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Businesses need help to access and deploy these powerful tools, however – and this means their merchant service providers (MSPs) must be prepared to step up. Many MSPs, including acquirers, independent sales organizations, payment gateways and payment facilitators, are starting to recognize this. Most MSPs already offer a suite of VAS.
Sage provides a comprehensive suite of tools that integrate key business functions, including accounting, finance, inventory management, supply chain, human resources, and customer relationship management (CRM). MSPs work with financial institutions to ensure merchants can accept electronic payments smoothly.
What do the biggest, most successful merchant service providers (MSPs) concur is the key to their collective future? The answer to that cliff-hanger opener, incidentally, is value-added services (VAS) — the growing assortment of benefits that MSPs provide to their merchant clients. Either way, the trend is gaining momentum fast.
For example, merchant services providers (MSPs) have long supplied credit card processing for retailers as their central offering. But with instant money and open banking rewiring entire industries, MSPs have accepted that it’s no longer “business as usual.” Creative destruction eradicates some business models and reformulates others.
These challenges are especially acute for merchant service providers (MSPs) and the clients they serve. After all, many businesses look first to their MSPs, including acquirers and independent sales organizations (ISOs), to connect them to the vast and growing digital ecosystem. Nearly two-thirds of providers, 63.5
It’s unsurprising, then, that managed service providers (MSPs), which often specialize in providing IT services to their business customers, have been forced to quickly address data management challenges – not only for the MSP itself, but for their clients, too. “It is an industry that is dependent on data,” he said.
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