Page 38 - GS230401
P. 38
Inspiration
Take action, don't worry
SOs, merchant level salespeople and other profes- • Stay informed: Stay up-to-date on the latest
sionals in the merchant services sphere face distinct trends and developments in the merchant services
challenges during uncertain economic times. But industry, including changes to card brand rules
I don't worry; you can take action to weather or pre- or federal, state and local laws, as well as new
pare for economic uncertainty. Here are some ideas: disruptors with products that could threaten your
merchants' loyalty. This can help you to anticipate
• Diversify your offerings: Consider augmenting changes and make informed decisions to keep
your product and service offerings to include a your business competitive.
wider range of payment solutions that can meet
merchants' changing needs. For example, you • Seek partnerships and collaborations: You likely
could explore offering mobile payments, online already have partners, but in times of upheaval
payments or ecommerce solutions. If you already or stress, explore partnerships with other ISOs or
offer these solutions, you could research to see if service providers that would enable you to share
they've grown outdated and add solutions that resources and expertise. This could not only help
offer even more benefits to merchants. you expand your reach, but also allow you to offer
more comprehensive solutions to your current
• Strengthen your relationships: Work to build merchant customers and prospects.
and maintain strong relationships with your
merchants and partners. You may not be able to • Focus on efficiency: You may see areas in your
call all of your merchants individually, but you operations that aren't as efficient as they could be,
could check in with your highest performers, as but until now, they haven't been enough of a drag
well as with your partners. And to reach a greater on your business to worry you. Or, there may be
number of merchants, you could send helpful new software on the market, such as a ground-
videos with business advice, as well as post them breaking CRM platform, that could take your
on social media. Even a minimally formatted business to new heights, but you haven't had the
newsletter with sage advice can keep you top of time to deal with making a switch. If, however,
mind with the merchants you serve. This can help you sense uncertain economic times ahead or your
you to retain existing accounts and attract new business takes a dip, improving efficiently is one
ones. area you can control that will likely pay dividends
in helping you through a rough patch.
• Monitor your portfolio: Keep a close eye on your
portfolio to identify changes in payment volume With a focus on delivering high value to your merchants
or customer behavior. If, for example, attrition and partners, paying close attention to your portfolio and
spikes, dig into the details. See if a negative event being quick on your feet, you will improve your ability to
such as an outage that wasn't handled well, for adapt to market conditions and thrive.
example, or a competitor's campaign targeting
your customers caused defections. This can enable
you to address potential issues and adjust your
strategies as needed.
Kate Gillespie, President and CEO
38
