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Table of Contents

Lead Story

Bitcoin gold rush continues

Ann Train

News

Industry Update

CFPB urges faster, safer consumer payments

PayPal gets wings, makes mobile play

ETA returns to San Francisco for Transact Tech

Bitcoin exchanges gain traction, dodge VAT

PCI SSC revamps P2PE, device standards

Features

Pitfalls of proliferating payment speak

Serving the connected customer of the future

The Mobile Buzz: Digital wallets face uphill battle

Views

New credit card scam at resort area hotels

Chris O'Donnell
Instabill Corp.

Insider's report on payments: Fighting online scammers

Patti Murphy
ProScribes Inc.

The most valuable merchant portfolio

Adam Hark
MerchantPortfolios.com

Education

Street SmartsSM:
How can I grow my business?

Jeffrey I. Shavitz
TrafficJamming LLC

Staying informed in the payments biz: A sane approach

Jeff Fortney
Clearent LLC

EMV: The clock is ticking

Michael Gavin
Cayan

The one man show: Selecting ISO partners

John Tucker
1st Capital Loans LLC

Company Profile

Opus

Topcreditcardprocessors.com

New Products

Global payments, localized currencies

Snapcard
Snapcard Inc.

Multifaceted, omnichannel POS technology

Retail Pro Prism
Retail Pro International LLC

Inspiration

The Jurassic world of work

Departments

Readers Speak

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

August 10, 2015  •  Issue 15:08:01

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Staying informed in the payments biz: A sane approach

By Jeff Fortney

Recently, I had an interesting conversation with a merchant level salesperson (MLS) about the changing payments landscape. She was wondering if the industry was passing her by. She was well aware that payments is a technology-based industry and that merchants are very concerned about their costs, the speed of deposits and how easily they can accept payments. However, merchants were now asking about the cloud, POS solutions, Europay, MasterCard and Visa (EMV) and mobile wallets.

In most cases, her merchants didn't necessarily want all of these solutions, but they were hearing about them from various sources and were wondering if there was a way they could use this new technology to their advantage.

A seismic shift

It has definitely been interesting to watch this shift. The old radio station, WII FM (What's In It For Me) seems to have changed formats. Merchants have become skeptical, and rightfully so. They have been hammered with fear tactics regarding EMV. They have been offered "free" POS solutions only to later discover hidden costs that weren't fully disclosed.

Fear of falling behind

In addition to this acquired skepticism, merchants are becoming more and more technologically savvy. In fact, many merchants are from the millennial generation, which means they have never known life without iPads or smartphones. They have no fear when it comes to discussing how to best leverage their tablet devices or how best to use the cloud to their advantage. As such, what's in it for the merchant has changed greatly.

Discussions like the example I just described have become more and more common. Many MLSs have told me they are fearful they no longer have the knowledge base they need to be successful.

What to do, what not to do

Do you sometimes feel this same way? If so, there are some dos and don'ts that will help you overcome this fear and give you an advantage over your competition.

Essential topics

The next steps are to identify the topics that are needed today.

The art of listening

In every case, your ISO partner should be a key source for gathering this information. Go to your ISO owner or designated representative with your concerns and that person should be able to provide direction.

Most importantly, don't spend time gaining knowledge at the expense of your sales efforts. Seek balance. There will always be more you can learn in our industry. Just remember, it's OK if you don't have all of the answers. You just need to know someone you can trust who will help you get the answers.

Above all, listen to your merchants. They will tell you what they are hearing on that important channel, WII FM. This will help you keep your finger on the pulse of your customers' needs. And it is one of the best ways to ensure your long-term success.

Jeff Fortney is Vice President, ISO Channel Management with Clearent LLC. He has more than 17 years' experience in the payments industry. Contact him at jeff@clearent.com or 972-618-7340. To learn about how Clearent can help you grow faster and go further, visit www.clearent.com.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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