Product and marketing strategies tend to get the most attention while running a business day-to-day – making it easy to lose sight of the little things that help sustain a successful operation. In her latest piece published on XBiz.com, SegPay’s CEO Cathy Beardsley lays out a list of 13 essential (if non-sexy) steps that some businesses overlook at their peril:
SegPay isn’t just a payments processor, we’re a customer support company too, handling consumer billing inquiries on behalf of merchants for more than a decade. This week we wanted to share a few lessons learned over the years; most are common sense but often overlooked.
Good customer service is a key to sustaining any successful business, but perhaps nowhere is this more true than in recurring revenue models, which depend on keeping customer memberships active over long periods of time; i.e., reducing churn. Of course, delivering the content or products customers want is the main way to keep them around. However, one could argue that it’s just as important to give them the type of support they want – namely, a chance to be heard; different ways to voice their thoughts and opinions; and a company that is responsive and caring in its communications. Do those things and you’ll keep your customers happy and loyal.
Please read XBiz.com’s informative look at best billing practices for merchants, published this week. We appreciate that they asked SegPay to participate and we (of course) highly recommend the article. There’s lots of helpful information in there, including the following quote from our CEO Cathy Beardsley about the importance of being prepared for audits:
“At any given time, we can be called for an audit by our acquiring or operating banks. We, as billers, are required to have all our KYC (Know Your Customer) documents up to date, and all sites in compliance, both in terms of content and website documentation (e.g. merchant address included on the website),” Beardsley explains. “As a merchant, it is crucial that you keep your business records up to date. How well organized SegPay is in the eyes of the card brands, acquirers and other banking institutions goes a long way in our success.”
It’s been about two months since merchants first got a look at SegPay’s new Merchant Portal, your central place to manage everything billing-related from virtually any device, anytime. Occasionally we will use this space to discuss specific features of the portal and address questions we’ve received from merchants. Today’s topic: reviewing, cancelling, refunding transactions and adding notes via the Manage Consumers tool.
We made a few changes to the Merchant Portal this week:
Adjustments was added as a new invoice type, so you can filter the report to only show your invoices that include Adjustments, such as when the credit card association fees were applied to your account:
It is that time again: time to get to know one of the people behind SegPay, and put a face and a story to a name you may already know. If you are a merchant who has interacted with our tech support team, it’s very possible you have talked or emailed with Jessica McFarLane before. A few months ago, Jessica transitioned to SegPay’s QA team. We sat down with Jessica in a conference room on a rainy September afternoon, and here’s what she had to say:
The SegPay team is back from Europe and we want to thank AVN, Xbiz, and TES for putting on three great events. We were there for all three, and had a blast touching base with our European partners and merchants.
The popularity of pre-paid cards has exploded in recent years. They’re easy to get – just visit a supermarket or convenience store and look for the gift card display, where you’ll find plenty of cards bearing the Visa or Mastercard logo, pre-loaded with $25, $50 and $100. These cards can be used anywhere credit cards are accepted, and there are plenty of good reasons they are among the fastest growing payment method in the USA. Savvy merchants are recognizing this trend and creating offers that appeal to customers who pay with pre-paid cards.
Better late than never to share our article, “Best-Performing Affiliate Programs Rely on Mapped-Out Objectives,” written by Cathy and published in August by XBiz.
Part of our job at SegPay is to make sure merchants are up to date on the latest news and rules changes from Visa and Mastercard. The card brands are also making a concerted effort to improve their communication to all members of their value chain by publishing news and articles on a regular basis. We recommend bookmarking their sites to make sure you never miss an update:
Don’t hesitate to contact us if you ever need help or clarification with any Visa or MasterCard rules or requirements.