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Every business accepting direct credit card payments has a merchant account and an associated merchant identification number (MID) — a 15-digit code that identifies them to their acquirer.
Traditionally, a business would receive its merchant account and MID (or MIDs) from a payment service provider. Then, it would purchase payment gateway services from a separate company and value-added services like hardware, fraud prevention tools and more from someone else. It was an inefficient model that resulted in businesses having to juggle multiple vendors, user portals and bills.
But, today, all-in-one service providers make it possible for payments companies and software platforms facilitating payments to offer merchants everything they need to sell, whether in-person, online, or somewhere in between.
If you sell payment services, the all-in-one model offers some significant benefits to both your back-end processes and your merchant experience. In this article, we’ll look at some of the perks you can enjoy by getting your merchant account from the same company that provides your payments technology.
Streamline Your Payments Processing Journey
Choosing a payments partner that offers both enablement technology and merchant accounts significantly reduces the complexity of your payments business.
- Simplified vendor relationships: One-stop service for merchant accounts and tech means fewer sales processes, fewer contracts, fewer bills and fewer contacts to manage
- Deeper partner integration: Having one partner serving the entirety of your payment needs allows them to learn your business more deeply. That, in turn, ensures better, more personalized service
- Smoother onboarding: When you can get merchant accounts and MIDs, value-added services, gateway services and hardware in one place, you can streamline the onboarding process and get your merchants running (and generating residuals) faster
Improve the Experience for Your Customers
Whether you’re a software company signing up users or an ISO (independent sales organization) building traditional merchant relationships, all-in-one payment partners offer some advantages that extend directly to your customers.
- Streamlined sign-up: Your merchants can get their merchant account, their gateway, their hardware and additional services all through a single sign-up process, saving them time and reducing headaches
- Improved pricing: Getting a full suite of payment products through a single partner may open up better bundled rates than you’d get through a patchwork of separate service providers. Those savings can be passed on to your merchants to beat the industry’s big, expensive platforms
- More complete services: All-in-one partners prioritize completeness of service, so you’ll get access to a wider set of payment products to resell to your merchants. Offering complete solutions to your customers removes a ton of friction from their payments experience and opens up additional revenue channels for you
Minimize Support Complexity
Occasionally, your customers will have issues or questions that will require you to turn to your partners for support. An all-in-one provider greatly simplifies and enhances that process.
- Dedicated support: Going through a single support channel ensures your dedicated specialists understand your issues more thoroughly and deal with them faster and more effectively
- Cohesive service: Payments don’t work in isolation, so solving issues is faster and easier when support specialists can quickly access complete information — something that isn’t possible if services are split up across multiple providers
End-to-End Support That Simplifies Merchant Services
NMI Payments is an all-in-one payments platform that provides access to everything you need to sell payments, including:
- Merchant account and MID issuing
- Payment gateway solutions
- A full suite of traditional and mobile payments hardware
- Value-added services covering fraud prevention, advanced security, billing, recurring payments, text-to-pay and much more
- The industry’s best dedicated support and implementation teams
And, because our platform is completely modular, you can pick and choose what to use, enabling unparalleled customization, optimization and cost efficiency.
NMI Payments can bring the merchant account and MID issuing and technology under a single umbrella to help you serve merchants better. If you’re ready to find out more, reach out to a member of our team today.
Don’t just turn on payments, transform the way you do business
- Generate New Revenue By adding or expanding payment offerings to your solution, you can start earning higher monthly and transaction-based recurring revenue.
- Offer the Power of Choice Allow merchants to choose from 125+ shopping cart integrations and 200+ processor options to streamline their onboarding.
- Seamless White Labeling Make the platform an extension of your brand by adding your logo, colors and customizing your URL.