As we are starting to board merchants on our payments solution, we have seen one common belief prevailing. Merchants seek a perfect solution that satisfies customer needs and optimizes their profits through sky-rocketing approval ratios. Add to these criteria the fact that risk needs to be at a minimum and you are left with a utopic solution. Sure, there are many payment providers that claim they offer it all, unfortunately trial and error will show merchants that their goals are not met.
The good side is that they can be met. Not through a “one-size-fits-all” solution, but through a combination of solutions. That is why, in order to have significant increase in approval ratios, we always guide merchants to apply for at least two solutions which in appearance meet the same purpose. Even if the merchant is a start-up, we advise them on working with at least two acquirers, implement two VISA solutions, two MasterCard ones and so on. This not only allows merchants to optimize their approval ratios, but it also offers consistency that in turn offers speed. With a fragile banking landscape, and with acquirers here today and gone tomorrow, working with a single solution can leave the merchant with the inability to receive sales for a period of time- whether there is a system failure, scheduled maintenance or, even worse, contract termination or acquirer’s exit of the market.