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change, so it's best to start building those new relationships Kirk Haggarty
now, so you aren't frantically scrambling for new business North American Bancard
opportunities when the economy slows. As the old saying
goes, you should never put all your eggs in one basket. 1. With all the key indicators continuing to point towards a Marketing is a necessity for every
healthy U.S. economy, we'reoptimistic about the remainder
Furthermore, merchants are much more price sensitive of 2018 and the first quarter of 2019. What remains an
when times are tough as they look to cut expenses, and unknown factor is the impact the trade tariffs could business, large and small.
in addition to seeing lower residuals as your merchant's have in the short term. Consumer confidence also plays a
sales drop, this dreaded scenario is something to prepare large role in the health of the U.S. economy. When people
for now by adding more tools and resources to help your feel good about their jobs and their income, they spend
merchants drive sales. money. With the unemployment rate at 5 percent or below
for nearly two years now, consumers seem to be pretty
Moving the conversation from lower fees to revenue confident. This has allowed businesses to move forward
producing topics, like new marketing strategies or with growth and expansion, so it all points toward this
implementing a loyalty program, can make a huge window of prosperity continuing.
difference in retaining clients as well as your portfolios
residual. Selling on value, and not on price, should always 2. The payments industry, overall, continues to experience
be the goal. consolidation as we work to provide streamlined solutions
to the ever-evolving merchant economy. We believe there
4. The only cautionary signs we currently see are not is an incredible opportunity for success, so we strive to
related to the economy. The first thing is the cash discount position ourselves to capitalize on opportunities when
program being more scrutinized by some acquirers. One they present themselves. Keeping our fingers on the pulse
of our restaurant clients advised us that their franchise of small and middle-market business owners and being
is going to force all their franchisees to eliminate cash able to deliver timely products/services to help them keep
discount programs very soon (if they are using one). pace, remains a crucial component to any success we
experience.
We are hoping this is not a sign of the downfall of the cash
discount program, but it is certainly something we are 3. To ensure we can take full advantage of our current Working hard to find the most effective ways
keeping an eye on. We are taking this as an opportunity economy, or even when the economy signals a change, we
to further educate our merchants and MLSs on the proper try to remain nimble and adjust quickly. We continue to
disclosures needed, and to make sure merchants aren't invest in creating the best and easiest solutions and services to help you increase your advertising success.
marketing this as a surcharge. for merchants – and that mission will never change. We
feel if we continue to work with the community, align
Another area of concern is how our SMB merchants with strategic organizations, and equip our people with
will compete against Amazon, which is an increasingly the tools they need then that is a great recipe for success.
important topic. Regardless of how well the economy is We strive to achieve this with our talent, vision, desire and We make it easy for you to reach your target audience with a personalized
doing, Amazon is putting small mom-and-pop shops out drive.
of business, so it's important to pay attention to even your custom advertising campaigns to meet your companies individual needs today.
smallest merchants and ensure they are getting all the 4. In general, businesses should continue to move forward
tools they need to compete in their respective industry. with expansion into new markets, possible business
diversification opportunities, and the addition of staff.
5. I would advise any ISO and MLS to focus on building There's some nice economic momentum going on right • Spotlight Innovators’ Web Pages • Resource Guides
a diverse sales channel. You can never have enough lead now; however, that's not to say that businesses should be • Custom Videos (multiple options available)
or referral sources, and if you do, you can always hire careless. Continue to explore growth opportunities for
more staff as you scale. That's a good problem to have. your business while monitoring some key indicators, like (multiple level options available) • Print advertising
The payments industry has been inundated with new GDP growth, housing starts, and the unemployment rate.
technologies and software providers, many of which are These are good guides, and fluctuations might warrant a • Targeted Email (multiple options available)
seeking strategic partnerships with payment processors to business plan adjustment. Campaigns • Online advertising
add another line of income. Developing these partnerships
now will be extremely valuable when the economy dips, 5. For the merchant level salespeople and ISOs out
and other lead sources may slow. in the market, the piece of advice we'd offer is to be an
educated partner, well-versed in your customer's pain
Although the economy is strong, it will not stay like this points. Merchants know there are many options out there
forever. It is best to prepare yourself now for the eventual today, so ensure the solutions you're providing bridge the
downturn, so you can prevail through the tougher times merchant's unique gaps. Call today!
ahead. It's very easy to get carried away in the day-to-day
grind, but the end of the year is a great time to do a self- Also, dare to exceed expectations. Superior service
assessment and set new goals for the upcoming year when remains critical to the process and thesingle second that 800.757.4441
business slows during the holidays. your service isn't in line with the customer's expectations,
Sales@greensheet.com
you'll lose the relationship.
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