hen Garry O'Neil responded to an advertisement for a bankcard sales position only 15 years ago, he had no idea that he would later become the Chief Executive Officer of a top-50 processor handling merchant accounts for more than 16,000 customers.

Today, O'Neil is President and CEO of Electronic Exchange Systems (EXS). In 1991, only one year after answering that ad, he co-founded the company. Over the past 15 years he has built it from a small feet-on-the-street ISO to one that processes more than $1.5 billion annually. The company operates offices in Atlanta and Irvine, Calif.

"I don't know how I got into this industry, and now I don't know how to get out!" O'Neil joked.

Around the World and Back Again

O'Neil was born in London and grew up in the Midwestern United States. After high school graduation he enlisted in the U.S. Air Force. His military career included a tour in Vietnam and several stations overseas.

While in the service, O'Neil learned an important lesson. "The military let me know that there were other opportunities," he said. "I was a reader, and I liked to think about things. The military taught me to go to college."

After leaving the Air Force, O'Neil returned to his native Ohio and worked part-time while attending Cleveland State University on the GI bill. He graduated with a bachelor's degree in marketing. O'Neil was the first in his family to graduate from college or high school.

After earning his degree O'Neil didn't go directly into the financial services industry. It was the late 1970s. The phone companies were deregulating, and he saw an opportunity. He started his own business selling phones and copiers and enjoyed much success. Once that market became saturated, he sold his business and began seeking a new career.

O'Neil was fairly certain that his next move would involve sales, as sales is an integral part of his makeup. He admits that if he weren't working in sales in the financial services industry he would be working in sales in another industry. "Sales is a passion that I have always enjoyed, as it requires both the art and science of understanding the needs of the customer," he said.

So, in 1989 O'Neil answered an ad for Bancard Systems in California. A year later he and a partner founded EXS. Although he was new to the financial services industry, there were similarities between it and his previous career.

"It [the phone industry] was similar to this industry in the early '90s, but this business continues on with recurring revenue and new business," he said. "We've been pretty successful with that."

O'Neil was prepared for the sales demands and knew how to run a small business. "I learned a lot of skill sets that prepared me for the early '90s: sales training, the thinking habits involved in sales, etc."

Lifelong Learning

O'Neil is constantly striving to improve himself and his company, and he is candid about the challenges he's faced. "I never try to pretend that I have all the answers because I don't," he said. As EXS has grown and become more and more successful, he has adapted his skills to serve his growing business. "I had to train myself now that the business is larger," he said.

He also understands the value of achievements and disappointments alike. "I've experienced successes and failures, both personally and professionally," he said.

"And the one thing that I've learned from the milestones in my life is that you have to be a lifelong learner. No matter what station in life or level of responsibility a person has, learning is about understanding your own strengths and weaknesses and the desire to improve both."

O'Neil is slow to list his own accomplishments or sing his own praises. But, with some prompting, you will learn that he is most pleased with starting and sticking with his company to create a successful and well-respected business. "I am very proud of that accomplishment," he said.

Finding Inspiration

While he strives to continue learning, O'Neil also looks to others for inspiration. He is particularly motivated by people who take their obligations seriously. "I'm most inspired when I come across individuals in this field that truly take pride in their work," he said. "It may be a rudimentary responsibility, but the integrity of their character allows them to always strive for excellence."

Those who strive to continuously better themselves also inspire him. "There is something to be said about individuals who don't make excuses about their circumstances," he said. "These are the ones who always see the glass half full. These individuals have guiding principles that allow them to continuously strive to be better."

'You've Got to Give Back'

O'Neil strongly believes that it is important to share his experience and good fortune with others. This belief is what motivates him to offer his time and talent in a volunteer capacity.

"At some point you have to start giving back to the community that helped you," he said. "I guarantee I could not have done it by myself. Nobody got where they are by themselves. You've got to give back."

He chairs Electronic Transactions Association's Membership Committee and serves on The Green Sheet Advisory Board. He is also a member of the Visiting Committee for the College of Business at his alma mater.

Challenge #1 - Move Away From Price

More than 15 years in the industry has given O'Neil the perspective to make some educated predictions about the future. For example, he believes selling on price alone will not guarantee the success of ISOs. To increase their success rate, they will need to embrace and foster value-added solutions and new technologies.

"Our industry has become increasingly more competitive, and the products and services are more multifaceted," he said. "There are a lot of organizations out there that sell on price alone, and while that might have worked in the past, in today's economic environment that's just not the way to attract and retain quality merchants.

"Merchants are going to become technology and price savvy and look beyond the value of accepting Visa and MasterCard. Value-added solutions that enable businesses to streamline their operations and cut cost will be what Visa/MasterCard was to businesses 20 years ago."

O'Neil thinks that ISOs and merchant level salespeople (MLSs) should anticipate new technologies and how they affect our industry. "They should be prepared to move away from 'the box' and be prepared for a more complex sale," he said.

He also believes that although our industry will continue as it has for the next couple years, ISOs should plan for the more distant future. "They should look ahead three to five years and be prepared to protect themselves by joining with bigger partners or diversifying their income stream," he said.

"Government regulations and Visa and MasterCard regulations will no longer allow them to make the margins they once did."

Challenge #2 - Focus on Customer

In our industry we hear a lot about merchants and, at times, the customer may become a forgotten piece of the transaction.

O'Neil believes this is a challenge our industry must face. "Our tools of trade in the payment processing industry teach us to focus on the details pertaining to the transaction, and not the customer," he said. "The ability to deliver continuous quality of service to the customer isn't always a top priority in this business.

"This isn't rocket science, but our industry has to catch up to the [customer relationship management] CRM applications that have been in the vertical markets for years."

O'Neil believes that customer management will be a key factor in the success of ISOs.

"Unfortunately, this industry lacks a customer loyalty benchmark," he said. "The types of traditional customer satisfaction ratios used don't provide enough information about the customer's needs or experience.

"As our customers' demographics and business requirements become more diverse and complex, the ability to improve customer management may be a tool necessary to remain competitive and keep retention quotas high."

Still Going Strong

While O'Neil has many accomplishments, he is not ready to rest on his laurels. Instead, he hopes to aid others through projects such as helping new businesses develop their own companies.

"I would like to help people like myself who started with nothing," he said.

When asked to offer advice to new MLSs, he said it is necessary to have a wealth of patience coupled with a bit of vision.

"One thing that makes success is the ability to stick around," he said. "You have to be patient. The industry doesn't reward [you] initially, but it will eventually."