How to Network to Improve Your Business Results

How to Network to Improve Your Business Results

Successful companies are able to leverage their relationships to drive growth, increase sales and bolster their company’s overall performance. Due to the extremely tight margins and level playing field in many industries today created by the advent of computer technology, many companies that do not have a commitment to networking find themselves lagging behind segment leaders or out of the marketplace entirely. This relationship is no different when it comes to choosing the right company to handle your merchant accounts. By contacting different professionals who you trust and respect, you may find a partner that provides you with service above and beyond your initial expectations at a reasonable price.

Lower Fees, Not PricesA smart business owner who searches through his social network to find associates familiar with his or her’s company’s financial transaction processes will have a leg up on the competition when searching for a company to handle their credit card processing transactions. If a savvy owner is able to determine the transaction cost charged by one company to a friend or rival business, he or she will be able to utilize this piece of information when it comes time to negotiate a credit card processing cost with a card provider. This small percentage of total sales may seem small initially but for a point-to-point vendor that processes many small transactions, this can be a tremendous amount of savings over the life of the transaction processing relationship. Remember, increased margins allow for cash to fuel growth in other areas of your business.

Know the Level of Service You Deserve from Your Merchant Account Provider

An additional benefit that can be discovered from contacts in your network who understand the world of merchant accounts and credit card transaction processing is the level of service that you should expect from your future or current account provider. Just like your industry, the merchant account market is competitive and firms must differentiate themselves from competitors to attract clients. Through your network, you may be able to uncover perks that are provided to loyal customers above and beyond lower fees and commissions. Armed with this knowledge, you can let your merchant accounts provider know the level of service you feel entitled to or that you can find with a different provider.