Page 30 - GS210902

Education

top of the statement and said, “I don’t think you want to present themselves as individuals who may be able to
show this to us. You don’t know who we are, and why we help. In recent months, this has become more evident. Al-
are even here, and you don’t know if you want to do busi- most daily, I hear an ISO or MLS bemoan their inability
ness with us. We don’t know if you are even a good fit. It's to sign specific merchants. They invested their time and
best to have a conversation before considering this.” All demonstrated cost savings, yet the merchants wouldn't go
the time my hand remained on the statement. forward. During these conversations it becomes apparent
that they reviewed merchant statements but asked few
The merchant was surprised. I could see in his face he questions. They never asked how the pandemic impacted
didn’t know how to respond. Finally, he said, “You mean I the merchants or how they were reaching out to consum-
may not be a fit for your company?” We spent the next 10 ers, nor did they find out what the merchants really need-
minutes talking about his business, his challenges and his ed. They didn't distinguish themselves from other reps
opinions about our industry. As the conversation drew to who'd stopped by. Had they understood the merchants'
an end, I told him I could see a fit, and if he would like, true needs, they could have eased the real pain instead of
we could review the statement to see any areas that were attempting to save merchants money.
padded, overcharged or could be improved. The result?
We only matched the price, but addressed a few areas of To truly embrace the second tenet, study your competi-
improvement. We also helped him understand the costs tion. Ask merchants what other reps say when they come
and process better. in, or what they've heard from others who sought their
processing business but didn't show interest in helping
Consult more, talk less about savings them survive. Know your competition is not just a slogan;
Not once in the first 10 minutes did price come into the it’s an imperative if you want to succeed in today’s new
conversation. Fast forward to today. Merchants face normal. In my next article, I'll discuss two tenets that will
unique challenges they could not have anticipated before help you know how to make the sale easier when you're in
COVID. Many are struggling to keep their doors open. front of a merchant.
They need more consultation and less cost savings. Sure, Jeff Fortney is vice president ISO relations for Signature Payments. A
saving money is still important. But the cost reductions long-time payments industry executive and mentor, Jeff is focused on
we may provide aren't likely large enough to keep them strengthening and developing partnerships and evaluating new busi-
afloat. They need help. And they'll listen to agents who ness opportunities. He can be reached at 214-458-1379.