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Education

It's critical to talk with your merchants now

Identify priorities

It is important that you talk to the merchants who are the
most vital you to your revenue. They aren't necessarily the
highest volume. Instead, they are the ones that make you
the most money. This is the most important step.

Remember, the residuals you receive this month are from
the preceding month's business. All that happens this
month will have an effect on your income next month.
Speaking to those who are your highest earners this
month will accomplish two things. You will give them
support, which benefits them, and you will understand
By Jeff Fortney what impact their situation will have on revenues next
Signature Payments month. It's better to know now and plan ahead.
Outline your call
hen did you last talk with your merchants—
all of your merchants? I ask this question Outlining a call doesn't mean creating a script. You are
often, not just now, when we are all, in some creating bullets to be covered in the call. I recommend
W form, sheltering in place. We all know that these three:
the best conversations take place face to face. Next best
are telephone conversations. The last option is email or 1. Explain you are only checking in to see how they
text message. are doing.
2. Offer to help them.
Today, option one is likely out. This brings us to option
two, the phone call. And there is no better time to talk 3. If they are open for business in some fashion (like
to your merchants. Many have had to close their doors curbside pickup), ask if you can share their name
temporarily. Others (like restaurants) are surviving on with other merchants who could potentially use their
takeout and delivery—something many of them didn't do services.
in the past. Merchants are afraid of the present and the
future and, like numerous other people at this time, they Make it conversational and watch your tone of voice.
feel all alone. Yes, it's a good time to call them. You must sound empathetic and not like a salesperson.
Subsequent calls can cover options to help them regroup,
However, you can't just pick up the phone and start calling. but this call is to just check in, be visible and be their
You must organize your database, identify top priority partner in this situation.
merchants to call first, and create a brief outline for the
call. Now it's time to start making your calls. Just remember,
Create your database don't expect to talk to all of them in one day. But set aside
a minimum of two hours a day to do this.
If you have a database in some format you are ahead
of the majority of your competitors. The larger offices Let me emphasize: this is a critical activity in today's
may have a fully functioning CRM platform, but the situation. Although it's the right thing to do, it will also
majority of merchant level salespeople have only copies of pay off when restrictions due to COVID-19 are relaxed.
applications. If this is your situation, it's important to take You were there at the worst times; you are their partner at
the first step in creating this database. I recommend using the best times.
something as simple as Excel.
Stay tuned. I will next discuss email and its uses. And, if
Column one would be for merchant name; column two, you have time, give me a call. Let me know how your calls
the contact name; three, the contact's phone number; and are going, and let's just talk about business. I stand ready
column four would be for the email address. If you wish, to help.
add fifth a column listing the merchant type (restaurant, Jeff Fortney is vice president ISO relations for Signature Payments. A
retail, ecommerce, etc.). The last column is not required, long-time payments industry executive and mentor, Jeff is focused on
but the other four should be filled in. After you complete strengthening and developing partnerships and evaluating new busi-
this list, you are ready to move to the next step.
ness opportunities. He can be reached at 214-458-1379.
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