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Table of Contents

Lead Story

Industry evolution demands adaptation

News

Industry Update

A new chapter in Cynergy's story

PCI SSC combats skimming with new merchant resource

Taking the industry's temperature

Gucci accuses processor, others of aiding sale of knockoffs

WSAA welcomes feet on the street

Super LINC a Marquis event

Features

Shaping a well-rounded payment company

Payment companies get ink on Inc. 5000

Providing clarity to contracts

Selling Prepaid

Prepaid in brief

Experts counter prepaid's 'gotchas'

Prepaid cards reduce balance inquiry blues

Cherie M. Fuzzell
FirstView Financial

Cheers for card payments at U.K. private school

Views

A path for success when stakes are highest

Biff Matthews
CardWare International

Education

Street SmartsSM:
Strategic elements in business and blackjack

Jon Perry and Vanessa Lang
888quikrate.com

MLSs without borders

Caroline Hometh
Payvision

Digging into PCI - Part 2: Securing the network

Tim Cranny
Panoptic Security Inc.

Do's and don'ts of merchant mining

Jeff Fortney
Clearent LLC

Negotiating agreements in the Great Recession

Adam Atlas
Attorney at Law

Company Profile

CoCard Marketing Group LLC

New Products

Dynamic referral management

PaymentCycle
LendingCycle Inc.

Protecting data, easing compliance

MerchantWARE TransPort
Merchant Warehouse

Inspiration

Your beliefs about money matter

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

September 14, 2009  •  Issue 09:09:01

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Do's and don'ts of merchant mining

By Jeff Fortney

The primary challenge within any sales environment is identifying potential clients. Seminars are held on how to qualify a possible customer and even how to cold call for leads. Even so, some excellent closers find they have difficulty developing leads.

Many ISOs have even started paying for warm leads. A cottage industry has developed from this need alone, one that earns revenue for lead generators when warm leads are produced. The need for leads is that strong because without leads, there are no sales.

Look down

However, with all the concern and energy spent in finding leads, the best sources for leads are often ignored and overlooked. Among them is the easiest source, and one that costs nothing - your existing merchant base.

Yes, everyone has heard of the value of generating referrals from merchants in your own portfolio. It can be said the value of leads generated in this way exceeds those that arise from any other source. Best of all, these leads are earned by your direct actions and actually breed further leads. Yet, few ISOs and merchant level salespeople actively tap this source of business. Those that do find it to be a goldmine.

The stumbling block to proper mining is often the mentality of the sale. If you have ever said something like, I know my merchants are happy - they never call me, you will likely have tremendous difficulty mining your merchant base.

You must have the mindset that as long as a merchant is processing through you, the sales process with that merchant is ongoing. To maintain this mindset there are basic do's and don'ts that will help you successfully mine your portfolio.

Spotlight Innovators:

North American Bancard | USAePay | Super G Capital LLC | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems