Brad Oddo, CEO, Rick Hannon, EVP of Bank Services and Brady Hanna, EVP of Financial Services
The transition from cash pooling (bank accounts and deposits) to cashless payments (credit cards and e-wallets) is now reaching an all-time high, owing to the emergence of innovative technologies that are powering newer payment channels. This digital transformation of the Payment Card Industry is leading the C-suite executives of financial institutions to seek out payment processing solutions that offer a flexible, seamless and secure experience for merchants and consumers alike. Further, when considering payment processors, CIOs are weighing solutions on their ability to maximize customer engagement based on three factors: acquisition, retention, and satisfaction. Replacing automated voice systems with live customer support, and assigning an experienced relationship manager to every merchant, Kansas City-based BASYS Processing is offering partners a highly bank- centric payment processing solution. “As a result of the unique way we take care of our customers, BASYS has a 90 percent annual customer retention rate in an industry that averages 70 percent,” says Brady Hanna, EVP of Financial Services at BASYS Processing.
One of the greatest challenges that CIOs in the banking industry face is the security and related liability concerns of their merchant services program.
“BASYS offers a wide variety of security options including encryption, tokenization, and breach insurance, as well as holding liability for the bank’s merchant services portfolio,” adds Rick Hannon, EVP of Bank Services at BASYS. Further, PCI compliance is another major factor that an organization must consider before deploying a third-party payment processor. BASYS addresses this challenge with an in-house team that manages the PCI compliance of every merchant for the bank. Hannon believes that these unique offerings are crucial for the growth of the industry, as banks can retain shared customers and strengthen relationships by implementing the right payment processor.
BASYS provides a multitude of highly customizable services and solutions that include terminals and virtual portals for the e-commerce, mobile, and point-of-sale needs of their merchants. This empowers the company to ensure the delivery of the best solution for each merchant, ranging from a mom-and-pop operation, to a multi-million dollar corporation. BASYS offers advanced equipment and wholesale pricing similar to that of the largest processors in the industry. However, BASYS’ competitive edge lies in the personalization of their offerings, which allows the company to mimic the service philosophy, systems, and culture, of each of their bank partners. BASYS also allows financial institutions to leverage the company’s in-house processes to eliminate the aspects of merchant services that drain a bank’s resources.
Looking ahead, BASYS is doubling their current footprint by breaking ground for their new headquarters next spring. Other vital initiatives for the coming year include the extension of their next day funding cutoff times, expansion of existing solutions by offering new processing technology and capabilities.
BASYS has achieved a 99 percent retention rate with their bank partners throughout the history of the company. Hanna attributes this milestone to all the teams behind BASYS, and their core vision to offer clients the finest payment processing solutions. “We were founded on the principle of hiring the most competent team members to deliver the absolute best merchant services in the industry,” concludes Brad Oddo, CEO.