How Staitment Can Raise Your Bottom Line
As a provider of payments and other merchant services, your biggest revenue stream most likely comes from converting potential merchants to your services. Although the payments industry has experienced intense innovation in the past few decades, one piece that has remained relatively stagnant is the process of selling merchant services. Since selling these services is how you make most of your money, it is surprising that this process has seen almost no groundbreaking changes since its inception. We plan to change that with Staitment. Our goal for Staitment is to revolutionize the sales process associated with merchant services and effectively help providers raise their bottom line.
Shortening the Sales Cycle
The biggest positive impact that Staitment offers for your bottom line is shortening the sales cycle of merchant services. Traditionally, the process of selling merchant services takes around 3-5 days at its shortest and generally requires multiple meetings to be scheduled. This lengthy process can lead to potential merchants going cold and not following through with their conversion, which can have a severe negative impact on your revenue as a merchant services provider.
With Staitment, the timeline of this sales process is drastically reduced. A sales agent can upload processing statements into Staitment, receive an accurate analysis of that statement, and provide their potential merchant with a cost-comparison proposal in just one meeting or phone call. This shortened sales cycle leads to fewer potential merchants going cold and a higher number of conversions, thus increasing your revenue and bottom line.
Efficient & Accurate Statement Analyses and Cost-Comparison Proposals
Another way Staitment can impact your bottom line is by providing an immediate and accurate credit card processing statement analysis. For a typical merchant services provider, it is either a sole person’s or a team of people’s responsibility to analyze the statement of a potential merchant. Training employees to analyze these statements requires valuable time and resources and can deter your organization from pursuing important revenue-growth activities. And since these tasks are being performed manually, there is also the chance for human error.
With Staitment, the need to train employees on how to properly read statements is minimized along with the associated element of human error.
Our software is designed to analyze any processing statement and detail the rates and fees the merchant is currently paying. The result is an accurate analysis prepared in a fraction of the time that it would take if it were prepared manually and with much lower input costs.
In addition to statement analyses, Staitment also impacts your bottom line by generating white-labeled cost-comparison proposals. Creating these proposals is usually tasked to an individual or team of people, as is the case with the initial analysis. These manually crafted proposals are also subject to human error. Staitment mitigates the risk of this error by automatically creating a proposal with your given pricing and calculating the savings that would be offered if the merchant were to make the switch to your payment processing services. As a result, you are provided with a beautiful, one-page document that is consistent with your organization’s branding and explicitly compares the overall costs of your services against the merchant’s current provider, and the savings associated with making the switch. This proposal coupled with a quick and accurate statement analysis will lead to more deals closed faster at fewer input costs, giving your bottom line a big boost.
One thing that is truly unique about Staitment is its scalability. There is arguably no other solution for statement analysis and sales proposal creation that can be rolled out to and adopted by an entire organization at a quicker pace. This level of scalability offers great benefits to your bottom line as a merchant services provider. You will be able to reach and convert more merchants while lowering your costs and manpower associated with reading merchant statements and generating cost comparison proposals. Attempting to match the output of Staitment using traditional method would no doubt lead to higher operating costs, thus having a negative impact on your organization’s bottom line.
Analyzing processing statements and creating cost comparisons are an integral part of any merchant services provider’s operations. These tasks are generally time consuming, are subject to human error, and require high input costs to scale effectively. Staitment eliminates these problems allowing your organization to close deals at a much quicker rate and at a lower cost, effectively racing your bottom line.