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Education

StreetSmarts SM

SHARING WISDOM
SHARING WISDOM

WITH JEFF FORTNEY WITH JEFF FORTNEY

Payments is a true entrepreneur's dream

By Jeff Fortney opportunities. And I was able to use the past to under-
The Strawhecker Group stand the impact of changes, find opportunities and help
others find them, too.

[Editor's note: This is the last article in Jeff Fortney's second stellar round
as Street Smarts author. A gifted teacher, he draws from his decades of Often, change is evolutionary. Other times it's sudden—
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sales leadership to share timeless wisdom today's merchant level sales- the pandemic's upheaval, for example. My goal in writing
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people (MLSs) can put into action. Jeff, a long-time contributor to our this Street Smarts series was to help readers recognize
changes, their impact and inherent opportunities. And I
publication, will pen articles beyond this column, time permitting. We offered steps to take to leverage sudden opportunities.
thank Jeff for his steadfast support and will miss his engaging voice on
our pages. Looking forward, you'll meet our new Street Smarts author What's to come
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in our April 11, 2022 issue.]
Texas saying goes, "If you don't like the I'm sure the pandemic will lead to further changes. I'm
also confident we won't return to the way things were be-
weather, wait an hour." I discovered this was fore COVID-19. That's why I call this time "the new nor-
true shortly after moving to the Dallas area. mal." Now, in this last article in this series, I'm offering the
A You could be outside on a warm day, a cold following five predictions:
front would come through and the temperature would
drop swiftly. 1. Small businesses will need a strong internet pres-
ence to survive: Since its inception, people have used
This saying applies to the payment's world, too. Through the internet for research and networking to address
my career, change was and remains a constant. At times, their needs. Now, people are more than comfortable
the change was minor but still influenced our actions. buying online. Before the pandemic, the percentage of
Other times, it would significantly impact our industry those who preferred to buy online was below 50 per-
and how we worked. cent. Now, it's often the first choice when people shop.
Without an internet presence, merchants will lose out
I saw POSs take a quantum leap forward, only to be ob- on a large opportunity.
solete in a year or two. Pundits predicted the demise of
independent sales agents and ISOs, only to be proven ISOs and MLSs should look for a merchant's web page
wrong. There was always a new payments "toy"— an in- before talking to the merchant. If a merchant doesn't
novation, a sales tool, or even a philosophy—that hit the have one, that creates opportunity. If they have one, re-
market with a roar. Everyone would add it to their offer- view it for ease of purchase. You may not be selling a
ing, only to find demand wane. web page, but this can be a talking point leading to a
hosted payment page.
The card brands made changes to the base costs or added
to the data fields required for transactions. Online order- 2. Tip before settlement will be the norm: Pay at the
ing grew from a rarity to commonplace, as did the associ- table used to be seen as unnecessary and expensive.
ated security steps required. Today, more and more restaurants want to avoid con-
I prefer consistency over change. Yet during my 28+ years tact with cards and/or want the full transaction autho-
in this business constant change has kept me energized. rized—including the tip. The only options for this are
Change created opportunities. How I handled those pay at the table or a receipt presented for tip prior to
changes and adapted to them helped me leverage those running the transaction.

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