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consulting with the customer, we are able to provide them as the most vulnerable payment method; 25 percent
with solutions that meet their needs and are reliable and were concerned about cryptocurrencies; 59 percent
easy to use." named security as a priority when choosing a
service provider.
Solve my pain points
Rawls also mentioned that MLSs with good listening "When it comes down to it, knowledge is key," Rawls said.
skills can get to the heart of customer pain points and offer "Not only should salespeople be knowledgeable about
targeted solutions to help them achieve business goals. what they sell on a daily basis, but they should have a
When you understand their type of business, wants and strong knowledge of all possible solutions that can be
needs and how they're managing certain functions, you offered to SMBs. By listening carefully to their merchant's
can provide merchants with multiple options to consider, needs, they will be able to provide a solution that is the
he stated. best for the merchant's business and build trust and,
hopefully, a long-term customer relationship."
Paysafe researchers found small and midsize merchants Give me real-time solutions
are buying into a fragmented landscape, with "significant
divergences between different countries in the methods As sole proprietors and SMBs implement enterprise-
accepted." Following are survey respondents' most scale solutions, they are finding it easier to attract new
frequently cited pain points: customers but more challenging to keep them, noted
Brandon Spear, president at Multi Service Technology
• Accept more payment types: Merchants want Solutions Inc. "Consumer behavior seems to be shifting
to accommodate their customers by accepting from brand-centric to experience-centric," Spear said.
as many payment types as possible, including "That little guy who delivers a great customer experience
cross-border currencies. Most North American can compete with larger players, but he will need a new
merchants surveyed support contactless payments, set of competencies to identify and remove friction points
which they see as a stepping stone to a more and earn customer loyalty."
seamless checkout experience. Only 6 percent of
respondents currently accept cryptocurrencies. Generally speaking, it is easier for startup businesses
to build a great customer experience, because they are
• Balance security with ease-of-use: More than not bogged down by legacy infrastructures and people
half the merchants surveyed are concerned that who say, "We have always done it this way," Spear said.
removing friction from payments increases MSTS strives to remain agile and relevant by continually
exposure to fraud. Seventy-four percent believe adapting to market conditions. Over the past 40 years, the
fraudsters are increasingly targeting online company has evolved from a petroleum payment card
businesses. Most merchants believe their payment issuer to a managed services provider.
service providers (PSPs) are responsible for
protecting transactions. As he reflected on his company's heritage, Spear pointed
• Improve transaction and settlement speeds: out that MSTS is constantly improving by staying focused
Customers need smooth and quick transactions; on its customers. "You have to unpack what a customer
merchants need to receive the funds in their journey looks like and make a concerted effort to remedy
accounts as soon as possible. It can take up to two points of friction," he stated. "Customers will remember
days for a transaction to fully clear in a merchant's a long checkout line and arduous paper-based credit
account, although some PSPs are paying ahead of approval process. But they will also remember a great
bank clearances to help their clients, researchers check-in, checkout or instant approval experience, all of
found. which drive customer loyalty."

• Improve conversion rates: Combating abandoned MSTS recently identified a need for a real-time integrated
transactions is critical. Businesses can no longer credit and underwriting platform in the midsize business
sustain 11 percent checkout abandonment rates community and converted an enterprise solution into
and need to address the underlying reasons for an SMB product. The company's cloud-based Credit as
customers dropping out of transactions and a Service platform enables small and midsize business
leaving shopping carts. CNP merchants believe owners to issue lines of credit and automate customer
having smoother payments will boost conversion onboarding, invoicing, accounts payable and billing
and retention rates. procedures. "In the age of instant, automation is king,"
Spear said. "The customer journey can't be days or hours;
• Monitor, detect and prevent fraud: Credit card it needs to be seconds."
fraud remains a top concern for SMB merchants.
Thirty-six percent of respondents saw credit cards

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