In the dynamic world of payments, collaboration is key. At Acceptcards, we've been active advocates since 2005. Our mantra, "Stronger Together," reflects our commitment to promoting partnerships and driving innovation that helps the consumer as well as our industry.
One such venture is our collaboration with Libby James, MD at Merchant Advice Services. Libby's dedication to empowering businesses to take ownership of their payments through self-service and ownership aligns perfectly with our values. By joining her platform, we are part of a collective.
Having known Libby for some years, she got in touch as she wanted to ensure her payment portal didn't discriminate and push away those businesses who may not have the confidence, time, or inclination to navigate the complexities of payment applications and negotiations themselves. She knew this was where a broker would be key, and as the UK's largest independent payments broker, we were more than happy to join her movement.
The Role of Brokers
In today's fast-paced business environment, time is a precious commodity. As a business owner, you're juggling countless responsibilities, from managing your team to overseeing your finances. This is where a payments broker can be invaluable.
1. Expert Guidance
Think of a broker as your personal payments guru. They have a deep understanding of the industry, from the latest trends to the most reliable providers. With their expertise, they can guide you towards solutions that perfectly align with your business's unique needs.
2. Tailored Solutions
No two businesses are identical, and neither should their payment solutions. A broker will take the time to understand your operations, goals, and challenges. They'll then present you with a range of options that are not only effective but also cost-efficient. Whether you're a small startup or a large enterprise, they'll find the perfect fit.
3. Navigating the Complex Landscape
The world of payments can be overwhelming. With countless providers and a dizzying array of features, it can be difficult to make informed decisions. A broker cuts through the clutter, helping you to compare and contrast different options and choose the best solution for your business.
4. Negotiating the Best Deals
Brokers have the power to negotiate on your behalf. They use their relationships and industry knowledge to secure you the best possible deals. Whether you're looking for lower processing fees, more favourable terms, or additional value-added services, a broker can help you achieve your goals.
5. Ongoing Support
Even after you've selected a payment solution, a broker's support doesn't end. They can help you troubleshoot issues, optimise your processes, and stay up-to-date with industry developments. With a broker in your corner, you can rest assured that your payment system is running smoothly and efficiently. Your broker will have built up strong relationships with the payment providers, ensuing any issues that may arise are resolved quickly.
6. Risk
Finding a payment solution for a business classed as medium to high risk by acquirers, if you take deposits for example, can be big challenge. This is where a broker can be invaluable by ensuring your payments are set up with a provider that understands your sector and reduces or removes the need for cash deposits or delayed settlement. Brokers are often approached for help where an existing providers appetite has changed and either given notice to terminate or hold back funds for their security.
You do what you do
In today's competitive business landscape, having the right payment solution is essential. A payments broker can provide the expertise, tailored solutions, negotiation skills, and ongoing support that you need to succeed. By partnering with a broker, you can focus on growing your business while knowing that your payments are in good hands.
Why a broker is your secret weapon
A recent example comes to mind that highlights the benefit of using a broker. We had a long-standing customer who contacted our team due to the acquirer holding £300,000 of processed card payments due to insisting on a probate document following the death of the main shareholder. Our involvement and explanation of the delay in probate through having access to the head of the risk enabled the funds to be released and the business to receive their daily settlements. In providing a human touch, brought rapid relief at a difficult time personally for all in the business.
