For ISOs and Independent Sales Agents, the payments industry can be cut-throat with competition. With everyone selling similar products and solutions, standing out from the crowd can be challenging. Not to mention technology is constantly evolving and if ISOs or Sales Agents are selling outdated payment products, they could lose out on potential customers. The good news is that there are unique ways ISOs and Sales Agents can differentiate themselves and stay relevant within their marketspace.
Let’s take a closer look at how ISOs and sales agents can stand out in the payments industry:
Develop a Long-Term Strategy
First and foremost, ISOs and sales agents need to develop a game plan on how they plan to market their products. The best way to do this is partnering with a reputable payment processor who has the knowledge and skills to help educate and provide selling techniques to help you succeed. Many payment processors will have resources such as a partner portal, where you can access customizable marketing materials like brochures, flyers, referral cards, videos, and equipment pamphlets. All of this material will be an asset when it comes to marketing to merchants and will help set you up for long-term success.
It’s also vital for ISOs and agents to use a CRM solution or database to keep all of their clientele information organized. Check with your payment processor to see if they allow their partners to access software such as Salesforce for free. If not, simply creating a detailed Excel spreadsheet will help you create and build a book of business.
Stay Up-To-Date on Payment Trends
Another way ISOs and agents can stay relevant and ahead of their competition is by staying informed about industry trends. Whether reading recent online articles about new payment technology or staying on top of the latest news regarding payment security, you will not only become more knowledgeable but can also share this important information to your merchants. As a result, staying up-to-date on payment trends will give you a competitive edge and help you become an industry expert.
Encourage EMV Adoption
Even though the EMV liability shift occurred in late-2015, there are still many merchants, especially small businesses that still lack EMV-capable solutions. As an ISO/sales agent, it’s crucial that you strongly suggest that these merchants update their payment equipment sooner rather than later. Merchants who experience a data breach will now be held fully responsible for all costs of fraud if they do not have EMV-capable solutions – which could cost thousands of dollars. Help your merchants get set up with EMV-compliant solutions and be a resource to them if they have any questions on their new equipment.
ISOs and agents need to start thinking outside of the box in order to distinguish themselves as payment leaders. By following the above suggestions, both ISOs and agents can have a successful business long-term and in return, help their merchants become successful business owners as well.