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Education

Knowledge, the most First, determine what you need. Ask what your market
is. Identify this by what is sold (food, widgets, etc.) and
important tool of all how it's sold. Ask who your target audience is, including
targeted generation(s).

Then examine what you have in your toolbox and how
each solution addresses your market and target audience's
needs. Think in terms of knowledge more than solutions.
Previously, you could become an expert on one terminal
and sell that to all. Today's merchants don't want your one-
size-fits-all solution, or terminal.
Essential knowledge

To succeed today, you need working knowledge on many
topics. You needn't be a subject matter expert, but you
must be able to answer basic questions. Those who can
do this will enjoy a simpler, more profitable sales process.
Following are three industry toolbox essentials:
• Interchange: A working knowledge of interchange
should be the MLS's touchstone. You must be able
By Jeff Fortney explain to merchants what is required to qualify
TouchSuite LLC for card-not-present pricing, for example, or what is
necessary for a business-to-business transaction to
hen I was in first grade my family moved to receive the lowest cost. You don't need to know every
a small town in California's Central Valley. rate, but you must know the key components for your
It had no shopping malls or major depart- marketplace.
W ment stores. There were grocery stores and • Terminals/POS : You need to know which terminals
a pharmacy, but the closest big-box store was 90 miles are supported by your processor, as well as which
away. terminals are proprietary to specific processors.
It's important to understand the concepts of cloud-
This was before Amazon, the Internet, and even before based, server-based, hybrid, and software-as-a-
the Walmarts of the world. There were, however, catalogs service solutions. The key is to understand the
aplenty. Twice yearly, the mailman would deliver catalogs differences, not the full functionality of each. Also
from major stores labeled Fall/Winter and Spring/Summer. identify solutions that are touch screen, even if they
In November, the Christmas toy catalog would arrive. I'd are only one step beyond a basic terminal. Those are
use it for my Christmas list, circling items I liked and the millennials' version of a terminal.
starring those I really wanted.
• Statements: There are many variations in what
Today catalogs are rare. However, once a year I receive a information is provided in statements and how
tool catalog, and feelings from my youth return. I read it data is presented. This can be confusing even for
like a book, looking for that one tool I "definitely "need. I experienced people. Yet you must gain competence
discovered there are tools to make every job easier. Often in the statement basics, not just the effective rate.
this has led me to purchase new tools to complete pending
projects. The last (perhaps most important) tool is a trusted adviser:
someone you trust who has the requisite knowledge
The MLS toolbox to answer your questions. Logically, it should be your
processing partner. If your partner won't or can't offer this
The merchant level salesperson's (MLS's) toolbox should support, it may be worth reexamining the relationship –
contain tools required for success in today's payments for growing to the next step requires a healthy toolbox.
world. However, it's easy to keep adding tools – even if And a healthy toolbox requires knowledge most of all.
used only once. I tend to do that with my home tools, and
my toolbox becomes filled with items I don't need, adding
weight that makes it cumbersome. Jeff Fortney is senior vice president of business development and part-
nerships for TouchSuite LLC, a fintech company providing POS systems,
An MLS's toolbox risks comparable problems. Many payment processing, SEO solutions, working capital and marketing
contain solutions that were used once, but now have services to small and midsize businesses. A long-time payments industry
little use. They occupy mental space at a time when it's professional and mentor, Jeff focuses on strengthening and developing
imperative to have the best tools at the ready. To ensure corporate partnerships and evaluating new business to drive strategic
your toolbox is in tiptop shape, it's time to examine it. growth. He can be reached at jfortney@touchsuite.com.

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