Blog
What started as a late night brainstorming session to outline my upcoming BNI presentation turned into the following; essentially a rant and my philosophy and thoughts after two years in the payment processing (AKA merchant services) industry.
January 19, 2022.
What does the acronym POS stand for? No not that.
POS = Point of Sale; however, I have called heard several business owners call the companies that sell POS's POS's before (I may have too once or twice).
That being said, I have found it usually isn't the POS that was a POS, but the rep who sold it to them that was the POS, or the companies they work for.
I relish in the opportunity to show an owner that a POS can be a powerful tool that will greatly improve many of their business processes, and that there are trustworthy processing companies out there with great rates.
Saturated industry, overcrowded, cutthroat, dishonest, trickery, thieves, middlemen. Words I have heard used to describe the industry and the sales reps in it.
I knew in order to succeed and differentiate I could not just sell on price. Selling on price alone was no way to build a long-lasting business in my industry.
If I sold on price alone, it meant the next guy could come along, offer a better price and I'd lose the account.
It meant that in the never-ending race to the bottom as they call it in the industry, the only way to counteract the continually lowering profit margins in processing was to not just sell processing.
I had to offer value added services in conjunction with lower processing rates. In a sense I was no longer selling just merchant services or payment processing. I am selling the benefits of the software, hardware, and technology solutions that facilitated the processing, as well as my high level of customer service. I include additional services for free (like a Google optimization) when a business partners with me to help them with their processing.
I did not realize how much I would have to learn in order to bring more value to my partners than just better rates.
Every vertical and/or industry has a different learning curve. That is why many PSP's (Payment Solutions/Services Providers) or merchant service professionals just pick one vertical, such as gas stations or liquor stores.
So far I have helped businesses with their processing and point of sale systems in a variety of industries/verticals including:
You must find the right processing solutions based on each individual clients or prospect’s particular needs. We do not take a one size fits all approach.
I am continually researching, vetting, and learning about different processors and merchant services companies, POS systems, and software companies as I find the best solutions for my business partners.
The name of my industry is merchant services. I never liked the word merchant, as it is rather impersonal. I always try to say at the very least client. I really try to say business partner because that is really what it is. You are trusting me to set up one of the most important aspects of your business. The money flow and how you get paid. I think that’s a partner even more so than a client.
Instead of saying I sell merchant services, I prefer to say that the hats I wear include:
In the course of setting up over 50 e-commerce solutions I have learned how to proficiently design and maintain websites, assisting in the builds of over 50 (on Weebly and WordPress).
And now that I am admin on close to 100 google business listings, I can confidently say I am an expert. Specifically, on optimizing the listing to boost traffic and engagement with the business (via a phone call or clicking a link or action button), ultimately leading to a transaction or sale. That is why I offer a free Google and Facebook optimization to all of the businesses I provide payment processing for.
The difference eCommerce solutions I have helped set up include:
January 19, 2022.
What does the acronym POS stand for? No not that.
POS = Point of Sale; however, I have called heard several business owners call the companies that sell POS's POS's before (I may have too once or twice).
That being said, I have found it usually isn't the POS that was a POS, but the rep who sold it to them that was the POS, or the companies they work for.
I relish in the opportunity to show an owner that a POS can be a powerful tool that will greatly improve many of their business processes, and that there are trustworthy processing companies out there with great rates.
Saturated industry, overcrowded, cutthroat, dishonest, trickery, thieves, middlemen. Words I have heard used to describe the industry and the sales reps in it.
I knew in order to succeed and differentiate I could not just sell on price. Selling on price alone was no way to build a long-lasting business in my industry.
If I sold on price alone, it meant the next guy could come along, offer a better price and I'd lose the account.
It meant that in the never-ending race to the bottom as they call it in the industry, the only way to counteract the continually lowering profit margins in processing was to not just sell processing.
I had to offer value added services in conjunction with lower processing rates. In a sense I was no longer selling just merchant services or payment processing. I am selling the benefits of the software, hardware, and technology solutions that facilitated the processing, as well as my high level of customer service. I include additional services for free (like a Google optimization) when a business partners with me to help them with their processing.
I did not realize how much I would have to learn in order to bring more value to my partners than just better rates.
Every vertical and/or industry has a different learning curve. That is why many PSP's (Payment Solutions/Services Providers) or merchant service professionals just pick one vertical, such as gas stations or liquor stores.
So far I have helped businesses with their processing and point of sale systems in a variety of industries/verticals including:
- Restaurants
- Food trucks
- Salons
- Retail
- Grocery
- Non-profits
- Chambers of Commerce
- Membership Organizations
- Trades including HVAC and Pest Control
You must find the right processing solutions based on each individual clients or prospect’s particular needs. We do not take a one size fits all approach.
I am continually researching, vetting, and learning about different processors and merchant services companies, POS systems, and software companies as I find the best solutions for my business partners.
The name of my industry is merchant services. I never liked the word merchant, as it is rather impersonal. I always try to say at the very least client. I really try to say business partner because that is really what it is. You are trusting me to set up one of the most important aspects of your business. The money flow and how you get paid. I think that’s a partner even more so than a client.
Instead of saying I sell merchant services, I prefer to say that the hats I wear include:
- Payment Solutions Provider (PSP)
- Merchant Advocate
- Software Sales
- Technology Sales
- POS Installer and Menu Builder
- "Tech Guy"
- Online Ordering, SEO, Facebook, & Google Expert
In the course of setting up over 50 e-commerce solutions I have learned how to proficiently design and maintain websites, assisting in the builds of over 50 (on Weebly and WordPress).
And now that I am admin on close to 100 google business listings, I can confidently say I am an expert. Specifically, on optimizing the listing to boost traffic and engagement with the business (via a phone call or clicking a link or action button), ultimately leading to a transaction or sale. That is why I offer a free Google and Facebook optimization to all of the businesses I provide payment processing for.
The difference eCommerce solutions I have helped set up include:
- A turnkey suite for restaurants including a Table reservation system, Online ordering, Commission-free delivery, Website, SEO, Analytics & Reporting
- Invoicing Solutions with Recurring Billing, Subscriptions, Installment Payments, Payment links
- QuickBooks integrations that offer lower processing rates
