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Inspiration

Intangibles make all the difference

n the early days of payments, the merchant acquir- Matthews was masterful at relational selling, which San-
ing field was wide open. Some folks refer to that born described as having a focus on "building long-term
period as the industry's Wild West days, a time relationships. The sales rep gets to know their customer,
I when it was extremely easy and effective to adopt a their needs, and their wants, within reason."
transactional approach to selling.
Sadly, Matthews passed away in September 2020. He was
"A transactional relationship is all about the short-term," known to be a good listener who was able to change as
wrote Mark Sanborn, author of 9 Key Differences Between a the industry grew and changed, often ahead of his col-
Transactional Relationship and Relational Selling. "Get the sale, leagues. In the many articles he contributed to The Green
at all costs. The focus is on winning this one sale without Sheet, listed at www.greensheet.com/emagazine.php?article_
much thought to the customer’s needs or the longer-term." id=931, he often emphasized the importance of building
relationships with utmost integrity. This was before many
Of course, nothing remains the same, and the dramatic in our industry saw the need to shift from strictly selling
transformations the payments industry has undergone bankcard services to become business consultants offer-
since its inception exemplify this. But long after card ac- ing a host of services and technology to help improve mer-
ceptance became ubiquitous at retailers, electronic pay- chants' efficiency and profits.
ments were the norm, and merchants had facts from the
internet at their fingertips, many in the field continued Today, with ongoing advancements in technology, innova-
to employ a strictly transactional approach. The industry tive disruptors, and shifting regulations stiffening compe-
had become commoditized, and representatives competed tition even further, some MLSs still swear by transactional
more and more fiercely on price, lowering margins dra- sales. So perhaps neither style is right for every situation.
matically. What really matters, according to Psynet Group, is agil-
ity and appropriateness: can you move between styles and
A leader points the way demonstrate the behaviors of both styles equally well, and
Not all ISOs and merchant level salespeople (MLSs) were does the chosen style align with the activity's goals, meet
primarily transactional, of course. One example was Biff the needs of those being served and minimize downside
Matthews. A founder and board member of the Electronic risk?
Transactions Association, he retired in 2016 from his long-
time position as president of Thirteen Inc., the parent com- I do believe, though, relational selling is the best approach
pany of CardWare International, which he founded. In in our business. It's the intangibles, which are ever so dif-
"Building relationships – priceless," published in The Green ficult to measure, that lead to long-term, mutually satisfy-
Sheet Sept. 8, 2008, issue 08:09:01, Matthews wrote, "Price ing relationships.
is everywhere. Competitors will always offer cheaper pric-
ing. But customer service means everything in this indus-
try. I maintain that a major factor in the service ethic is to
always deal fairly with merchants and never resort to fear
tactics, for instance, to close sales."
Kate Gillespie, President and CEO
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