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Inspiration

Valuing new and old in a new year

t this time of year, many of us look back invaluable. A full complement of products and services
to assess the victories and setbacks of the that can be applied flexibly to serve each merchant's
year coming to a close, take stock of lessons unique needs, a combination of silver and gold, is what's
A learned, and make plans for the year to come. called for today.
While embarking upon this process, some embrace the
old slogan "out with the old, in with the new" and set New partners, old partners
forth to leave old things or ideas behind and start fresh Other silver friends are new partners that make it possible
with new things or ideas. to provide solutions based on the new technologies
mentioned above. These can help propel a business in new
But what's coming to mind right now is the old Girl Scout directions and to new heights. But the partners that have
campfire song, "Make New Friends." The opening lines, helped us build our companies still have a central place
"Make new friends but keep the old; one is silver and the in our businesses, as the base upon which new business
other gold" succinctly conveys the song's message. And can grow. In addition, longtime payment companies
it's a message good lifelong, not just for childhood. It's that have partnered with ISOs and MLSs have survived
also good for business relationships, not just personal because they have adapted and grown over the years, so
friendships. it's possible to move in new directions with old parters.
New clients, old clients One advantage to this is that an established partner
already knows your business and would not have as steep
New merchant clients are comparable to new friends, the a learning curve as a new partner likely would.
silver friends in the old song; current customers are as
good as gold. And given the relative costs of new customer New staff, old staff
acquisition, we know how important retaining those gold And the new/old, silver/gold comparison can also apply
customers is. to in-house staff. It's important to bring in new people

New tech, old tech with new ideas and perspectives. This is especially true
when moving into new markets and demographics. It's
New technologies also can be likened to silver friends, also critical that they join experienced staff who can serve
which are essential to serving today's increasingly savvy as mentors to their new colleagues ‒ and once integrated,
merchants. Innovative products and services are needed silver and gold can move forward and learn from one
to keep up with their demands for ever more efficient, another, creating a strong team that can meet the needs of
cost-effective and powerful services. However, old friends a diverse customer base.
still have their place, for example, for merchants who are
satisfied with the status quo and resist or can't afford
upgrades, as well as for unforeseen circumstances such
as power outages. When the network goes down, a stack
of old-fashioned credit card receipts with carbon copies
and imprinter (for cards that are still embossed) can be Kate Gillespie, President and CEO
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