Exploring Different ISO Management Solutions By Joel Rydbeck
o spend less time managing existing accounts and prospects, I suggest using an ISO management solution. In general, it provides an overview of the sales process and helps you track leads and calculate residuals. It also gives sales reps access to contacts and productivity reports.
Many firms offer this type of solution, and as Chief Executive Officer of Nubrek Inc., I happen to represent one of them. In this article, I offer an objective look at some of the different ISO solutions on the market.
Every ISO's budget and needs are unique, as are the offerings of business solutions providers. Some companies provide non-industry specific customer relationship management (CRM) tools, while others offer applications tailored to the merchant services industry.
Keep in mind that these applications might not be appropriate for all ISOs. Many smaller businesses might not have a need for them yet. However, as an organization grows and acquires more contacts and sales reps, staying on top of leads and payment processing reports takes too much time.
Explore the solutions featured here, and for the most comprehensive understanding of each one, contact the providers. Many offer reduced pricing to smaller ISOs.
Web-based Versus Software Solutions
While searching through the various applications available for ISOs, notice that some are labeled "software" while others are strictly "Web-based." In some cases, the distinction becomes even more confusing when products are described as "Web-based software."
Generally, Web-based applications require no installation; the firms selling them host them online. Web applications often involve a monthly fee or yearly contract (based on the number of users accessing the information) and are highly interactive and accessible.
Web applications are occasionally referred to as Web software, although they do not require installation in the traditional sense. Although I am a bit biased in favor of Web applications, I understand that in some cases, software might be a better choice for a firm.
Software solutions usually require a one-time licensing fee and might be the right choice for ISOs looking to make a large upfront investment.
Know Your Needs
The firms profiled in this article refer to their products using a variety of terms: CRM tool, workforce management application, tracking software, etc. Trying to compare the different benefits of each solution can be confusing and a bit overwhelming.
I recommend creating a list of current and future needs before you begin looking for a solutions provider. Consider the following:
- Do you want to analyze productivity and calculate residuals?
- Do you need new forms of lead generation?
- Do you want to use online merchant applications?
- Do you want to access your information from outside the office?
- Who needs access to your contacts and leads?
- Do you need to customize the application?
Use this list as a guide when analyzing different providers. It might also help to sketch out your current management approach and see where you want to improve. Also consider security, and try to find a solution that ensures your information is protected.
Review the following ISO management solutions (in alphabetical order by company) to make a more informed decision. For further information and product demos, visit each company's Web site.
Bankcard Pros
www.bankcardpros.com
Bankcard Pros specifically targets the merchant services industry. The company's solution, Account Tracking System, provides application submissions, underwriting, lead tracking and office management tools. It also includes lead generation and residual reporting.
With Account Tracking System, sales reps can submit merchant applications and view account status, updates and profit reports.
The solution also offers e-mail marketing tools, telemarketing management and a task scheduling system. Bankcard Pros can customize the solution, which requires a one-time software license purchase.
Kadeg Consulting
www.kadegconsulting.com
Kadeg Consulting offers OfficeSolutions, a Web-based workflow management system that tracks accounts from the moment a merchant responds to an advertisement to the final calculation of residuals.
OfficeSolutions allows ISOs to view performance reports and export data. The application comes packaged with Lead Solutions, which allows ISOs to track inbound sales calls and view the number of leads they assign to each rep.
Another application, Sales Solutions can be coupled with Office Solutions, which allows sales reps to view the status of their accounts online. The cost of these applications includes an initial payment for software plus a yearly fee. Kadeg promises to train an ISO's entire staff in less than a day.
Nubrek Inc.
www.nubrek.com
Nubrek Inc. offers eISO, a Web-based application that tracks leads and calculates residuals. The eISO product provides appointment scheduling and tracking, leasing dollar calculations, equipment status and productivity reports. Sales reps can access eISO using wireless e-mail devices to view the status of their accounts and update merchant information.
With eISO, ISOs can assign leads to reps and upload Microsoft Excel spreadsheets from their payment processors to generate residual and commission reports for specific sales reps or customers.
Nubrek charges a monthly fee for eISO that is based on the number of registered users.
POS Portal
www.posportal.com
POS Portal provides two different Web applications for the acquiring industry, including customer relationship management (CRM) and sales automation.
The CRM Web application, Merchant Control Center, provides merchant data for first calls, call ticketing to record specific information and the opportunity to monitor merchant satisfaction as well as equipment information.
POS Portal's sales automation tool, Merchant Acquisition Center, processes merchant applications and referral forms, reports the status of applications, determines pricing and offers trend analysis.
Salesforce.com
www.salesforce.com
Salesforce.com is one of the leading CRM solutions providers. This firm offers solutions to a variety of industries and can customize its offerings to fit ISO needs. Its Web-based application, Sales Automation, Team Edition, provides lead management, workflow automation, product catalogue management, e-mail prospecting and tracking, as well as sales analysis.
Users access Sales Automation with wireless e-mail devices when on the road. Sales Automation provides links to tools such as Microsoft Office and Outlook.
Other applications include sales quota definitions, forecasting and alert updates. Prices cover an entire year of service and depend on the number of users accessing the application.
Making the Right Choice
A vast number of solutions are available for ISOs. You probably noticed that I profiled my own company and product. While I think Nubrek's eISO is a terrific management solution, I understand that each ISO has different needs.
Therefore, I recommend not only visiting each provider's Web site but also searching for other ones. Don't be afraid to request a demo or more information from a company. Once you fully understand your needs and budget, select a solution to help you efficiently and effectively manage the sales process.
Joel Rydbeck, CEO of Nubrek Inc., brings his strong background in e-commerce and business process automation to the merchant services industry. Nubrek offers eISO, a software application that tracks clients and provides automated commission and residual calculations. For more information visit Rydbeck's blog: www.merchanttechnology.org, e-mail him at
joel@nubrek.com or call 877-390-1887.
|