The Green Sheet Online Edition
April 4, 2023 • 23:04:01
Take action, don't worry
ISOs, merchant level salespeople and other professionals in the merchant services sphere face distinct challenges during uncertain economic times. But don't worry; you can take action to weather or prepare for economic uncertainty. Here are some ideas:
- Diversify your offerings: Consider augmenting your product and service offerings to include a wider range of payment solutions that can meet merchants' changing needs. For example, you could explore offering mobile payments, online payments or ecommerce solutions. If you already offer these solutions, you could research to see if they've grown outdated and add solutions that offer even more benefits to merchants.
- Strengthen your relationships: Work to build and maintain strong relationships with your merchants and partners. You may not be able to call all of your merchants individually, but you could check in with your highest performers, as well as with your partners. And to reach a greater number of merchants, you could send helpful videos with business advice, as well as post them on social media. Even a minimally formatted newsletter with sage advice can keep you top of mind with the merchants you serve. This can help you to retain existing accounts and attract new ones.
- Monitor your portfolio: Keep a close eye on your portfolio to identify changes in payment volume or customer behavior. If, for example, attrition spikes, dig into the details. See if a negative event such as an outage that wasn't handled well, for 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.
- Stay informed: Stay up-to-date on the latest trends and developments in the merchant services industry, including changes to card brand rules or federal, state and local laws, as well as new disruptors with products that could threaten your merchants' loyalty. This can help you to anticipate changes and make informed decisions to keep your business competitive.
- Seek partnerships and collaborations: You likely already have partners, but in times of upheaval or stress, explore partnerships with other ISOs or service providers that would enable you to share resources and expertise. This could not only help you expand your reach, but also allow you to offer more comprehensive solutions to your current merchant customers and prospects.
- Focus on efficiency: You may see areas in your operations that aren't as efficient as they could be, but until now, they haven't been enough of a drag on your business to worry you. Or, there may be new software on the market, such as a ground-breaking CRM platform, that could take your business to new heights, but you haven't had the time to deal with making a switch. If, however, you sense uncertain economic times ahead or your business takes a dip, improving efficiently is one area you can control that will likely pay dividends in helping you through a rough patch.
With a focus on delivering high value to your merchants and partners, paying close attention to your portfolio and being quick on your feet, you will improve your ability to adapt to market conditions and thrive. 
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