In today’s world, Independent Sales Organizations (ISOs) within the payments industry face stiff competition regarding selling and marketing payment products and solutions. Years ago, there was not much differentiation between payment products and ISOs were able to become successful strictly by selling payment processing services and payment terminals. With the payments industry rapidly evolving in recent years, ISOs now have a harder time standing out amongst the pack of competitors and must rely on alternative methods to distinguish themselves.
In order for ISOs to remain successful long term, they will need to have a personable sales approach in addition to becoming experts on the products they sell.
Today, merchants are interested in solutions and products that help streamline their business needs with advanced security features. As an ISO, it is crucial to truly listen to what issues and setbacks merchants are struggling with regarding their payment solutions. By extending a personable approach and getting to know each merchant individually, ISOs will be able to build a solid relationship that will help solidify a partnership for years to come.
In addition, ISOs need to provide a consultative approach towards merchants and have the confidence to propose newer payment solutions that could benefit the merchant’s business in the long haul. Many ISOs, unfortunately, are more concerned about getting a partnership and move quickly from sale to sale without offering a relationship. By providing excellent customer service combined with solid payment solutions, ISOs will be able to win more deals while retaining their merchants.
It is equally important that ISOs become knowledgeable on the products and solutions they offer and sell. If ISOs are not familiar with their own products or the latest payment solutions available on the market, they will be held at a disadvantage and possibly could lose out on potential sales.
With mobile payments continuing to make progress, ISOs should capitalize on this trend and inform merchant’s on the benefits of upgrading their payment solutions to include NFC-capable terminals that will allow them to process mobile wallets. Likewise, cloud-based point-of-sale (POS) systems have led the way due to the advanced security features and comprehensive tools they offer such as inventory management, reporting, and multi-location options.
By relying on alternative sales techniques and becoming informed on the latest payment technology available, ISOs will be well on their way to achieving long-term success.