Fears of a recession are looming. A recent survey by Provident Bank found that 67% of small to medium-sized businesses believe a recession may be coming in 2023, primarily due to inflation, supply chain issues and rising wages. In response, many merchants plan to downsize and cut out unnecessary expenses - including secondary software solutions and payment partners.
Maintaining healthy merchant relationships in a slowing economy is tricky. To keep customers engaged, banks, ISOs and other payment facilitators must adjust their offerings to provide a more holistic approach to payments. This means providing streamlined merchant onboarding, broader payment integrations, improved customer relationship management tools and greater security.
Kate Hampton, NMI’s SVP of Corporate Development, recently spoke with John Adams of American Banker about how NMI’s recent partnerships and acquisitions will enable us to provide more value to our partners in 2023. With these new technologies and solutions, NMI’s partners can offer more robust payment solutions to merchants, improving customer stickiness and longevity.
NMI’s new initiatives and programs include:
The addition of new underwriting and risk monitoring capabilities with the acquisition of Agreement Express
Enhanced AI-powered fraud prevention with NMI’s partnership with Kount
A more robust merchant management platform and customer relationship management solution with the acquisition of IRIS CRM
Expanded multichannel payment technology with the addition of USAePay