Partner up for a successful 2021 by expanding your portfolio with payment services.
The end of the year is traditionally a time for gift-giving, but after a challenging 2020, business owners deserve to do something nice for themselves – especially if it means they’ll be better positioned for success in 2021. If you’re a B2B company that provides solutions or services to retailers and other merchants, one gift you can give yourself is to become an ISO in partnership with a merchant services provider.
What do ISOs do?
Independent sales organizations (ISO) sell merchant services, such as the ability to accept credit and debit cards, payments made with mobile wallets, and online, in-app, or unattended payments. Joining a payment company’s merchant services ISO Program enables you to sell payment services as a third party, meeting an essential need for your existing (and potential) customers.
Few businesses now operate as cash-only, and if they do, they’re operating at a distinct disadvantage. The 2020 Diary of Consumer Payment Choice from the Cash Product Office of the Federal Reserve System reports that debit cards are now the single most common type of payment, accounting for 30 percent of all transactions. The services an ISO provides allow merchants to offer their customers the types of payment experiences they want, helping to win business, and build loyalty.
The advantages of becoming a part of a merchant services ISO Program.
If you currently sell solutions and services to small businesses, adding payment processing is a perfect way to expand your portfolio. Merchant services may be the missing piece allowing you to provide business owners with a total commerce solution. Meanwhile, you’ll build a stickier relationship with your customers through the additional services and added value you provide. Becoming an ISO also reduces the chances that your customers will agree to talk to one of your competitors who offer payments, in addition to the other solutions and services they sell.
Selling merchant services will even help you increase monthly revenues since you’ll receive a residual of every digital payment transaction your customers run! Depending on the programs your payments company partner offers, you may also be able to expand your business by selling merchant services in new verticals, such as specialty retailers including direct marketing, firearms and ammunition, tobacco, and municipal services and government agencies.
Your payments partner may also enable you to offer other value-added services, such as online merchant portal access for virtual terminal payments, invoicing, and customer, employee, inventory, and dispute management.
The gift of a great partnership.
The merchant services ISO Program you choose is key. Remember, your payments vendor’s commitment to its partners will have a direct impact on your success. Before signing an agreement, make sure the payments solution you will offer has the features your customers need – especially as many of them are digitizing their businesses and growing their ecommerce capabilities due to the pandemic. Also, look at the company’s plans to ensure they are committed to meeting merchants’ needs in the future. It’s also vital for your partner to provide your customers with excellent technical support and customer service.
Don’t focus only on what your partner can do for your customers, however. Give yourself the gift of joining a merchant services ISO Program that values you, making it simple for you to sell services and onboard clients, and earn highly competitive bonuses and residuals. Partners committed to their ISOs’ success will also provide you with information, education, and sales tools to help you develop this part of your business.
North American Bancard has devoted much time and effort into devising the best ways to give our partners a competitive advantage through a merchant services ISO Program that ensures their success. If you’re ready to take steps to make 2021 a great year for your business, contact us today.