Page 26 - gs251101

CoverStory

3. How do merchant concerns differ depending "Mid-sized businesses often find themselves caught be-
on their size or vertical market? tween complexity and capacity. They need robust tools
and support, but don't always have the internal teams to
Green Sheet Advisory Board member Mark Dunn is presi- manage ongoing friction.
dent of the consultancy Field Guide Enterprises LLC and
a partner in Transactional Services Inc., an ISO focused "Small businesses want payments that are simple, stable,
on the healthcare sector. He shared insights gained from and out of the way. They need to trust that things will just
working with the healthcare vertical. work, and that there's real support behind it. No matter
the size, the common thread is this: make it easier to man-
"At TSI we have a network of agents to contact mostly age, give them insight, and reduce distractions.
healthcare businesses: dentists, doctors, optometrists,
specialty clinics, hospitals and so forth," he said. "Most of Dahlberg looked at the impact of size in addition to
these professionals have a CRM or ERP software they use merchant verticals. "Small merchants remain laser-fo-
to manage their practice. And a lot of these practices use cused on controlling costs, fast funding, and depend-
the payments integration to invoice and collect payments able customer support," she said. "Without dedicated
from patients. However, we find that many health profes- payments staff, they gravitate toward simple, all-in-
sionals don't know what it's costing them or where to look one solutions that don't require technical expertise.
for other payments alternatives." Mid-size and enterprise merchants, however, typically
prioritize data visibility, system integration, and com-
Dunn also pointed out that healthcare merchants have a pliance. Their concerns center on multi-channel rec-
complicated revenue cycle and need to track payments onciliation, fraud prevention, and global acceptance.
from multiple payers. "We never hear requests for crypto
payments or the latest wave in tech," he said. "When we "By vertical, needs diverge even more. For example, res-
call on healthcare businesses, they ask about better ways taurants emphasize tipping, QR code ordering, and pre-
to collect payments due, such as text to pay or email to pay functionality, while eCommerce merchants obsess
pay. Healthcare providers need an easy to use, reasonably over fraud mitigation and authorization rates, while also
priced and integrated payment process with excellent sup- balancing customer convenience with security."
port. TSI works hard to provide this to them."
4. Beyond speed and payment options, what
Katz brought up issues that are central to smaller mer- improvements would make the biggest difference
chants, stating, "Smaller merchants have less liquid capi- for your merchants (e.g., lower costs, fewer disputes,
tal to use for projects and upgrades, so funding can pose easier integrations, better service)?
a challenge. They also cannot as easily obtain top (expen-
sive!) technology tools that larger operations—with larger Katz suggested stronger inventory management tools
revenues—can more easily afford. which include low-threshold alerts, as well as AI technol-
ogy to assist with recommendations and insights on their
"Plus, because small, independent stores don't purchase stock. "AI can help a merchant understand what is selling
inventory in huge bulk, they may not be able to benefit well in their niche, and suggest price ranges for a store to
from advantageous discounts on wholesale goods, the way be able to maximize its inventory and sales," he said.
larger competitors can, and this means they cannot pass
along as many savings to their customers. Also, quite of- "Also, point of sale security features, such as POS-DVR
ten, smaller retailers have a limited number of employees; camera integration, and a secret POS panic alarm button
which means less hands on deck at the store, and struggles to alert police for help."
with building and maintaining ecommerce platforms.
Dahlberg said merchants are "clear about their top priori-
Cucci contrasted the differing needs of small and large ties for improvement" and listed the following:
merchants. "Smaller merchants tend to focus on cost • Lower overall costs, especially around interchange
and support—they want someone to actually pick up the and chargebacks.
phone when there's an issue," he said. "Larger merchants,
especially in verticals like healthcare, utilities and profes- • Fewer disputes and a more transparent, fair resolu-
sional services, prioritize data security, tokenization, and tion process.
the ability to handle both card and ACH payments within • Simpler integrations between payment systems, ac-
a single system. Across the board, integration flexibility counting software, CRM tools and inventory plat-
is key." forms.

In addition to looking at size, Meeks mentioned require- • Better communication and service from processors
ments of franchise operators, as well as commonalities and gateways who understand their business con-
that apply to all. "Franchise operators need systems that cerns, not just their transaction volume.
provide consistency across locations without losing flex-
ibility for local nuances," she said.
26