibility you need without penalty for slower months.
Additionally, bank acquirers are upfront about all the costs associated with accepting different types of payments, from local to international cards, helping you make informed decisions about what’s best for your business. Banks also don’t charge GST on transaction fees, giving you added savings that other providers may not offer.
3. Superior Support and Business Insights
One of the most valuable aspects of working with a bank acquirer is the holistic support they offer. Banks go beyond just processing payments; they are invested in your overall business success. By partnering with a bank, you gain access to insights and services that can help you optimise cash flow and make data-driven decisions.
Banks can provide cross-channel business insights like demographic spending data, offering a clearer picture of your customer base. This type of information is invaluable for making strategic decisions that will enhance your business’s growth. With a bank acquirer, you’re not just getting a service provider—you’re gaining a trusted advisor.
4. Reliable and Secure Payment Processing
When it comes to payment processing, security and reliability are non-negotiable. Bank acquirers have a strong track record of investing in infrastructure, fraud prevention, and compliance, ensuring your business remains protected from potential risks. If your business ever faces challenges such as fraud or disputes, a bank is well-equipped to help you navigate these situations with minimal disruption.
By working with a bank, you can be confident that your payments will be processed smoothly and securely, allowing you to focus on running your business without worrying about unexpected system failures or security breaches.
5. Future-Proofing Your Business
As regulations around payments continue to evolve, it’s important to have a partner that can help you stay ahead of the curve. Banks are deeply involved in the financial landscape and are well-positioned to adapt to changes, ensuring that your business benefits from the latest innovations and compliance updates. Choosing a bank acquirer means you’re setting your business up for long-term success, with a payment partner that’s ready to support your growth and navigate industry changes seamlessly.
Conclusion
In today’s competitive environment, it’s essential to choose a payment partner that puts your business first. Bank acquirers offer transparent pricing, superior service, and unparalleled security, ensuring that your business is always in safe hands. With the added benefit of expert guidance and long-term support, a bank acquirer is the clear choice for businesses looking to thrive.
Trusting your payments to a bank means you’ll have a dedicated partner by your side, helping you make the best financial decisions for your business’s future.
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