44 MARCH / APRIL 2023 PRODUCT & SERVICES PROFILE On the show, “Who Wants to be a Millionaire,” contestants had three lifelines they could use to continue their quest to win the game. One of those lifelines was to phone a friend. Your small business clients rely on cashflow to maintain their business. A lifeline that is crucial in the continuance of cashflow is merchant services. Yes, you read that right, merchant services. Small businesses are often in a cashflow crunch and many of their customers want to pay via credit or debit card. If that small business can’t rely on the equipment or software provided by their current vendor to properly process payments, then that small business immediately has a cashflow issue. The IBA’s new Preferred Service Provider (PSP) wants to make sure your bank is the friend those small business clients call to maintain timely access to this crucial form of cashflow. BancCard of America Inc., now an IBA PSP, is based in Nashville, Tennessee, with a local office in Jeffersonville. It works with five of the top processors in the industry – Elavon, First Data, TSYS, Clearent and SignaPay – giving merchants, big and small, the latest in card processing technology. In addition, there is no merchant liability and they are able to provide the lowest interchange rates for “card not present” and “e-commerce” transactions. These interchange savings are passed along to you, the bank. By utilizing five processors, BancCard can offer its bank clients any of the benefits or savings offered by any of those processors. When working with just one processor, a bank is limited to only the benefits of that sole provider. Another benefit of BancCard is nearly Merchant Services: A Business Lifeline Be the friend they call immediate approval upon application, allowing your customer to be up and running, and accepting payment in 24-48 hours. If there is an issue with a terminal or software, BancCard has seven representatives servicing Indiana banks so someone will be on site with a replacement in a very timely manner, often within 24 hours. Often the bank’s merchant services program is an afterthought. However, to your small business customer, it is a crucial service to their survival. BancCard will work with your team to help identify potential customers and then will make calls on your behalf, or in conjunction with you, to connect with those clients and discuss their merchant services offerings. BancCard only deals with banks and their clients. They have no independent representatives “on the street” competing against you for the business. In fact, when meeting with potential customers, they listen for key comments that might lead to additional business for the bank as a trusted partner, helping gain more business and create more “stickiness” with your customer. Most banks will utilize BancCard’s referral model, which often produces two to five times the volume/ output than other merchant services providers are able to yield. However, if your bank is a size where it makes sense to be an agent bank, BancCard can also make that happen. Non-interest income is always a key component to a bank’s revenue stream and merchant services is a great way to generate it. Be the friend your customer calls for a lifeline and help them maintain their cashflow. For more information contact Tyler Cook at 502-494-6441 or TCook@BancCard.com; or contact me at 317-3337145 or RLasley@indiana.bank. HB Rod Lasley Chief Operating Officer Indiana Bankers Association RLasley@indiana.bank NEW PREFERRED SERVICE PROVIDER
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