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What VARs in the POS Market Should Look for in a Payments Partner

January 12, 2017

What VARs in the POS Market Should Look for in a Payments Partner

Are your merchant clients looking for payment processing services as part of an all-in-one point-of-sale (POS) package? As a value-added reseller (VAR), if you haven't added this service to your toolbox, you could be missing out on significant recurring revenue. And your customers might be looking to another VAR for a complete solution.

You've probably noticed a growing trend in the POS market toward integrating payment acceptance with POS offerings and this growth isn’t expected to slow down any time soon.

But like the rest of your service offerings in the POS market, you want a payments partner that provides reliable support for both you and your clients, especially during a crisis. Here are three must-haves when choosing the right payments processor.

1. Cutting-edge technology access

In today's payments climate, new technologies and strategies are popping up just about every week. While not every bright, shiny object is important to you and your customers, you want a partner that helps you stay ahead of the curve.

From the EMV transition to PCI compliance, from mobile payment options to cloud-based POS solutions, merchants must have the technology to meet industry requirements while giving customers a variety of ways to pay.

2. Account transparency

When you ink an agreement with a payments processor, you want that organization to have the best interests of both you and your clients in mind. And that means clarity about potential fees, cancellation charges, and terminal rental agreements.

As a VAR, you're probably looking to payments processing as a long-term recurring revenue stream. If your clients are happy with the day-to-day service, you can more easily solidify a lasting relationship.

And don't forget about your own interests. Expect clear communication with your processing partner about the revenue sources you can access, as well as the associated fees. By getting the information up front, you'll save yourself headaches down the line.

3. Reliable customer service

The bottom line for business owners is keeping payment systems up and running at all times. When employees can't accept payment cards for goods and services, or online shopping portals are down, merchants expect immediate action. And that support should be delivered across a variety of channels, including phone, email, live chat, and online knowledge base.

As a VAR, you want a service provider that's standing by in order to help solve a problem, whether it's 9 o'clock in the morning or 10 o'clock at night. And you and your customers shouldn't have to jump through a lot of hoops to get that responsive service when needed.

When you're looking for a payments processor that incorporates all of these qualities and more, you should consider partnering with a company like Ingram Micro. As a distributor with multiple offerings in data capture and the POS market, Ingram starts building a relationship for future success during the first sales conversation.

What qualities are most important to you when selecting a payments processor in the POS market?