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Education
Which merchants Once you have identified the type
fit you best? of merchant that fits you best,
By Jeff Fortney adjust your marketing efforts and
Clearent LLC target those types of merchants
A s children, we're all asked, "What do you want more than specific marketplaces or
to be when you grow up?" In the early 1950s, other classifications.
the most common answers for boys were a
policeman, fireman or cowboy. My brother a half size too small. Once he got the right size, his limp
wanted to be a cowboy but, of course, very few people drastically reduced. It also made him a happier person.
grow up to become cowboys.
My brother was the exception. He became a cowboy. This story is a classic example of the importance of fit. Fit
From a very young age his wardrobe consisted of cowboy is critical for success in the payments world, too, whether
boots, a cowboy hat, jeans and flannel shirts. It remains you are a merchant level salesperson or you run an ISO.
his wardrobe today, as he continues to run cattle. He also Yet we tend to give only lip service to the issue.
has a limp because his leg was injured in two separate
car accidents. As he grew older the limp became more Think differently about fit
pronounced. On his 50th birthday, his mother-in-law
gifted him with a pair of custom-made boots. I hear talk about fit, but usually it's reserved for solutions
The first question the cobbler asked was his shoe size. that best match the merchant's needs. What is not
My brother said seven, but when they measured his feet, considered is whether the merchant actually fits the ISO.
he was a seven-and-a-half. He'd been wearing his boots The argument is that any merchant that processes cards
fits the ISO, right? Therein lies the problem. The first
44 importance of fit is not if you fit the merchant; it's if the
merchant fits you.
We are primarily in the residual business. The longer a
merchant remains in your portfolio, the more value you
receive. A merchant that fits you is more likely going
to stay with you, and become a valuable partner. The
challenge is to change your perception of fit. To address
that challenge you first must understand who you truly
are and what traits a merchant must have to provide the
best fit to you.
Find out who you are
This is not about who you are personally. It's about who
you are as a payment professional. It's a difficult question
to answer. It requires self-reflection into the professional
you, and that can be off-putting. To make it easier, answer
these questions, and remember that there are no right or
wrong answers.
• Do you prefer to be hands-on with merchants,
addressing all of their needs, or are you more
comfortable having them talk with customer
support directly?
• Are you more comfortable establishing a personal
bond and rapport with merchants, or do you
prefer to keep it more professional?
• Do you consider yourself technologically savvy?
If not, do you have specific terminals and POS
solutions that you concentrate on?
