ou've probably heard the adage that knowledge is power. When it comes to ISOs in search of more sales, customers and profits, knowledge is everything-especially these days.

Here's why: You can't sell what you don't know. The old-fashioned plain vanilla, one-dimensional card payment terminal is now a multi-function, multi-application, profit-generating transaction machine capable of building profits for you, your customer and-your competition.

Just as telecommunications companies have added games, calculators, cameras and Web access to cell phones, card payment technology companies have rolled out powerful value-added capabilities and profit-building software applications that consumers and merchants want. They let the consumer do more at the point-of-transaction, they generate new revenues and profits for storeowners and most importantly, more profits for ISOs/MLSs.

These value-added capabilities include gift and loyalty cards, check conversion, signature capture, PIN-based debit, pre-paid product such as cards and phone time-and even browsers that let you, the ISO, manage terminals over the Internet. These new applications represent an enormous opportunity for you to generate new sales and build your and your customers' profits and significantly increase your installed base as well.

But you have to know what you're selling.

If building revenues isn't important enough, there's another big motivator for you to learn about these new profit-generating applications: If you don't know how to demonstrate this new and growing array of value-added capabilities and applications, you can be sure that your competitor probably will.

Think about it: You have a great and reasonably loyal installed base, yet here comes the competition with a dozen ways for your merchants to increase revenues and profits and increase consumer loyalty to their own businesses.

Will any merchants in their right minds pass up easy, new ways to generate revenues and profits? Of course not. Not only are you missing out on the new profits now, you also have merchant defections to deal with.

You're fighting harder than ever to keep what you've got, and the new profit-generating terminal technology is working against you because you haven't taken the time to check it out and try it out.

Net-net: The market has reached a new level, and you really need to learn it and get up to speed, or you're going to lose out to your competition.

You can't cash in without the knowledge and understanding of what the new value-added capabilities are and how they work. Don't worry-it's not rocket science.

Few people in our industry are 'techno-wizards.' All that's necessary on your end is the willingness to spend a little time to get the information and hands-on training needed to demo these new value-added, profit-building applications to your merchants.

You're not that far away from being ready to get this going. It's not difficult; it doesn't require inordinate amounts of time. The payoff, though, is that you will grow your business and put more money into your pocket and your customers' pockets.

Once you're ready, you'll find there are many sources for getting the information and hands-on training that you need to maintain and build your business.

One of the first places to go to get both the knowledge and hands-on experience is the card payment terminal technology providers. (Warning: The hands-on part should not be considered an option-you won't be successful without it!) The leading payment terminal technology providers have every motivation (equipment and/or software sales) to empower you with the know-how to successfully sell in these new value-added, profit-building applications. So do the processors. They also want you to be successful for all of the right reasons.

Indeed, you should be able to go to the terminal provider Web site of your choice and quickly access the critical information needed to install, train and trouble-shoot your merchants. The best Web sites are intuitive and easy-to-use. The information is out there.

Don't forget the industry associations. There are new rules and regulations coming out every day. To keep up with all of them, you have to know where this information can be found-the vast majority of it is right there on the associations' Web sites. They want to help their members be successful-that's why they exist.

There are many organizations, such as the regional acquirers associations and trade organizations whose focus is the individual reps on the street. One benefit they provide is hands-on training for successful sales efforts.

According to Paul Martaus of the Institute for Payment Professionals (IPP), "The best estimates are that there are anywhere between 10,000 and 18,000 independent contractors on the streets at any given time. Turnover is 'guess-timated' at around 3-5% per month within the ranks, totaling a whopping 36-60% turnover per year.

"Having said that, there is an apparently never-ending supply of talent entering the business every day, including former sales reps from the insurance, real estate and other sales-related segments," he said. "The typical rep on the street gets handed a terminal, a rate sheet and is sent out to conquer the world. Others, however, are provided with excellent training. The IPP was founded to try to level the playing field by helping those with little or no training get up to speed, sharpen their skills and sell successfully."

To get your 'feet wet' selling the new value-added card payment terminal applications, an easy pitch is the new PIN pad technology. Increasingly, more types of card-based transactions will require a PIN number. Check conversion is also exploding, as are gift and loyalty programs. The entire pre-paid sector, as well as time and attendance, is taking off, and that's really just the beginning.

By now you're probably holding The Green Sheet in one hand and visiting an industry Web site to begin the learning process. Or maybe you're one of many who is comfortable enough with what you know and what you've been selling.

Now hear this: Ladies and gentlemen, it's not the old days anymore. It's a new world of many card payment applications and transaction types at the POS, which is quickly expanding to the point-of-transaction. If you're in search of growth, added customers and more revenues, or if you're staying awake at night, fearful that your installed base may go away, it's time to see what's new out there and get the hands-on training you need to sell it. If you don't get up to speed, your competition certainly will.

Lisa Shipley is Senior Vice President at Hypercom Corp. You can reach her at lshipley@hypercom.com