CEO of Akurateco
At least 86% of customers have to contact customer support more than once about a single issue, reports InfoLink. They lose their precious time – and along with their patience, they lose loyalty to the brand.
On top of that, at least 80% of all customer service representatives can’t immediately answer the questions of their clients (according to Netomi).
For payment service providers, time is literally money. Not getting immediate answers or struggling with constant delays can cost payment service providers (PSPs) a fortune in missed sales, declined transactions and lost clients. That is why, we believe that the quality and speed of customer support of a white-label payment service provider should be one of the key factors when choosing a payment system.
Why else is the quality of customer support so important? We’ve made a list of factors to consider. But first, let’s go over the basics and define what a white-label payment service is.
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What’s a white-label payment system?
A white-label payment system is a fully-brandable payment platform powered by the third-party payment technology vendor which PSPs can legally resell as their own. When choosing it, payment processors get an innovative and fully customizable platform with a wide range of payment methods available. They only pay for the setup and save a fortune on the development and maintenance of the system. We’ve explained how much it costs to develop your own payment gateway in this article.
There are different integration options to fit the needs of PSPs from various jurisdictions, and the platform can be branded according to the company’s style guidelines.
Core features of such a system include but are not limited to:
- Smart routing – To increase the transaction approval ratio by routing each transaction to a channel that is most likely to accept the payment;
- Cascading – To distribute rejected transactions between different channels for better credit score;
- Smart invoicing – To build a flexible fee structure and dynamically charge clients more by predefining payment actions and triggers;
- Tokenization – To create a smooth and uninterrupted checkout experience for a client with one-click payments;
- Anti-fraud modules – To prevent fraud and chargebacks with powerful anti-fraud engine;
- Risk management – To better understand the reason behind every transaction decline and make data-driven business decisions.
These are the features to look for in a reliable white-label platform.
Now, let’s dive into the reasons why customer support is one of the key factors when choosing a white-label payment system.
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Why customer support in white-label payment system matters
1. An Admin Panel can be rather complex.
Typically, a white-label payment platform allows for full customization. You can play with the settings, reports, payment action and triggers, and set them up in a way that best meets your needs.
However, full customization comes with complexity of the infrastructure. The Admin Panel has its own logic. To a new customer anti-fraud, routing, MID, merchant and MID mapping settings look rather complicated. It’s not always obvious how to set it up and in what order.
That is why, at Akurateco, we offer full customer support, especially at the very beginning. We ensure that our client has full understanding of how to use the system to its full potential.
2. Merchant onboarding isn’t a piece of cake. You’ll require professional assistance.
It’s important to have a customer support team help you connect merchants to the payment system. Unfortunately, it is rarely the case.
As a rule, PSPs choose a white-label payment solution, pay an invoice – and are left on their own. You can read the instructions all you want, watch tutorials, or follow a step-by-step onboarding guide. Yet, there is nothing like communication with a real person to help you connect the merchants faster and better.That is why Akurateco has stepped up and now acts as a Customer Support Department for every single company they collaborate with. This decision saves our clients time and money as well as helps us better cater to their needs.
3. White-label software provider and a client should work as a team.
Success of every customer we have is our success. Literally.
That is why Akurateco not only helps their clients to fix issues but also proactively initiates communication to ensure that we work as a team. We are joining forces with customers and act as a Customer Success Department to ensure successful payment processing for every client. We are open to hear your suggestions, integrate a new payment method or develop a new feature – whatever it takes to help PSPs grow their revenue.
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4. In-person communication has proven to be more effective for problem-solving.
Typically, customer support is realized via a ticket system. And it can be a solid solution. But it is just a system. Faceless and impersonal.
It is far more effective to have a team of professionals you can discuss your specific issues with and require their help. Adding a personal touch to the communication can make all the difference.
Therefore, chats and voice calls are not only more customer-friendly but more effective.
Customer support can often be overlooked. That is until an urgent time-sensitive issue arises.
Moreover, there are at least four reasons why you should analyze the customer support offered by different providers when choosing the one to trust with your business. I strongly recommend looking into these reasons or maybe even using them as a cheat sheet when weighing your options.
Akurateco, an Amsrwedam-based white-label payment service provider, offers a level of customer support our rivals can’t compare with. If you’re looking for a solution right now, we are offering a free Demo of our system. To book one, just fill out this form – and see you soon!
Vladimir Kuiantsev is the CEO of Akurateco, a cutting-edge SaaS platform with 70+ connectors catering to international businesses. With 10+ years of experience in the payment industry, he’s successfully founded and grown two major payment startups before becoming an executive at Akurateco.