he beginning of a new year is a time for reflections, predictions, reviews and forecasts. It's also a time for resolutions. When the clock struck midnight Jan. 1, and you raised a glass and sang Auld Lang Syne, how many of the same tired resolutions from last year did you promise to really keep this time?

Instead of making promises that you're likely to break once again ("I will lose 15 pounds by April for ETA"), I want to suggest some business resolutions that are easy to keep and will help you stay wealthy and wise throughout 2004.

Resolution #1: I will learn about a new technology this year.

Read and research. As rapidly as technology has changed the world around us, those same technologies have had relatively little affect on the world of payments...until recently. The year 2003 saw the payment industry finally embracing some of the same technologies that have made our everyday lives easier and more productive.

Take the time to learn how advanced IP communications such as Ethernet and DSL, or CDMA and GPRS wireless reduce transaction times to less than four seconds. Study your merchant portfolio and look for new market opportunities, like Quick Service Restaurants (QSR) and mobile merchants, well-served by these technologies.

Security standards like Triple-DES and PED are currently mandated for rollout. As of January 2004, any newly deployed or re-deployed PIN pads must support 3DES and PED. Ask yourself, "Do I know enough about these mandates and the solutions that support them to sell them?"

It behooves you to visit www.visa.com/pin and become familiar with the terminals that meet the mandates. Understanding security can help you win new business, sell new hardware and increase revenue all year long.

Resolution #2: I will sell to a new merchant segment.

Explore new territory. It's time to break out of the box and explore new market opportunities that are ripe for payment and value-added services. As old farmers like to say, you can't expect different cream if you keep milking the same old cows.

Try something new. Explore a new market. Segment your portfolio around technologies like wireless for mobile merchants; around new opportunities for payment like QSR; or around value-added services like eligibility and claims processing for healthcare providers.

In selling to a new kind of business, you are able to establish yourself as an expert in the payment field, and able to deliver custom-made solutions which might include services above and beyond payments. This increases the value you deliver to your customers and helps you realize new revenue streams.

Resolution #3: I will no longer simply "re-download terminals" to win new business.

Can you do a mini-makeover in 2004 and reinvent yourself? Are you someone who sells boxes or delivers total solutions? Are you a believer in the new opportunity equation? In order to maintain merchant retention, it's not enough anymore to provide the status quo: delivering the same product, with price being the only perceived differentiator. Win the business, but sell the right solution.

When you make an extra effort and take the time to learn a bit about your customer's business, you'll find out what needs you can meet as a payment solutions provider. Find out what's important to each one of your customers and what might help them be more profitable.

Needs as diverse as faster transaction times, improved security features, bigger buttons, color displays or more mobility can all be met-and may require the need for a terminal built in this century.

Do you see yourself as this harbinger of change? Customers will not balk at additional cost if there is perceived value within the proposed equation. Demand more of yourself-and your suppliers and processor-so that your customers can demand more of you. Demand drives revenue, and increased revenue is something worth keeping a resolution over.

Resolution #4: I will build relationships instead of booking sales.

Three simple words: upsell, upsell, upsell. Is the first time you win a new merchant's business most likely also the last time you'll ever see that merchant? Do you disappear once the training is over? Do you wonder why your attrition rates haven't improved?

Does it feel like you're running in place? For every five new merchant accounts you win, are four existing accounts lost? Borrow a page from the cable companies and offer your merchants service enhancements that match their needs today and tomorrow. What do you have in your tool belt that gives you the ability to provide value-added services and products on return visits to your customers?

Being able to upsell value-added applications that utilize multi-app terminals is a sure-fire way to deliver incremental revenue to both you and your customers. Consumer wallets are packed with credit cards, check cards, ATM cards, gift/loyalty cards and prepaid phone cards.

Combine payments with further services including electronic check acceptance, bill payment, health care eligibility, on-the-spot age verification, electronic licensing and automated time & attendance, and you've got the right tools for the jobs of improving merchant retention and enhancing revenue.

Not only do these services enable merchants to effectively respond to consumer demands, they also strengthen the bond between ISOs and merchant customers. In addition, the newest wave of applications is helping acquirers and ISOs get an edge on competitors by obtaining new business from untapped markets.

It's been said that New Year's resolutions are hard to make and harder to keep. Even if you fall off the treadmill by February, follow the advice above and I predict that by this time next year, you will be all the more happy, wealthy and wise. Happy New Year!

Michelle Graff is Director of Global Marketing for VeriFone.