Pat McCammon, a seasoned navigator in the world of payments, discusses the nuances of navigating the dynamic terrain of payments and explores the challenges and opportunities that small to medium businesses face. He provides insights into consumer perspectives on payments and breaks down different categories of payment methods. Pat also touches on compliance and regulations in the payments industry, emphasising the importance of protecting consumers while allowing for innovation. He advises business owners to carefully choose their payment providers, considering factors such as transparency, reliability, and customer experience. Finally, Pat highlights upcoming innovations in digital payments and encourages retailers to stay ahead by understanding consumer demands and adopting new technologies.

In this episode, Pat shares three key recommendations for choosing the right payment provider:

1. Transparency The importance of transparency reveals itself when it comes to fees associated with different forms of acceptance, such as "12 months free" schemes and understanding their offering of merchant services fees. He advises business owners to thoroughly question and understand these fees from their potential provider. If the intended provider is cagey or purposefully inconspicuous, might not be the right fit for your business.
2. Reliability Another crucial factor is the reliability of the payment provider. Not only is their offering (Network and Hardware) reliable, but moreover when things go wrong, how is their responsiveness. Pat suggests selecting a provider with a strong service level agreement (SLA) to ensure uninterrupted transactions and minimal downtime.
3. Customer Journey Enhancement Lastly, Pat highlights the significance of enhancing the customer journey. He suggests that successful retailers choose providers who offer terminals designed to streamline the checkout process and improve overall customer experience.

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Pat's got the secrets to deciphering fees, avoiding surcharging misunderstandings, and why those "free" eftpos terminals might not be so liberating after all. So, join us, settle in, and get ready to navigate the payments industry confidently.

For more information about surcharging, merchant services fees, costs and other considerations, check out our articles below:

https://www.skyzer.co.nz/getting-started-with-eftpos-costs-and-considerations/

https://www.skyzer.co.nz/merchantnumber/

https://www.skyzer.co.nz/surcharges/

https://www.skyzer.co.nz/small-business-guide/

https://www.skyzer.co.nz/five-tips-to-create-a-smooth-customer-experience/

https://www.skyzer.co.nz/warranty/