Biggest Challenges Within Financial Services
Our team has a lot of experience working with banks and we have grown accustomed to bank terminology, commonly referred to in the office as “bankanese.”
While these terms come easy for our team, it is a new language for many of our merchants. It is our job to share our knowledge of the compliance and banking processes.
As a merchant and Compliance Officer it is your duty to speak to bankers on behalf of your business. Because of this, we have added related terms to our training.
Simply put, money tends to be one of the most sensitive subjects in peoples’ lives. It can surface more anxiety and fear than many other areas of life.
With that being said, it is important to work with merchants specifically and it’s our job to earn their trust.
Specifically in the financial service industry, there are definitely risks involved.
In many scenarios, merchants provide funds to consumers prior to them actually being verified and available.
This leaves the merchant at risk for serious financial fraud, sometimes in the thousands. Not every merchant is aware of risks.
Upfront cost is never easy to swallow, which is why virtually everything can be financed nowadays.
What many store/business owners don’t understand is that there is a cost in doing business.
Our job is to help merchants understand how to use our software to mitigate fraud and improve their business. If done right, there will be a 100% ROI in just the first few months!