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Education

StreetSmarts SM

Sustaining sales channel loyalty

By Marc Beauchamp Keep in mind that to attract, convert and keep more
Bankcard Life customers—in your case as an ISO, VAR, product creator
or bank—your goal is to attract, convert and keep more
f you depend on agent, referral, affiliate or channel quality sales partners. The challenge is not recruiting
partners to grow your business, it's critical that you new partners; it's getting your partners to produce on a
develop an atmosphere that inspires loyalty to your consistent basis and keeping the real producers in the fold.
I products, programs and solutions. Four essential steps

The majority of profits for many ISOs come from the Here are four keys elements that I believe are necessary
efforts of their sales partners. Just flip through the to keep your sales partners loyal and producing for your
BOCA advertising in this publication, and you'll find a variety of organization.
innovative sales programs, compensation plans, cutting-
CAPITAL edge solutions and free hardware options designed to 1. Provide robust training
PARTNERS entice and recruit new sales partners.
Training is the touchstone to sales success. It's ex-
With new competitors entering the industry at breakneck pected that new sales partners will have some ap-
speed, it's just going to get more challenging to build prehension when dealing with a new bank, new
procedures, new products, new vendors and new pa-
a consistent program for agents and maintain their
loyalty. Many industries have faced the same hurdles perwork. Make sure your training offering provides
ample how-to information on the basics, as well as
YOUR BUSINESS IS UNIQUE as businesses matured and evolved. Take the insurance advanced training topics. Provide a system that is
YOUR LOAN SHOULD BE TOO! industry, for example: initially, their sales channel accessible 24/7 that can be accessed and navigated
consisted of "captured sales offices" requiring exclusivity.
easily.
Evolving sales strategies
At Boca Capital Partners, we ensure The most important factor is making sure new sales
that all residual loans are designed to As competitors entered the market with new and partners and their agents actually attend training;
innovative products, the paradigm shifted to nonexclusive
if applicable, an on-site visit will always be worth
fit your specific needs brokers, and now you see hyper competition via brokers, the investment. Remember, repetition is the mother
internet quote sites, agents and in-house salaried of skill. Hold training sessions often, and offer ad-
salespeople working directly for insurance companies.
Get a loan from $50,000 to $3,000,000
for your business today Many organizations in the payments industry have The challenge is not recruiting
adopted the same distribution strategies by implementing
a combination of direct and indirect sales channels. I new partners; it's getting your
would submit that the indirect sales approach is still one partners to produce on a consistent
of the most effective and profitable avenues to growing basis and keeping the
and maintaining a merchant account sales channel.
It's just become a little more challenging to build and real producers in the fold.
Call Now: 844-531-4957 maintain partner loyalty.
info@bocacapitalpartners.com 25