4-Step Routine to Create the Best Merchant Services Program

We all have a daily routine, and whatever it may be, we consistently follow it. It helps us keep our lives in order. It makes us feel good. It just works.

And just as we should all follow our personal routines, Independent Sales Organizations (ISOs) and agents should follow routines of their own to get the most productivity out of their merchant service program. So to help you develop the best merchant services program possible, we’ve created this simple, 4-step routine.

1. Stay up-to-date

Like many other industries affected by the rise of the digital age, things constantly change in the world of merchant services. New technology is being produced, critical regulatory changes are taking place and your customers may be talking about you in a digital social sphere.

2. Make time to make sales calls

You know your portfolio isn’t going to just build itself. However, many ISOs fall into a trap of complacency when it comes to sales. They think that because their portfolio is adding to their bottom line, then there is no point changing anything. Building your portfolio with one or two successful merchants can do wonders for your profits. Yet to realize true organic growth, every day you should set aside a time to call prospective merchants and see if you can help them.

3. Follow-up with your customers

If your merchant has just been set up, call them to see how they’re doing and see if they need anything else. From a customer service perspective, staying in touch with your merchants is the best way to gain their trust and make them feel valuable. Managers of the best merchant services programs will consistently check on their customers.

4. Know where your merchants stand

It is important to know which of your merchants you’re at risk of losing. The best merchant services provider will be able to provide you with data that will help you figure out which merchants may be seeking a more profitable merchant services program. Additionally, checking on your merchants’ sales volume each day is a quick and painless process, and if you find a merchant that is dissatisfied, see if you can meet them halfway to salvage what profits you can.

Jeff Fortney is Vice President of ISO Channel Management at Clearent™. His career includes over 35 years in financial services, with the last 17 focused on the debit and credit card processing industry. As one of the best merchant services programs, Clearent is a valuable partner to many ISOs and agents. If you’re looking for a new partner for your merchant services program, Clearent will be sure to give you and your merchants high-quality service, competitive pricing and sought-after products and services.

Using Regulatory Changes to Grow Your Merchant Services Program

In an industry that’s always changing, it’s important to find ways to leverage the recent regulatory changes surrounding the Durbin Amendment and debit card processing interchange. While the interchange caps have reduced income for larger issuers with assets in excess of $10 billion, some merchant services programs have been able to use their lower rates to their advantage.

Add to that recent marketing campaigns such as Bank Transfer Day and Better Name for Banking and it’s easy to see how small community banks and credit unions are able to benefit from the larger banks indecision about how they plan to make up the revenue lost as a result of the Durbin Amendment.

This new cap on debit interchange is beneficial to merchants and can help you grow your merchant services program, providing you take the right approach. This is a time to embark on a new opportunity. For example, if you haven’t marketed to your commercial consumers yet, now is the time to sell your merchant services program by informing possible clients about the chance to reduce costs. Because of this change in the merchant services industry, it’s a great time to create interest around your business. You can also ride the growing wave of negative sentiment towards the big banks and their miscellaneous fees by promoting your services to new customers.

Although this is a great time for new customer acquisition, don’t forget the importance of retaining strong relationships with your current customers. If you have not already done so, let your current clients on interchange pass through pricing they will automatically reap the benefits of the new debit card processing changes. Enjoy this opportunity to better your customer service by utilizing good communication, making the client happy, and protecting your business from competitors.

Additionally, be aware of certain companies taking advantage of the Durbin Amendment be granting false information to consumers. Because of these difficulties and because Durbin is such a new change, you need to be prepared to answer any questions your consumers may have. Be sure to educate yourself over the topic.

About The Author
Nick Karcher is a Relationship Manager with Clearent. He began his career in merchant services as an Account Executive and later started his own Independent Sales Office, growing an impressive portfolio before joining the Clearent team. Nick currently manages Account Executives and Relationship Managers who service both referral and agent banks.

Clearent is a different kind of merchant account services provider, offering a flexible proprietary acquiring platform and best-in-class service for not only your organization, but your merchants as well. Learn why you should choose Clearent.