Banks and financial institutions today have access to a multitude of solutions for managing the merchant acquisition ecosystem. Each acquiring that the banks enable as service offerings to its merchants require the banks to onboard and integrate the merchant for enabling the same. This also brings about an overhead for merchants to manage such integration and banks to manage merchant settlements and payouts. To help banks adapt and prosper in this multi-channel world, merchant management solutions are a great option.
Through the use of a merchant management system, merchant acquirers can enroll merchants, manage fees, track terminal inventory, assess risks and generate merchant statements quickly and easily. It seems strange, then, that acquirers aren’t jumping at the opportunity to put merchant management systems in place.
Using merchant management systems, acquirers will be able to enroll merchants onboard, manage their feed, track terminal inventory, and also generate merchant statements within no time. Acquirers are pretty excited at the possibility merchant management systems bring to the table. Even so, many systems on the market aren’t yet fitting the bill. Acquirers are still using legacy systems and in house programmes, having poor flexibility and restricted scope for real-time development. To grow with growing times requires dynamic development platform realizing the full potential of merchant management. Mindgate is a merchant management solution provider of a highly optimized, open source platform for effectively managing merchants.
Here are a few benefits of implementing an effective merchant management system:
- Multiple acquiring interfaces such as Mobile, Web, Kiosk, POS, PC-POS, API’s, & H2H.
- Access to multiple transaction channels viz. HTTPS, SMS, USSD, RFID, NFC, OTA.
- Multiple transaction identities such as Mobile Devices, Biometrics, Virtual address, Cards can be used.
- It provides access to varied methods of transactions namely Face 2 Face payments, Collect payments, QR payments, Identity Token/National ID payments, Bulk payments, H2H payments.
The Mindgate merchant management solution provides a compound hierarchical organizational structure with pre-defined protocols at various levels such as the country, territory, stores, outlets, departments, terminals and partners. A simple UI can be used to manage all merchant accounts. The system can exchange and synchronize merchant data online and offline. For effective integration of the system with CRM and other portals, it has to be customized for all possibilities. A merchant management system is scalable and adaptable. By grouping individual fees and charges into a tariff plan which represents a pricing model for a product, the plans can eventually be organized into a hierarchy having the characteristic to inherit, change or override specific charges each level. The PGA platform by Mindgate addresses these challenges in a holistic approach. The platform allows banks to onboard all merchants on a single platform and defines the scheme for merchants as well as dynamic routing with merchants settlement and payouts, thereby providing a comprehensive merchant management system.