Trust. It’s a concept that’s not simply handed out but earned over time and that’s even more evident in the extremely competitive financial industry. According to the 2018 Edelman Trust Barometer, “2018 saw a stalled trust recovery for the financial services sector. Our data revealed six double-digit trust declines among the informed public segment, including a 20-point drop in the U.S.” We look at five ways to earn that trust back and grow your business.
The easiest way to earn trust is by being transparent with your customers. Be honest, open, and upfront. According to an article in the Harvard Business Review, “Acquiring new customers can cost five times more than satisfying and retaining current customers.” There are a lot of costs involved with payment processing and nobody likes surprises. The Edelman Trust Barometer lists easily understood terms and conditions as the number one factor for financial services companies to gain that mutual admiration.
Inform your merchants of any fees that may seem hidden on the surface. What are the terms and conditions involved? Explain to them about early termination fees and how to avoid liquidation damages. The more informed they are, and the more they know the value you can provide, everyone wins. By doing this, you help establish yourself as a trusted advisor.