From the March 2010 issue of ISO&Agent.
How does an ISO or acquirer get more sales? One option is to put more salespeople on the street.
Sometimes, though, just giving a salesperson an assigned territory is not enough. All salespeople need some level of training, if only to become better acquainted with a new product.
Many avail themselves to sessions at regional conferences-the Northeast Acquirers, Southeast Acquirers, Midwest Acquirers and Western States Acquirers conferences-to learn about opportunities. It is while attending these events that many salespeople learn about new sales efforts and products and network with their peers.
For many salespeople, the goal is to find ways to become a better seller. With that in mind, this month's issue of ISO&Agent examines some sales- training methods and concepts to help ISOs determine what might work for them.
Educating salespeople is a top priority for many in the industry, but it is a task Meghan Boyer, ISO&Agent associate editor, found requires a balance between time in a classroom and time on sales calls.
The risk of having poorly trained salespeople is a big one, as Jason Zhang, director of sales at United Payment Services Inc., sums up: "You have motivated people in the field, but if they don't know what they are talking about, they are talking themselves out of the conversation."
The economy during the past two years has made merchants less profitable, which has reduced revenue for ISOs and agents, notes Paul Hunter, president and CEO of Sterling Payment Technologies, a Tampa, Fla.-based merchant-service provider.
For agents to reach the same sales results they achieved three years ago, before the recession, they should pursue an advantage over the competition, and education in one option. "Only education can help a salesperson fully understand" products and how they may benefit merchants, and it will help to gain that advantage, Hunter says.
Also in this issue, ISO&Agent considers the impact of using acquisitions as sales-growth tools. It seems apparent that buying a merchant portfolio expands an ISO's or acquirer's merchant base, but such a tactic also can fetch other valuable assets, such as the sales-management team that built the purchased portfolio.
Another article focuses on referral agreements-some best practices for crafting them and how these leads may differ from sales leads from other sources. Many ISOs and acquirers like referrals because a third party essentially recommends them to a merchant, but they require a different tack to secure the deal.
Wrapping up this issue is the debut column of Charles Denyer, a qualified security assessor, who writes about Payment Card Industry Security Standards Council requirements and why ISOs should care.
The April issue of ISO&Agent, to be available at the Electronic Transactions Association Expo in Las Vegas next month, will contain the results of ISO&Agent's annual compensation survey.
