How to Overcome Marketing Challenges in the Payment Processing Industry

The payment processing industry continues to mature and diversify. While this represents a positive for the industry and for its customers, it still creates challenges for you and your marketing efforts. You need to find ways not only to retain your current customers against increased competition but also to reach new customers and grow into the future. To do so, keep an eye out for these marketing challenges and take steps to overcome them.

Too Few Unserved Customers

Perhaps the most obvious challenge is having few potential customers to whom you can market your services to in any given geographical market. Virtually everyone accepts card and electronic payments to some extent, which means they all have a processing solution they are using. With the exception of new and emerging businesses, you have few prospects in dire need of help.

This reality means you need to focus on earning market share. To woo customers away from other payment processing providers, you have to offer something more than they are currently receiving. Focus marketing on how broad your service is, and what you can offer that others cannot.

Standing Out

To truly stand out from the crowd, you need to avoid relying on the same buzzwords and industry standard that every one of your competitors brings to the table. You should, of course, tout your processing speed, your compliance with security standards and everything else that sets you apart. More than this, though, you have to show that you speak to the specific concerns that your potential customers possess.

Part of this formula should involve using artificial intelligence capabilities on your website to personalize responses to site visitors. This gives your customers the sense that you are focused on their specific needs, rather than the general needs that anyone looking for a payment processor has. In addition, you need to follow-up on inquiries and initial contacts. If you can't show individual attention when you are wooing a business, there is no reason that business should expect you to do so when they partner with you.

Establishing Trust

That initial, individual contact is just a starting point. Payment processing requires a significant investment for businesses. To make that happen, the business owner needs to trust you with their processing needs. Be prepared to follow-up your marketing material with in-depth discussions of how you can meet their challenges and help them grow, all while protecting their customers' data.

Marketing in any developing industry requires an ability to cut through the noise that your competitors and market analysts create. Use digital tools to help you get a foot in the door, but you have to remember that it is only a foot. Human contact and follow-up may seem quaint, but they help differentiate you in a world where your customers both desire and lack a personal element to their service. Take the extra steps people want to see, and you will rise up against the challenges of reaching a crowded market.

How to Overcome Marketing Challenges in the Payment Processing Industry

About the Author

Allan Lacoste, Partnership Group, North America

Allan is responsible for managing the overall growth of Nuvei’s North American sales and marketing teams. He is a 22-year fintech industry veteran who has owned and operated ISOs, as well as held leadership roles with Cardservice International, North American Bancard and Total Merchant Services.

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