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At the end of the day, the success of a merchant acquirer and a PSP is measured by how well they can help their clients become more profitable. As technology evolves, so too must the industry. With the right tools, data, and insights, the acquirer and the PSP can do just that, working together to change the way the industry does business.
For example, there is no room for a merchant acquirer or a PSP to miss out on the opportunity to collect the data necessary to analyze and assess risk. What’s more, the ability to obtain that data provides the opportunity to sell that data to a third party to perform that analysis. When done well, collecting data yields insights that can be leveraged for the benefit of the acquirer and the client. Just as important, the use of data collected through monitoring and analyzing customers during the acquisition process can help the acquirer and the PSP know which merchants are most likely to succeed and which ones are most likely to fail. The result is a more profitable acquisition for the acquirer, a more profitable conversion for the PSP, and a better customer experience.
By embracing new digital technologies, the acquirer and PSP can take control of the customer acquisition process and lead the way in every step of the transaction. The key to success is to have a deep understanding of what customers want and to be able to adapt to changing customer behaviors and preferences.
Merchant acquirers and PSPs are held to high standards when it comes to performance. To be sure, protection of the consumer is an important part of the mission, which is why so many are working hard to ensure that each of their clients is treated fairly and compensated for the use of their brand. However, in a digital world, the performance of the merchant acquirer and PSP is increasingly evaluated by how well they are able to help their clients acquire and retain customers.
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