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Education S Spotlightpotlight I Innovatorsnnovators

Do's and don'ts for your past six months residual payments; it will have
additional provisions based on the projected residuals
MLSs during COVID-19 over the next few months. The value now is at a low
point, and holdbacks will be significant.

If you are concerned or need money immediately, do
consider borrowing using your residuals as security. In
borrowing, you retain the ownership of your residuals
and pay back the loan over time from those residuals.
After the loan is paid off, you retain ownership of your
residuals. Several companies in our sphere can accom-
modate a loan.

Don't misconstrue social distancing measures as in-
structions not to work. We are in this business to build
revenue. Under social distancing restrictions, many
people are working successfully from home. Do sched-
By Jeff Fortney ule time every day to do something work-related.
Signature Payments Do schedule specific blocks of time to concentrate on
the basics of your business. You can't succeed if you
hen I was in elementary school we had don't book the time—and stay committed to it.
"bomb" drills. These, along with fire drills,
happened regularly. During fire drills we Don't think you can work anywhere in the house. Do
W would exit the room single file and march to set aside a specific place as your workspace. And every-
the playground, where we would stand until the all-clear one in your home needs to know it is your workspace,
bell rang. and understand that when you are there, you are at
work. Do keep the area you set aside as purely work-
When the bomb-drill siren blared, we would "duck and space if possible. When done working, leave your work-
cover" by climbing under our assigned desks and cover- space, and don't return until it's time to work again.)
ing our heads. We would remain, in fetal position with
hands over our heads, until the all clear. We'd seen movies Don't think you have to go into the field and make
explaining the purpose of these drills, but that didn't stop calls. Do respect the social distancing rules set forth in
them from frightening us. your jurisdiction.

Memories of these drills surfaced this spring when we Don't scattershoot your efforts. Do plan what you do
were advised to shelter in place because of the COVID-19 every day before you start. Know what your goal is ev-
pandemic. This crisis is tragic and can be overwhelming. ery day, and reach it.
I know many folks who sometimes feel like curling up in
fetal position. But just like students during a bomb drill, we Don't work 24/7. Do set aside time for yourself and your
can only hide briefly before we must come out from under family. Committing to work benefits you and your fam-
the desk. ily, but remember to balance work and personal time.
In payments, what we do today directly impacts our future Don't become discouraged. Do remember that ours is
success. Although we may be limiting contacts with people an investment business. We invest time into our current
outside of our households, we can grow our businesses in and prospective merchant customers. Our returns aren't
ways that don't involve knocking on doors. immediate, but if you don't invest now, you'll have zero
Forging ahead during the pandemic results. Some days will be better than others, but all
time committed and actions taken have value.
Indeed, you can structure a sales plan that, once this pan-
demic passes, will differentiate you from competing mer- Our business has no guarantees, but I believe your solid
chant level salespeople; offer services to merchants—with- commitment as the pandemic wears on will pay large div-
out offending them with a heavy sales pitch—that can ben- idends later. You are not in this alone. Call me with any
efit them today and likely help them survive longer term; questions—or just to talk.
and protect your income from residuals. Do this by adher-
ing to the do's and don'ts that follow. Jeff Fortney is vice president ISO relations for Signature Payments. A
long-time payments industry executive and mentor, Jeff is focused on
Don't sell your portfolio/residuals. Even if you need strengthening and developing partnerships and evaluating new busi-
the money, this is not the time to sell. Any company
buying residuals is not going to buy purely based on ness opportunities. He can be reached at 214-458-1379.

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