Our Valmar Merchant Services team spent an action-packed 3 days networking with our lending colleagues, offering product demonstrations, and learning more about the hottest fintech industry trends at Lend360. Throughout each of those experiences, a few key points really stood out to us as consistent issues in loan management, and for merchants across business sectors. Read on to see what our key takeaways were from our conference experience:

1. Recession Fears are Real

Most business owners we spoke with are uneasy about what’s to come as they have never operated during a recession, let alone a recession brought on by a high inflationary environment. Because of this, lenders are now reevaluating their third-party service providers for the first time in many years. Pricing and the need to reduce costs by driving operational efficiencies are top of mind. For lenders looking to make changes regarding their third-party vendors, direct and indirect costs are being accounted for carefully in the decision-making process.

2. We’re Experiencing a Technological Transformation

The industry continues to reward lenders who utilize the latest and greatest technologies. These lenders are making better data-driven decisions and making timely pivots while creating customer experiences with less friction, resulting in higher percentages of repeat customers. Leading-edge tech not only reduces costs associated with customer churn but also helps ensure that your company is less vulnerable to today’s myriad of cybersecurity threats – which can also incur massive damages. Ready or not, it has never been a more urgent time to future-proof your business against fraud.

3. Labor Shortages Persist Across the Industry

Lenders continue to find it difficult to staff their operations, making labor a hotter topic than ever. To combat high turnover and slow hiring processes, lenders are leveraging third-party services in conjunction with technology to minimize the need for staffing. Where lenders do have staff in place, they’re leveraging that human resource for the highest-value transactions while outsourcing or automating repetitive tasks. We anticipate that this trend will continue at least as long as high inflation persists.

 

Prior to forming Valmar Merchant Services, we experienced the frustrations that merchants face firsthand and knew we were not alone in our struggles. So, if any of these ideas resonated with you or if you have more thoughts about trends in fintech, we hope you’ll get in touch – because we’re always eager to talk shop.

For businesses of all sizes and risk levels, your payment processor plays an integral role in your operations related to sending and receiving payments, mitigating fraud, and managing compliance. Read on to learn more about how to choose a payment processor and start earning more money.

1. How Does Payment Processing Work?

First, you’ll need to create a merchant account to receive payment. When customers pay for goods or services, your CRM will submit the information to the payment processor, who then relays it to your customer’s banks. From there, the issuing bank authorizes the transaction, and if there are adequate funds in the customer’s account the money will be transferred and eventually deposited into your merchant account.

2. How do I Select a Payment Processor for My Business?

Consider the industry experience and availability of compliance expertise, commitment to data security, transparency of pricing structure, and quality of customer support offered by the payment processor. Besides acting as a financial gateway, your payment processor is your first line of defense in mitigating fraud, reporting valuable portfolio information, and managing compliance issues like chargebacks – so you want to select a processor you can trust.

3. How Much Does Payment Processing Cost?

Payment processing costs vary from one merchant services provider to another based on pricing structure. Valmar Merchant Services utilizes Interchange Plus pricing which is the most transparent pricing model. And unlike many others in this space, Valmar does not include any hidden fees within merchant processing statements. Be sure to carefully research the pricing model of your payment processor to ensure that your monthly costs are reasonable, that your rates are predictable, and that you’re not locked into a model that might not be able to grow with your business.

4. What Payment Processing Methods Can I Accept for My Business?

The payment processing options you can accept depend on your needs, business model, and regulatory compliance obligations. Valmar Merchant Services offers ACH processing, debit and credit card processing, eCheck/Check 21 processing, and push to card/instant funding all of which provide great flexibility for your customers and convenience for you as an operator. If you’re not sure which forms of processing are right for you, please get in touch with our team of experts and we’ll help point you in the right direction.

5. Is my Business Required to Comply with the PCI Standard?

Payment Card Industry Data Security Standard (PCI DSS) compliance is a non-negotiable requirement no matter the size of your business. Card brands are mandated to protect credit, debit, and cash card transactions and card users from fraud. Staying compliant protects you from hefty fines and penalties that could affect your business along the way.

Conclusion

Your choice of payment processors, in terms of both merchant services and customer support, is an incredibly important decision for the well-being of your business. Valmar Merchant Services is a trusted payment processing partner, providing our customers a level of comfort, clarity, and peace of mind unrivaled in payment processing. We can serve customers in almost any industry–even the “high-risk” ones our competitors won’t touch–with no downtime or disruptions. Have more questions? Reach out to us for expert help.

When attending the LEND360 conference in Chicago this September, you may be looking for interesting ways to spend your evening hours. To help you find the perfect Chicago experience, we compiled this list of things to do on a weeknight in the Windy City.

Restaurants

If you’re looking for a great place to eat in downtown Chicago, you won’t be disappointed. There are so many excellent restaurants to choose from, whether you’re looking for a casual meal or a fine dining experience.

One of our favorite eateries include Alinea, which is one of the most acclaimed restaurants in the city.

For something a bit more casual, try Publican Quality Breads for some of the best sandwiches in town.

 

Bars

If you’re looking to relax after traveling, there are many great bars in downtown Chicago.

One of the best is Three Dots and a Dash, which is a tiki-themed bar with an extensive list of rum-based cocktails. If you’re looking for something different, be sure to check out this spot.

Theaters

Looking for a great way to spend your evening in downtown Chicago? Check out one of these top-rated theaters!

The Chicago Theater: This historic theater has been entertaining audiences since 1921 and continues to be a popular destination for both locals and visitors. With a wide variety of shows on offer, there’s something for everyone at The Chicago Theater.

The Goodman Theatre: Another long-running theater in Chicago, The Goodman has been putting on world-class productions since 1925. From dramas to comedies and everything in between, this is the place to go if you want to see the best of what Chicago theater has to offer.

The Steppenwolf Theatre Company: One of the most acclaimed theater companies in the country, Steppenwolf is renowned for its cutting-edge productions. If you’re looking for an evening of thought-provoking entertainment, this is the place to be.

Nightclubs

We’ll leave it up to you to decide just how exciting you want your weeknight to be – but if you’re looking for a great night out on the town, then you’ll want to check out some of the best nightclubs in the area.

The Underground is one of the most popular clubs in the city. This club is known for its amazing music and incredible atmosphere. If you’re looking to dance the night away, then The Underground is the place for you.

If you’re more into hip hop, then you’ll want to check out Sound-Bar. This club is known for its incredible sound system and its amazing lineup of DJs and boasting some of the best hip hop music in the city.

Finally, if you’re looking for a more laid-back atmosphere, then you’ll want to check out Easy Bar. This bar is known for its great drinks and an eclectic jukebox – dancing optional.

Getting Around Downtown Chicago

If you’re staying in downtown Chicago, take advantage of the city’s excellent public transportation system and leave your car at your hotel. The ‘L’ train can get you around to all of the popular destinations in downtown, and you can even purchase a day pass if you plan on doing a lot of sightseeing.

If you prefer to walk, many of the attractions and restaurants are located within convenient walking distance of each other.

If you’re looking for something more active, rented bicycles are widely available in the city.

If You’re Visiting Chicago For The First Time…

If you’re visiting Chicago for the first time, there are plenty of things to do in the evening, we have a few must-see recommendations for your visit.

First, check out one of the city’s many iconic landmarks, such as the Willis Tower or the Cloud Gate sculpture in Millennium Park.

Then, explore some of Chicago’s diverse cultural neighborhoods, such as Wicker Park or Chinatown.

Finally, sample some of the best food and drink that the city has to offer, from signature deep dish pizza to local craft beer.

Conclusion

As you can see, Chicago has a lot to offer visitors. We can’t wait to experience it all! Valmar Merchant Services and Totality will be at LEND360 this September, so if you decide to check out some of these recommendations, be sure to stop by our booth and tell us all about your travels.

We’ll see you on The Magnificent Mile!