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Education

StreetSmarts SM

Steve Feldshuh

“Talk To Steve”

The pain in practicing

By Steven Feldshuh you learn to play, some people won't know what you are
Merchants' Choice Payment Solutions East playing and won't want to listen; others, like your parents,
will sit through the squeaks and other ear-defying sounds
magine the consternation our parents must have because they want you to succeed.
experienced when that day came when their middle
school-aged children entered the music room, saw So how does one become an accomplished merchant level
I all the instruments lined up against the wall and salesperson whose messages are heard and appreciated?
were told to choose one. Is it possible to become the equivalent of the No. 1 violin
player in the orchestra? Is it possible to be akin to the
Knowing I didn't want to carry a tuba or a bass to school conductor and direct a full symphony?
– and certainly not a drum set – I decided it made sense
to choose a violin. I am not sure who was more disturbed Given the interest today from Silicon Valley and the
by this choice: my family, my cat or me. Though the "Valleys" of several other cities, there is intense interest
instrument is small and looks like a miniature guitar, in the payments industry. Many of these folks are looking
it sure sounds painful when you are practicing. Since I for the end-all software, application or hardware that will
wasn't a prodigy, my efforts to learn violin basics were revolutionize our previously quiet, little-known industry.
plain awful for anyone within listening distance. That Most of these folks are looking for the big hit. Some may
brings me to the topic of this article: the pain in practicing. find their way downstream to learn about becoming
salespeople to get the experience to develop their own
We all got our start in much the same way in the credit ISO.
card industry. We came into the payments world knowing
little, if anything, about the industry. We had various Others will come into our industry from industries that
levels of expertise in sales, but most of us hadn't known understand the value of building one's own business. And
the credit card processing industry even existed. don't forget the annual recruitment of new high school or
college graduates. So I believe the talent and drive will
Like musical proficiency, mastering merchant services continue to be there in our sphere. Even with today's
entails learning and remembering essentials – and investment firms and super ISOs gobbling each other up,
practice, practice, practice. Becoming accomplished takes there will always be room for the new guy with the new
a lot of practice. What kind of practice are we talking idea.
about? With the payments industry, you do not study How do you practice in this business?
notes, chords or bowing techniques; you learn pricing in
various keys such as tiered, interchange-plus and cash I have often heard potential salespeople ask me, "How
discount. much am I going to make?" My answer is, "I don't know
your abilities and your resiliency, but if you start a diet of
Is there still opportunity here?
working hard and practicing, you can be successful."
Like a violin, a merchant services business is portable
and can be practiced anywhere, whether you live in New Another question is, "How much do I need to practice and
York, Montana, Colorado or Florida. Like a violin, while learn?" My answer typically is, "You never stop learning,
experimenting and practicing new techniques. Our
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