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The link between Yes, plenty of merchants have zero loyalty
company values and when it comes to payment service providers,
ISV relationships but doesn't some of their disaffection stem
from our own behavior? Did we inadvertently
By Kelly Cullum enable developers to see a market opportunity
Tantrum Street
and build customer-centric solutions?
A successful independent software vendor (ISV)
channel requires that payment companies and Do you promote personal excellence internally and
ISVs working together have synergistic value externally? Have you created open door policies to
systems. As merchants obtain services, the encourage entry-level staff to discuss concerns with
aligned cohesion should prevent frustration and confu- C-level executives? It's a catch-22, but if you focus on hiring
sion for both merchants and their ISV/payment enterprise people obsessed with your customers, it's likely they will
partners. be obsessed with improving your processes to keep those
customers. This especially holds true with customer
Look at these core values from three of the largest, service reps. They are in tune with daily frustrations and
domestic technology companies: what's actually happening with merchants. How do you
provide those people with a voice to ensure service is at
• Amazon: Customer obsession the forefront?
• Microsoft: Personal excellence Form innovative alliances
• Oracle: Dedication to innovation Are you dedicated to innovation? Innovation has so many
facets: hardware, software, people and processes. How
These values translate into the staff they hire, the are you measuring yourselves to know if innovation is
workspaces they create and the partners they bring on. working? Merchant portals enable you to push short
Now, I see no need for a payment company to establish surveys and waive statement fees for those who respond.
a shoeless environment to make staff feel more at If something that subtle improves attrition 2 percent,
home, but I do see a demand for increased efficiency in that's significant with many portfolios hovering close to
communications between merchants and partners. 20 percent attrition nowadays.
Learn from ISVs Yes, plenty of merchants have zero loyalty when it
comes to payment service providers, but doesn't some
Consider the following questions: Are you obsessed with of their disaffection stem from our own behavior? Did
your merchants? Are you empowering them to get help we inadvertently enable developers to see a market
at any time, utilizing third-party tools that have truly opportunity and build customer-centric solutions?
mastered the virtual help desk? Have you given merchants Absolutely. Many of them worked for their parents' Main
a way to directly communicate with a representative at Street businesses, saw inefficient processes on a daily
the click of a button or easily submit a ticket? Have you basis and then built solutions to solve the problems.
implemented welcome calls to help merchants embrace
the numerous logins they may have for a merchant portal, Now that the tech bubble is showing signs of slowing and
PCI compliance updates, gateway or whatever else they the gap between payments and ISVs is closing, what will
may need? you do to emerge victorious? ISVs and other disruptors
have taught us all major lessons: first, there is logic behind
Most would respond no to these questions since margins building an ecosystem within our businesses to create
are too slim. However, ISVs embrace these practices unity; second, our customers need to be our first thought,
with minimal staffing efforts. How do they do it? By not our last; and third, and most important, innovation is
leveraging the established company values that are driven key. Ultimately, it is payment veterans who will create the
by company vision. They appoint a person or team as the bridge between payments and ISVs. Most have held back
company champion(s) that drive proactive solutions built and watched the disruption happen and now are about
to keep customers happy. to make their move knowing that alliances with front-end
solutions are more important than ever.
This increases the perceived value of a solution and allows
a business to increase margins. Think of fancy plating at Kelly Cullum frequently finds herself caught between technol-
a five-star restaurant; if it comes out on a pretty plate with ogy and payments so she chooses to help payment companies
an aesthetically pleasing design, people will pay more. build solutions that empower merchants and produce healthy prof-
its. You can follow her on twitter @cullum_kelly or drop her a line
at kelly.cullum@tantrumstreet.com. if you have a solution you are
looking to build.
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