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Acquirers: Cut churn, improve profits and deliver better digital services

Acquirers: Cut churn, improve profits and deliver better digital services

A new white paper from Tribe Payments surveys 1,000 small and medium merchants (SMEs) in major European markets to find out what they need from acquirers.

The results show merchant needs are changing radically, creating a wide range of opportunities for acquirers.

Tribe’s new research shows acquirers should be looking to compete on the basis of value-added services, rather than cost – good news for acquirers that have found themselves caught in a spiral of increasing client demand and heavy cost-focused competition.

Among other recommendations, the white paper says acquirers should look to develop services in areas such as:

  • Transaction data and analytics: Smaller companies with fewer than 1,000 employees often lack the resources of giant retail chains and are unable to invest in proprietary transaction data analytics systems. By offering Data Analytics as a Service (DAaaS) options, acquirers can provide  their merchants with consumer behaviour trends, which can help inform the development of new products, marketing approaches and more.
  • New payment types and Open Banking: The UK’s Open Banking Implementation Entity (OBIE) reports 10% of the UK population are already using Open Banking services, including account-to-account payments (A2A), request to pay (R2P) and variable recurring payments (VRPs). Our research suggests most SMEs don’t know their customers preferred payment methods. Acquirers can add value by providing information on the latest payment methods and supporting SMEs in adopting these methods.
  • Cross-border payments: Europe’s SMEs want to expand sales across borders via the internet. They are looking for innovative cross-border payment solutions that solve current challenges related to the settlement time, foreign exchange fees, transaction charges and complexity of cross-border payments. Acquirers should consider including multi-currency options at online and physical checkouts.

The full text of the white paper goes into more detail about other services merchants are looking for, including helping them to launch their own payment instruments, from store cards and loyalty schemes through to payment apps and Point-of-Sale financing solutions like instalment payments and BNPL.

At Tribe, we work with acquirers to unleash innovations that benefit merchants across the value chain.

Thanks to the modular nature of our technologies, we’re able to work with you to deliver the new services merchants are looking for in the digital economy – both now and in the future.

Download a free copy of “How acquirers can solve the payments puzzle post-pandemic

 

The post Acquirers: Cut churn, improve profits and deliver better digital services appeared first on Payments Cards & Mobile.

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