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Education

Adapt to changes step It seems every year at this time I talk

to a number of ISOs and MLSs about
the need to plan for the coming year.
by step in 2018 We talk through different approaches
for the time of sale, as well as differ-

one such conversation, I was asked,
By Jeff Fortney ent markets to investigate. During
Clearent LLC "With all that is going on in our in-
dustry, like company sales, changes
in approaches, price increases and
s the end of 2017 rapidly approaches, I'm noticing two consistent padded fees, how do we adapt?"
themes in my conversations with ISOs and merchant level sales-
people (MLSs). First, many MLSs are taking a hard look at what Over the past two years I have indi-
A went wrong this past year; second, many are looking for strategies rectly talked about adapting to the
that will help them leverage the changes taking place in the payments industry. market. I have touched on address-
ing challenges and making plans to
I didn't mention any form of celebratory conversations about what went right maximize sales efforts. I believe it's
‒ and much did. Although focusing on what went well would seem to be a time now to directly discuss adapting
worthwhile practice, it's not in the nature of salespeople to do so. Successful to the changes we are facing ‒ and to
salespeople have an ingrained belief in the old adage, "always be selling." Sure, plan accordingly.
they celebrate a sale when it happens, but they are always on the lookout for
the next sale. Three essential steps

Although we celebrate success, we also recognize that the value of the sale is in Adaptation is not done instantly; it
forming loyal, long-term relationships with our customers. This is how we can requires taking one step at a time. At-
diligently protect our long-term revenue goals. tempting to change completely over-
night has the potential of costing you
more money than you will gain in
the long run. Here are suggestions to
help you adapt to the changing mar-
ketplace faster.

1. Examine your ISO/process-
ing partner's goals and values:
It's important to recognize that
many companies that are major
players in the payments indus-
try and once had a strong focus
on ISOs are now shifting priori-
ties. One example of this is the
emphasis on independent soft-
ware vendor (ISV) relationships.
Many recent acquisitions in our
industry were fueled by the op-
portunity to leverage ISV capa-
bilities, instead of focusing on
strong ISO relationships.

This may mean nothing, or it
may mean a shift in how these
companies support your sales
efforts. Either way, don't be shy
about asking questions if this
has arisen with one of your part-
ners.

There are other examples (like
padding fees and rate increases),
but simply put, if you find a shift
in their approach or support,

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