Is it time to expand the solution you offer?
Just a few years ago, the landscape around point of sale (POS) services looked very different than it does today. Two distinct camps jockeyed for their piece of the action. In one corner, ISO (independent sales organization) Agents carved out a niche signing merchants up for essential services like PCI-compliant payment-processing systems and tech that manages invoices and makes sense of business data. In the other corner, ISVs, or independent software vendors, made their living connecting small businesses with POS platforms that help merchants, for example, not just accept payments but also help them manage operations. Over time, everyone realized there was an opportunity to do a little bit of both.
Today’s merchants demand total solutions.
ISVs quickly saw the logic of integrating payments into their POS software. After all, creating one seamless interface means merchants don’t have to waste time toggling between two separate screens that manage the clunky “either/or” of running a credit card or ringing up an order. Unifying payments with POS systems creates a win-win solution all around, especially for developers who pocket a steady stream of revenue on every transaction flowing through the integrated system. That said, it’s a giant leap forward for staffers and front-line merchant employees who typically spend less time getting up to speed with a smarter system built specifically with end-user ease in mind. Customers have a better chance of breezing through checkout, meaning businesses, well, can do more business and beef up their bottom lines.
Meanwhile, many ISO Agents find themselves having to scramble to make their offerings attractive next to ISVs who are doing it all. They’re exploring a couple of different options. Some are looking into creating their own software from scratch, but that time-consuming process is hardly a practical choice for busy sellers for whom time is money. The other option, selling POS software themselves, pits ISO Agents head-to-head against ISVs.
Solutions on the market can lighten the burden of adding a new skill to the ISO Agent repertoire. Options like the POS Pros simplify the process of introducing prospective merchants to a wealth of POS choices. ISO Agents who use POS Pros hand the SMB owner over to the solution’s experts and their in-depth experience navigating the merchant’s needs, narrowing down which systems might be the best fit, and setting up a demo to showcase how each platform functions. Even though POS Pros does much of the heavy lifting, the ISO Agent gets to walk away with a tidy commission and their merchant relationship intact.
Keep up with a fast-changing industry.
In the merchant services game, competition has never been fiercer. Now it’s no longer enough to sell just payments processing or POS platforms. Merchants are looking for a one-stop shop to solve all of their day-to-day needs and minimize the business relationships they have to juggle alongside their routine duties. That means ISVs and ISO Agents are broadening their horizons—as well as the services they have on offer. The ISO Agents and ISVs who assemble a right-sized portfolio of POS-meets-payments options will be the ones attracting and keeping satisfied merchants around for the long haul.
Contact North American Bancard today to discover how to keep up with the industry trends and grow your reach today.
