The commerce landscape has undergone significant changes in recent years, with the rise of e-commerce, mobile payments, and digital wallets. This has impacted both merchants and acquirer banks in various ways.
For merchants, the shift towards e-commerce and mobile payments has opened up new opportunities to reach customers and expand their business beyond their local market. However, it has also introduced new challenges, such as ensuring the security of online transactions and adapting to changing consumer behavior and preferences.
To address these challenges, merchants have been investing in new technologies, such as fraud prevention tools and mobile point-of-sale systems. They have also been partnering with acquirer banks and payment processors to offer a wide range of payment options and improve the overall customer experience.
Acquirer banks, on the other hand, have had to adapt to the changing landscape by investing in new technologies and infrastructure to support the growing volume of digital transactions. This includes upgrading their payment processing systems, improving fraud detection and prevention measures, and developing new partnerships with merchants and other stakeholders in the payments ecosystem.
Acquirer banks have been focussing on offering better merchant management services in an omnichannel business environment by focusing on the following key areas:
- Integration: Provide merchants with a single, integrated platform that allows them to manage their payments across all channels, including online, mobile, and in-store. This can help merchants streamline their operations, reduce costs, and improve the customer experience.
- Data analytics: Offer merchants advanced data analytics tools that can help them gain insights into customer behavior, identify trends, and optimize their sales strategies across different channels. This can help merchants better understand their customers and improve their marketing and sales efforts.
- Fraud prevention: Provide merchants with robust fraud prevention tools and technologies that can help them protect their businesses from fraudulent activities across all channels. This can help merchants reduce losses due to fraud and maintain the trust of their customers.
- Customer support: Offer merchants dedicated customer support teams that can help them resolve issues quickly and efficiently, regardless of the channel or platform used. This can help merchants provide a consistent and positive customer experience across all touchpoints.
- Customization: Provide merchants with customizable solutions that can be tailored to their specific needs and business requirements. This can help merchants improve their efficiency, reduce costs, and enhance their overall competitiveness in the marketplace.
FSS Merchant Hub is a solution that helps banks manage merchants across the complete life cycle:
With FSS Merchant Hub, Acquirer banks can offer comprehensive merchant management services by providing a range of features to control and manage merchant users. This includes creating and managing concurrent logins and controlling access to data filters based on the type of account, whether it is a store, merchant, or aggregator account. Additionally, acquirer banks can offer real-time data insights and summaries on transactions, terminals, and stores to help merchants make informed decisions. Merchants can also manage their profile data updates and offline refund requests using the platform.
The platform can be used to initiate individual e-commerce transactions uploads and batch uploads, while also providing access to system news, merchant guidelines and FAQs. The platform also enables merchants to generate online data inquiries, including real-time transaction views, pending settlement transaction listings, transaction summaries, chargeback details and more. Furthermore, acquirer banks can help merchants generate dynamic reports, such as transaction summaries, transaction declined reports, merchant settlement summaries and settled fee details. These features provide merchants with a comprehensive suite of tools to manage their businesses efficiently, while providing acquirer banks with the means to offer better merchant management services in an omnichannel business environment.
Merchants today need flexibility, speed, and control. FSS Merchant offers that with its Self-Service Portal, giving power back to merchants. With the Self-Service Portal, 3 key benefits that a merchant gets are:
- Convenience: Merchants can easily create their accounts and manage their transactions without requiring any manual intervention from the acquirer bank. This simplifies the onboarding process, minimizes the time required to get up and running.
- Faster processing: Automate many manual processes, such as updating account information, managing transactions, and generating reports. This can help merchants process transactions more quickly and efficiently, resulting in faster payments.
- Greater flexibility: Allow merchants to manage their accounts and transactions on their own terms, giving them greater flexibility and control over their business operations. This can help merchants adapt more quickly to changing market conditions, improve their competitiveness, and stay ahead of the competition.
Additionally, the transaction-based risk management system offered by FSS Merchant ensures that all transactions, regardless of merchant, account, channel, or terminal, undergo a thorough risk check based on a risk score. FSS Merchant's advanced risk engine evaluates multiple transaction parameters, including the number of transactions, location, value, BINs, MCCs, and others, to perform a comprehensive risk audit and minimize the risk of potential payment fraud. This ensures that every transaction is closely scrutinized, enabling the system to effectively identify and prevent fraudulent activities, thereby promoting secure and reliable payment processing.
An End-to-End solution, FSS Merchant delivers a completely hassle free omni-channel experience to both merchants and their customers.
To know more about FSS Merchant Hub, write to us at products@fsstech.com.
