Businesses like yours process high numbers of transactions frequently. Wouldn't you like to streamline that process and decrease labour output and non-payment risk while improving customer convenience and service? Of course you would. From utilities to property management to insurance to child care services, MasterCard® acceptance can be valuable to improving your payment services and your customer satisfaction simultaneously.
The benefits of card acceptance to service providers will vary according to current payment and/or collection needs, but usually include the following:
Labour and operational efficiency
MasterCard credit and debit card acceptance allows businesses to automate internet, telephone, and self-service kiosk payments. Card transactions are often completed more quickly and efficiently than transactions that involve making change, filling out forms, or processing cheques.
Automated transactions also save money by reducing customer traffic in field offices with high labour, real estate, and overhead costs. Payment by cheque or cash may also create additional expenses, such as armoured car services, data entry costs, and bank deposit or lockbox fees.
Improved cash flow
Electronic payment methods can result in rapid deposit of funds into your account and improved cash flow. In addition, card payments made by telephone or in a face-to-face environment usually eliminate "mail float" lost while cheques are in the mail.
Reduced risk of losses from bad cheques
Card transactions reduce the volume of cheques returned for "insufficient funds," as well as associated fees, penalties, and collection costs. Card acceptance also cuts down on redeposit fees and the cost of processing additional transactions.
Increased customer satisfaction
Consumers expect card acceptance by a wide range of service providers. Efficient electronic payments can help a service business to match the level of customer care provided by traditional face-to-face acceptors. And, in many cases, the benefits of acceptance can partially or fully offset card transaction costs.
Features and tools for service businesses
- Keep card account data current
If you maintain card-on-file data for your customers' automatic recurring bill payments, you face the challenge of card payments that decline due to account changes that have not been communicated to you—with each billing period. Declines compromise revenue flow and are inconvenient to customers as well. They also increase your direct and indirect expenses by forcing you to contact customers for either updated account information or alternative payment arrangements.
The MasterCard Automatic Billing Updater helps to ensure uninterrupted payments for you and uninterrupted service for your customers by seamlessly updating card-on-file account information. It helps to maintain and builds customer satisfaction. - Competitive acquirer bids
Receive competitive bids from acquirers with MasterCard Request for Proposal (RFP) guidelines. - The role of MasterCard
Here's how we serve our merchants, both directly and indirectly. In addition to managing the financial settlement and authorisation systems, MasterCard administers the systems' operating rules and regulations, develops programs to open new merchant segments, and creates new payment programs and services. Of course, we also promote and advertise the MasterCard brands.