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applied, and we were able to immediately have our first
inside sales training class within a month of opening
this location. Elite has many long-term employees, and
to ensure we retained the top talent we did a variety of
things for our staff including but not limited to hefty
raises, bonuses and incentives. The one thing a tough
labor market will do is make you appreciate the good
employees you have.
2. Our marketing person at Elite has been in contact
with a firm we engaged to help us get the Elite message
out to new and prospective merchants in a variety of
different ways including social media, LinkedIn, email
campaigns and direct marketing. Our firm has never
put a lot of resources behind this type of outreach;
however, we feel it will be invaluable to keep existing
merchants up to date on the payment processing space
along with new and existing products Elite offers that
may be suitable for their business.
In addition, we will be able to make contact with
prospective merchants, and they will periodically see
Elite and we hope at some point make the move to our
platform. As everyone knows, sales is a contact sport,
so we want to reach out to as many contacts as we can
to build off our existing portfolio and acquire new
merchants.
3. Merchants have expressed many concerns. Some are
more industry specific; however, the recurring concern
among all industries has been related to fraud and how
to prevent or severely mitigate it. Fraudsters are getting
better and better at their craft, and it is up to us to be on
the front lines to combat fraud. Much of the fraud we
investigated on behalf of merchants was preventable if
the right processes were put in place.
What we did was create a step-by-step document,
which we now send out in our welcome kits, that
shows merchants the necessary steps they must take to
mitigate fraud and how they can be especially vigilant
going forward.
4. I see the greatest opportunities for new payment
professionals in the technology side of the business.
The race to the bottom has been going on for years with
respect to pricing, so if I were entering the payment
space today, I would focus on new technology that can
really make an impact on businesses. Ideally, I would
find a few verticals and learn what the holes are and
how you can fill them. Obviously a proprietary solution
would be most ideal with several complementary
products, so it would be very difficult for a merchant
to switch processors as they would be tied to you and
your proprietary products.
Steve Sotis
eProcessing Network
1. The key to attracting and retaining quality
employees and independent contractors is the same
this year as it's been throughout the last 25 years
when eProcessingNetwork processed its first payment
transaction: treat the team with respect and allow them
to excel at the job they do best. Allowing our staff to
work remotely during the height of the pandemic and
moving forward helps keep the best on board when
life changes take place. Fostering an employee-centric
environment that allows everyone the ability to create
and developNextGen applications to meet the needs of
the industry is key to staying relevant in the market.
2. In 2021, we have seen great interest from resellers
needing to offer their merchants the payment solutions
necessary to attract and retain customers looking for
a frictionless experience—solutions that are easy to
implement, affordable and fully integrated. This year
we launched a webinar series that focuses on a unique
market segment each week, where we talk through the
solutions, devices and services tailored to that market.
The time spent with our senior sales channel directors
has helped re-educate and re-energize our resellers
about our full suite of solutions to help the small to
midsize merchant run their business. 2022 will bring
even more opportunity to continue educating resellers
on the integrated solutions that ePN offers.
3. After adapting to the particular shopping needs
that came out of the pandemic, consumers are now
accustomed to a seamless buying experience for both
online and in-store shopping, with BNPL, BOPIS and
curbside pick-up all remaining a part of the merchant's
everyday operational modes. The embrace of contactless
payments, digital wallets and other cardless payment
methods for safety reasons has led to consumers feeling
much more comfortable with transacting without
plastic in hand. Implementing cash discount programs
really helps our merchants differentiate themselves
among their competitors if they can appeal to the
shopper looking to make their dollar stretch a little
further this holiday season, especially with concerns of
supply shortages and inflation.
4. Innovation within the payment ecosystem is key
for 2022 and beyond, especially since the pace of
development is accelerating faster than ever. The
changes taking place within real-time payment systems
that are tied to growth of P2P apps, digital currencies
and mobile payments will help drive the technologies
offered by eProcessingNetwork and other gateways.
We are certain our professionals will help lead in the
development of compliant and leading-edge solutions
that will meet the expectations of resellers and their
merchants.
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