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Education

StreetSmarts SM

Embedded Finance: The Time Is NowThe Time Is Now
Embedded Finance:

WITH JOHN TUCKER WITH JOHN TUCKER

Embedded finance: The time is now

By John Tucker to push saving on rates, and then send them out with
TreviPay canned pitches to either randomly make calls from the
Yellow Pages or park their cars on streets, and walk into
businesses at random and attempt to speak with decision
Editor’s note: We are delighted to welcome back John Tucker as author
of Street SmartsSM for the coming year. His emphasis on rebranding makers.
during his prior commitment was timely. Now he will continue that This worked in the past not because of charismatic magic
discussion in light of the fintech shift toward embedded finance. Stay on the part of relentless salespeople, but because MLSs/
tuned. The year is bound to be revealing. agents, quite frankly, were one of the few available
s the saying goes, "The more things change, sources where merchants could get in-depth information
the more they stay the same." With that said, on bankcard services.
it's great to be back as quarterback of the Street
A SmartsSM column. I enjoyed my run from Banks and credit unions usually did not provide such
April 2016 to March 2017, and when the time was right information, there was no internet, and the space
again (and the slot was open) I always wanted to come wasn't significantly overcrowded. But in 2016 and 2017, I
back for a round two. I believe the time couldn't be more hammered home the notion that all of this had changed,
ripe in terms of the importance of bringing a different and the old strategy was dead due to the following
discussion to the column. reasons:
Recap of previous run • The long-standing low barrier to entry created
significant overcrowding in our space, where
During my prior run, I emphasized why it was time for the anybody with a pulse could become an MLS/agent
merchant level salesperson (MLS) to rebrand into leading
in with something other than basic bankcard services. on a 1099 basis.
The larger vision was to not just create differentiation, but
also to truly begin to resolve unmet challenges of many
merchant verticals. My supposition was that going

My supposition was that going forward, creating a forward, creating a sustainable
sustainable career and growth in the field of merchant career and growth in the field
services would no longer be based on actually selling
merchant services using the old, mismanaged 1099 agent of merchant services would no
model. longer be based on actually selling

For example, companies used to bring in 500 random 1099 merchant services using the
people on 100 percent commission, throw them some old 1099 agent model.
brochures, show them how to get a statement and how

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