Six ways to get the most from your merchant services provider
Multiple studies cite the cost of payments processing as a top concern for merchants. Find out what you need to know about your transaction volume across payment networks to negotiate better rates and build value with your customers.
If your business depends on credit and debit card customers, you are probably concerned about your cost of payments processing. When you focus only on savings to drive your relationship with your acquiring bank or processor, however, you may be missing opportunities to build value with customers.
Step up with J.P. Morgan Merchant Services programs and services. With deep payments expertise and an annual processing volume of $1.6 trillion that includes more than 50% of all e-commerce transactions in the U.S.1, J.P. Morgan sets the standards for merchant services.
Six ways to get the most from your merchant services provider:
Worried you’re paying too much for privilege of accepting credit and debit cards? Multiple studies cite the cost of payments processing as a top merchant concern. As a rule, processing fees cover the costs of authorizing cards, some liability for fraud and the processing infrastructure.
It’s possible to reduce processing fees. One way is to use your card volume data to negotiate fee reductions with brand payments networks. A good merchant services partner will help you compile that data. Want to save more? Consider what you get with J.P. Morgan Merchant Services.
Two ways to spend less on payment processing
- Insight-based recommendations
- Simplified, discounted processing
First, J.P. Morgan packages your data with insight and tools to monitor, benchmark and improve interchange fees. This can make the difference when you negotiate with networks and guide your point-of-sale activities
Earn a single rate for all U.S. Chase-issued Visa credit and debit cards when you opt into the ChaseNet closed-loop payments platform, available only from J.P. Morgan for qualified merchants. Because Chase represents 99 million credit and debit cards2, processing through ChaseNet can drive substantial savings
While some merchants focus on savings, another common pain point is authorization rates. A good partner earns merchant confidence with authorization policies built on the classic tradeoffs between fraud risk and revenue capture.
J.P. Morgan helps you close the sale and get more share of wallet. The difference is programs and tools enriched with issuing-bank insight gleaned from Chase-cardholder spending behavior and psychographics. It works because about half of all U.S. households—some 63 million—do business with Chase3.
Two ways to earn more with customers
- Optimized authorization rates
Earn more using a proven framework built on facts. Businesses using J.P. Morgan Merchant Services benefit from finely tuned authorization algorithms to identify fraud triggers and even actions that might result in chargebacks.
- More share of wallet
Build direct relationships with customers, gaining valuable insights into how they interact with your products and building brand loyalty. Boost engagement with customer-facing Chase Offers. Give customers reasons, including product launches and discounts, to buy more with their Chase-issued cards.
A good merchant services partner will offer actionable reporting with details on authorizations, denied credit and debit transactions, and channel mix, for example. With J.P. Morgan Merchant Services, you get access to insight derived across the entire payments value chain.
Two ways insight can help build business
- Decision Support
Tap expertise to help inform your decisions and understand tradeoffs.
Merchants of all sizes can access insights to answer questions like these:
- Where are my customers at the zip code level and how far do they live from my stores?
- What are the key characteristics of my customers (age, income and gender)?
- Actionable recommendation:
Specialized experts help you make sense of reports that combine point-of-sale acquiring data with issuer insight gleaned from Chase-issued card transactions. A destination restaurant chain, for example, turned to J.P. Morgan to find out whether its new stores drew sales away from existing stores. The analysis helped the chain fine-tune its expansion plans.
Learn more about how to save on processing and earn more from your customer base.
Download our Merchant services eBook: Getting more value from your merchant services provider.
Talk to your J.P. Morgan Merchant Services representative or call 1-800-708-3739