Here are four secrets of ISO agents who dominate their markets.
A range of businesses can function as independent sales organizations (ISOs). Some have thriving businesses that provide solutions and services to a specific vertical. Others are one-person shops that solely sell payment services. For most ISO agents, their bread and butter is selling merchant services. Within each type of ISO, however, some become more successful than others.
So what’s required for you to rise to the top as an ISO agent in today’s competitive commerce environment? Here are steps that successful ISOs take that you may be able to apply to your business to see more revenue and growth.
The secrets of successful ISOs.
1. Vertical focus.
ISOs can provide services across a range of industries, but to truly thrive as an ISO agent, you’ll want to go deep in a particular sector and get to know it inside and out. By specializing in one area, like Hospitality, or even a more specific niche like coffee shops or craft breweries, you’ll acquire a wealth of knowledge and expertise that will ultimately offer value to your merchants. Both your current customers and prospects will view you as an industry expert – one who is well-versed in the latest payment technologies.
Merchants are looking for a partner who can take the headaches and guesswork out of their day-to-day workflows while ensuring they’re keeping pace with the competition. They’re too busy running their businesses to check out every new payments trend, so they’ll be looking to you as a trusted expert to offer grounded, value-added advice that will elevate their operations.
2. Help customers and your bottom line will benefit.
The best ISO agents and Sales Partners are constantly researching systems and services to understand which technologies are the best match for their merchants. They can also translate nuanced industry jargon into understandable terms for their clients.
With the competitive landscape continuously evolving before merchants' eyes, you can add value to the services you provide by sharing information on the best solutions for their particular businesses. You can share ideas that you’ve seen work in similar operations and join them in brainstorming – providing the tech expertise to make their vision for creating unique experiences a reality. Building this type of relationship will result in greater customer satisfaction, and it may also lead to free word-of-mouth advertising that will help you add merchants in your area of specialty.
3. Close any gaps.
Evaluate your business to pinpoint areas in need of improvement and make changes today that will make you a more competitive ISO agent. Building strong offerings for specific types of businesses and establishing yourself as an expert take time and effort, but the ROI can be great as you add more clients and sell deeper into existing accounts. Of course, choosing the right partner is also key...
4. Choose your payments partner wisely.
If you want to win as an ISO agent, you need to make sure you work with winners. Choosing the right partner for payment processing and merchant services will position you for success. The best partner for your business will be invested in your growth and work to help your business expand with payment features and offerings supported by the very latest technology while assisting with capitalizing on opportunities. Learn more about North American Bancard’s Integrated Partner Programs and the advantages they can offer you.