When it comes to success in the crowded payment processing space, scale is everything. By working with more agents, your growth is exponentially enhanced. But more individuals active within a commission-based business model necessitates a calculation system that can scale alongside your own success and expansion.
Agent mapping is the process of accurately mapping your agents to the customers MID number, Name or Code for the deals that they are responsible for, as you import transaction data into your systems. It goes without saying that within this process efficiency and accuracy are of paramount importance.
In this article, we’ll explore agent mapping (one of the more tedious and time consuming aspects of working with agents!) in more detail, and suggest a modern and reliable solution that can help payment processors and larger ISOs to solve this nagging problem – for good, and no matter how rapidly they scale.
The State Of Modern Payment Processing
Let’s start by examining the stakes. Payment processing is rapidly growing as we hurtle towards a cashless society, accelerated by advances and behavioural changes brought about by the recent global pandemic. Demand is increasing, and opportunities are expanding. In fact, the payment processing sector is predicted to grow at a fairly staggering compound annual rate of 10.2% between 2021 and 2026.
What does this mean for providers? With luck, an increase in interest within the sector from aspiring agents. With money to be made, we can reasonably expect an uptick in new agents seeking processors to partner with. This will be paired with a higher demand for the more experienced veteran agents working within the space. In short, it’s an excellent time to review your appeal from an agent perspective.
In order to excel, payment processors need to be more competitive and more efficient than they’ve ever been. This is especially true when it comes to the way that they work with their agents.
Happily, benefits here tend to cut both ways – what’s good for the goose is good for the gander. When processors operate more agent-friendly practices, as well as winning their approval and loyalty, they also start to see better results from their workforce. By providing agents with an infrastructure that sets them up for success – prioritising their convenience, efficiency and power to earn – payment processors set everyone up for increased success.
Although frequently overlooked, agent mapping is an area in which investment can make a real impact – to an agent’s experience, and by extension, to a processor’s bottom line.
Agent Mapping: What Needs To Change?
Agent mapping refers to the practice of correctly identifying the work that each agent has done, tracking sales and transactions that can be attributed to their accounts. Commissions due are calculated based on the outcomes of agent mapping so it isn’t hard to see why a reliable agent mapping process is an essential element to any commission-based business model.
Historically, this has been a complex and error-prone process. Working manually, relying on spreadsheets and lacking all the advantages of advanced automation, agent mapping is wide open to a high level of discrepancy. These issues become particularly pertinent when there are ambitions to significantly scale an operation – adding more agents, more sales, more transactions – or (with luck) all three to the equation.
Why does investing in a more solid procedure for agent mapping matter? Firstly – internal efficiency. High frequency data input with very little tolerance for error makes agent mapping the perfect candidate for a more automated process. Instantly eliminate the margin for human error and make it easier to track successful agents versus those who are struggling.
Secondly, an asset that’s hard to win, easy to lose and impossible to buy – trust. Agents will rapidly lose faith in a processor if they’re seeing inconsistencies in their commission payouts, at best, perhaps becoming a little demotivated – at worst, switching their allegiance to a competitor and damaging your reputation by retelling their experience.
How A Commission Calculator Helps With Agent Mapping
With so much at stake, turning to technology is the obvious solution. Amongst a wide range of other features customised to meet the specific needs of the payment processing industry, Commissionly offers automated agent mapping. This ensures that every sale and transaction is faithfully mapped to the responsible agent – giving them accurate remuneration, and processors a process that offers more clarity, efficiency and ultimately revenue.
Saving time, money and (potentially!) your reputation, automated agent mapping comes in addition to a whole range of additional features that help achieve similar results – such as the ability to consolidate data from multiple acquirers, access to custom reports and the ability to automate your commission calculations.
Another significant advantage of working with Commissionly for agent mapping is that multiple features can be accessed from one platform – no switching tools or juggling permissions, log ins and forgotten passwords. Just a simple, intuitive “one stop shop” for all your payment processor commission calculation needs. Our team works with your business to personalise the experience to your exact requirements, to get you up and running in as little as four weeks.
Payment processors – it’s time to automated your agent mapping
Payment processing is experiencing rapid growth. The opportunity to scale alongside the sector’s acceleration is significant – but those who try to do so without the backup of a dependable technological stack, designed to support their trajectory, run the risk of rapidly overextending their operational capacity.
Now is the time to double down on your digital toolbelt, automating as many time-sucking processes as possible and ensuring a more profitable future, for happier agents and healthier margins.