Why PRICE Should NOT Be Your #1 Concern

Monday, August 24, 2020

Selecting a Merchant Services Partner for the RIGHT Reasons


Lots of industries struggle with extreme competition.  In some cases, there is so much competition that the impacted industry, products, and services become somewhat ‘commoditized’.  They are relegated to the long list of items and services providers who no longer care about your overall experience.

Webster defines a commodity as:

com·mod·i·ty

noun \k?-'mä-d?-te\

: an economic good: as a product of agricultural or mining

: a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (service, brand, etc) other than price.

In other words, things like service, reputation, and overall product satisfaction cease to carry much importance as price becomes the main determining factor for consumers of the product or services falling into this category.  At TMC, we take issue with the fact that our industry appears to be migrating towards a commoditized status.   We feel that when you share your personal information, your checking data, and your business credentials, you have every right to expect those things that no longer exist with a commoditized product.

  • Service: When the price is the only concern, things like amazing service take a back seat, and consumers of the commoditized product soon have to deal with lackluster service and mediocre standards.

     

  • Knowledge/ Expertise: When the lowest priced item is selected, the knowledge and expertise that accompanies products of high value is often non-existent.  Zig Ziglar said that
    “It’s easier to explain price once than to apologize for quality forever.”


  • Reputable Advice: When the price is the main concern, the sales force behind the product is not as concerned with the details as they are with selling their product or service.  This thought process often undermines the need for good solid advice!

     

    gold.star Client Experience: Buying a carton of milk does not yield the same experience as buying a sports car.  Besides the obvious, the main difference between the two purchases is the experience that we have during the process!  When we purchase a commodity, we expect one thing and one thing only- the product or service.  When we purchase a product or service that is not being delivered in a commoditized manner, we typically enjoy the experience and gain valuable knowledge that can help us grow our businesses more successfully.  If we are lucky, we also develop great relationships during the process.

    We are surrounded by services that are delivered in an overly commoditized manner; phone service, electricity, dining experiences, and the list goes on and on!  At TMC, we are COMMITTED to delivering our products and services in a manner WORTHY of your time, energy, and effort.  We are COMMITTED to delivering superior service, by knowledgeable experts trained to give the best advice for your individual business.  We are DEDICATED to providing you with powerful options to grow your business without sacrificing quality and your overall experience. 

    A service as important as payment acceptance in your business should never be allowed to sink to the level of a basic commodity. At TMC- it never will!

Cheri Perry 8/24/2020

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