Capitalize on your insights into what your clients really need to succeed.
Today’s small businesses might have 99 problems, but missing out on game-changing opportunities to provide software solutions shouldn’t be one of them. As a value-added reseller (VAR) or independent sales organization (ISO) Agent, you’ve probably lost track of how many times merchants have complained about the same obstacles tripping up their day-to-day routine. You’ve got a bird’s-eye view of what’s happening across Main Street, and that means you’re in a prime position to help business owners recoup wasted time or stem the bleeding from their bottom line. How? By adding “software developer” to your resume to supercharge your success selling merchant accounts!
How to get started developing software.
Growing your areas of expertise will help you make the leap from payments partner to the problem-solver merchants can’t live without. ISO Agents and VARs with some software-writing skills under their belts have the foundation needed to hit the ground running and start building apps from scratch. But don’t give up if code is all Greek to you. Instead, search out partnerships with professional developers who’ll quickly give you an “in” with clients begging for new software add-ons. Going this route comes with significant upsides. Not only do you benefit from a developer’s professional knowledge base right away, but you also gain a focused expert with the time to throw themselves into the project at hand, leaving you to pursue other key aspects of selling merchant accounts.
While partnering with a seasoned pro is a great way to go to market quickly, you can also consider growing your ranks by bringing a software developer in-house or working with a contractor. Though hiring offers some stability for your burgeoning business, beware that training and retaining top talent might take some time and effort during an historic labor crunch.
The benefits of branching out into software development.
Selling merchant accounts gets a whole lot easier when you can dangle an all-in-one combo with the payments, point of sale system, and software applications business owners need to stand out and serve their consumer base. For one, your clients only have to pick up the phone and dial one number — yours — if they need service with any of their key systems. And churn is reduced when the merchant is all in on your products. Make your services indispensable to merchants and watch those relationships endure for the long haul.
Put yourself in front of new clients.
You’re always looking for new ways to reach prospects, and you might find that expanding into the software development space opens the door in ways you never imagined. It’s entirely possible that a merchant might be in the market for a new app or software, giving you a unique value proposition for small businesses that might not have given you a second thought. Moreover, offering a three-in-one package could make you more attractive to a business owner who wants to sign once and gain the peace of mind that comes with knowing the platforms they’re picking play well together.
When selling merchant accounts, you’ll find that adding more capabilities in the way of software skills also gives your brand an edge in a crowded marketplace. Every little advantage helps.
Things to keep in mind when selling merchant accounts with new software services.
Before you dive in, however, don’t forget that merchants will balk if your software and total solutions aren’t intuitively easy to use, especially when it comes to training their frontline workers. Data, for example, must seamlessly feed into CRM systems so merchants get up-to-the-minute intel to execute smart business decisions and spend their marketing dollars wisely. Consider adding a reporting feature to any apps you build to unlock rich, difference-making data. Keep security top of mind as well. Protecting sensitive payment info should be your No. 1 priority when selling merchant accounts, including POS systems, payment apps, and everything in between.
Though you might be excited about standing out in a new area of business, don’t make the mistake of biting off more than you can chew. Start by doing just enough to test the waters and get some traction with clients. Turn merchant feedback into fast fixes that help you fine-tune your product in real time and get the flywheel moving.
Growth-minded VARs and ISOs stay alert to opportunities to enhance their offerings, and software development stands out as a smart way to service clients. By owning the end-to-end payments-POS-app integration, you can streamline your approach to selling merchant accounts with an enticing problem-solving package.
Contact North American Bancard to discover what’s possible when you expand into software development.
