3 Common Misconceptions Deathcare Professionals Have About Payment Processing
Posted December 5, 2018
5 min read
Just how easy and seamless is it to take payments from your families? And how much burden does that end up adding to your business?
If you’re unsure or hesitant to answer either of those questions, keep reading.
After all, when it comes to selecting (or switching) your payment processing solution, there are many things business owners can benefit from knowing so that you can use a payment partner that’s focused on helping you grow your business while maintaining efficient operations.
Despite how important a payment processing solution is, there’s a great deal of misinformation and myths that continue to persist. The result: you may not be fully equipped to make decisions that are the best for you and for your families.
We sat down with Perry Tatooles, Vice President of Strategic Partnerships for TransNational Payments (TNP), to talk about these issues. TNP was founded by John Pitzaferro in 1999.
At the time, John envisioned a company that would provide a breath of fresh air into the merchant services marketplace. By putting customers first and by creating a full-disclosure environment built on honesty and integrity, TNP has been able to do just that—helping to make payments simple so death care professionals can focus on serving their families.
Here we take a closer look at 3 common misconceptions about payment processing that business owners should know about, including the reality about these myths.
Misconception: “Every payment processing company offers the same or similar rates.”
First, recognize that the majority of payment processing costs are not the same for all processors. The cost any one business receives is generally determined by how much profit the processor decides to incur.
The takeaway is that you need to become aware of your choices, and do your homework when possible. Also recognize that how processing works and how fees are implemented is a relatively complex process.
Since many business owners are challenged to find clarity around their best options, it’s ideal to find a solution that has been designed to be industry specific, is part of a group-leveraged program (that means more savings for all included), and/or a solution that works with other companies and verticals in the industry.
Finding a solution that fits these criteria often means you’re going to have a competitive solution that also gives you what your business requires (and what is best for your families).
“Because we’re building a group-leveraged program with CRäKN, TNP has chosen to experience below market margins in this case. This translates into money saved for funeral directors who use CRäKN,” explains Perry. “Put another way, as CRäKN’s payment partner, we are able to price based on the entirety of CRäKN users rather than far less competitive offerings a single business may see.”
Misconception: “My bank is my processor.”
Second, it is a misconception that your bank is your processor. More often than not, banks utilize companies such as TNP for processing. The exception to this can be large banks who may have a separate division that handles payment processing.
Companies including TNP (mid-sized, liable ISO’s) can offer better pricing with significantly increased levels of customer service and support, explains Perry.
Misconception: “I already have a great deal.”
Many business owners resist the idea of looking into new options for payment processing because they feel they may already have a great deal. Or, in other scenarios, they’ve already made a choice and are worried about time associated with switching, or that it won’t be worth the savings.
Look to see if the payment processing solution you’re considering offers free reviews for funeral directors who want to know how their current solution (or other solutions they are considering) compares. (Solutions such as TNP offer this comparison, free of charge.)
“The result is a transparent assessment of how much excess margin the current provider is experiencing and our recommendation on how to reduce those costs. We ensure we always put our partners and customers in a winning position, whether or not we win the business,” says Perry.
For many funeral directors, it’s an easy, low risk way to make sure you’re optimizing your margins and passing along as many benefits as possible to your families when it comes to paying. It’s also another way to make sure your comparing “apples to apples” in payment solution options. For example, does your payment processor have a dedicated account representative? A true assessment could help you figure out a solution that offers customer support and rate structures that can give you peace of mind.
What Else to Know: 3 Questions to Ask
If you aren’t sure where to start, there are a couple of questions you can ask to help that guide you towards a payment solution that’s a fit:
What pricing model am I currently set up on (or what model is offered)?Are there any other fees I should be aware of? Whether the answer is tiered, flat rate, surcharge, IC plus or something else, you need to know what that can mean for your operations. “The answer to this question is generally the first indicator as to whether or not you are being over charged,” adds Perry.
Do I have a relationship manager I can lean on for questions or concerns? “Having a relationship with your processor is critical to getting support when needed and to help maintain price integrity for the duration of the agreement,” explains Perry. Other questions related to this can include how fast they typically respond to customer inquiries and whether or not they offer a welcome kit or welcome support when you get started.
What else should I know about the relationships with my provider? You must feel comfortable with your provider. “Are they knowledgeable, providing transparency in costs, contracts, and more?” Don’t skimp on looking at Google reviews, testimonials, and references.
CRäKN is Proud to Partner with TransNational Payments
We’re proud to partner with TransNational Payments, a leader in payment processing. This not only means you’ll have seamless integration for payment processing, but the partnership also includes:
- Streamlined operations by processing and tracking credit cards all in one system
- Integration through CRäKN with your accounting system–meaning no double entry
- The ability to run transactions anywhere, anytime
We help funeral professionals save time, prevent duplicate work & reduce errors. Focus on the family, let us focus on helping you. Request a demo today!