Digital Transactions Authoritative, insightful and timely information for payments professionals
Every day, fintech companies invest in their product offerings, attempting to stay on par with rapidly advancing payment and point of sale technologies; but there is oftentimes an oversight when it comes to making that same investment in support and service. While continuous product development is vital to all of our businesses, this misstep can negatively impact your ISOs growth and potential without you realizing it. The team who backs your ISO and merchants 24/7 is the key ingredient to merchant retention, satisfaction and, ultimately, your success in building a profitable and stable portfolio.
It may seem elementary, but service is more relevant in our industry than ever before. It is also an area that is markedly underdeveloped. You may earn a great residual and resell leading products, but have you developed a rapport with the individuals who service your portfolio day in and day out? If not, it may be because your processor outsources their internal departments, or perhaps they redirect incoming inquiries to a myriad of affiliate call centers abroad. While technology helps merchants operate in a more independent fashion, they still value accessibility and seek triage-based care with immediate responses. Has a merchant ever expressed a willingness to consult the Internet to resolve a timely issue? Likewise, while providing localized service is effective, are you eager to receive all technical calls in lieu of pursuing additional sales opportunities?
As we see more companies shift their focus to product, it’s our responsibility to remain vigilant and react to what is happening behind the scenes on the support side. Is your processing partner continuously recruiting talent to keep up with demand and maintain an exceptional level of service? If you’re not sure, we suggest monitoring not just hold times, but response times, and inquire about any ongoing training programs for their internal staff. Staff development and established in-house processes ensure continuous advancement and guarantee that your merchants are well cared for from the moment that they’re onboarded until the time they’re ready to upgrade their system.
It is becoming increasingly rare to find a processing partner that is laser-focused on building YOUR wealth. When evaluating pricing, residual splits, and bonuses, assess the company’s ability to expand your resources long-term. Do they offer continuous education via partner conferences and webinars; are they able to elevate your brand with complimentary in-house marketing services, such as branded promotional campaigns, merchant statements and websites; will they supplement your sales efforts with live POS product demonstrations tailored to the prospect; is there a team readily available to assist with reviewing merchant statements and preparing proposals? If you do not have access to this level of support and these invaluable sales tools, it’s time to reevaluate. Your partner’s ability to meet each of these ongoing expectations will have an immediate influence on your growth.
Electronic Payments empowers our ISO partners with an array of services to ensure that you can concentrate on every sale and work towards the bigger picture – securing your own success and wealth. In today’s competitive market, we need to focus on all of the components of success and leave nothing to chance.
Connect with Keith Ashcraft, Director of Corporate Recruiting, at 800-966-5520, ext. 223 or keith@electronicpayments.com to learn more about how Electronic Payments’ full service approach to payments and point of sale can grow your ISO.
