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Merchant Sales Podcasts:

Podcast - How to Save Your Merchants Percentages NOT Basis Points

Published - July 27th, 2020

Big savings by leveraging transaction level data on declines, refunds and chargebacks.

Learn from Troy Zentner of Gold Star Payments how your merchants may be losing up to 10% of their transaction revenue from declines, refunds, chargebacks and other transaction errors. During questions from the field, James talks about B2B and Interchange Optimization and shares a free eBook on this topic!

Visit https://www.getisoamp.com/optimize to download your free interchange optimization eBook today!

Podcast - How to Compete with Square (Technology & Cash Discounting)

Published - July 21st, 2020

In this episode, Ryan Malloy from North American Bancard shares tips on competing with Square. We dive into technology and cash discounting. Patti discusses how large merchants continue to fight against interchange fees. In questions from the field, James talks about what he believes will affect merchant sales residuals the most over the next 24 months.

Podcast - Building Partnerships that Drive Growth; Cash Discounting to Larger Merchants

Published - July 13th, 2020

Discover why Dustin Magaziner, Managing Partner at PayBright, believes truly free terminal placements are the future of merchant sales. Plus James has advice for keeping cash discounting clients happy long term, and Patti explains why ISOs and agents should be diligent about keeping bad actors off the payment networks.

Bright Outlook for Free Terminal Placements

The future of merchant sales is in free terminal placements. Dustin Magaziner, Managing Partner at PayBright explains why in this week’s featured interview.“We believe that the more friction you can eliminate the better, and I full heartedly believe that one of those main pain points for businesses is upfront costs, including terminal placements,” says Dustin PayBright offers free terminals to all card-present accounts, whatever their terminal needs might be. This includes everything from basic VX520s to smart terminals like Clover and Poynt, and PIN pads, too. Dustin also noted that PayBright is looking for agents, even if they already have a primary partner. “We tell agents all the time, ‘If you want to use us as a complement to what you have, we’re happy to have that conversation’.”

Free Terminals Keep Attrition Low, Residuals Flowing

Offering free terminal placements can be a real differentiator for an agent calling on merchants. It’s also a great way to keep attrition down. PayBight goes the extra mile, replacing or swapping out terminals when a device breaks down, or a merchant needs an upgrade, “because we don’t want to give them a reason to change,” Dustin relates.

Free terminal placement is also a great way to keep attrition down, and boost the lifetime value of accounts. “We would argue that our attrition, and therefore the length of time we hold onto accounts, is much better than our competitors, because we have better technology available. On top of that, frankly, profit margins aren’t as huge of a conversation when you’re selling value or technology, which is another big advantage for our agent base,” Dustin said.

Some ISOs and agents might ponder whether they should invest $400 or $500 to place a feature-rich device with a merchant, versus $120 on a basic device. “Well, if the lifetime value of the account is going to go up by two- grand, it’s probably a pretty good idea,” adds James.

No Cost to Agents or Merchants

Many agents struggle with the concept of free terminals placements because of the potential upfront costs. PayBright addresses this by providing terminals free to agents for them to place for free at merchants.

"You would not believe how many times I've talked to agents who don't know what to do. They say, 'I have this account. It's going to bring me $700 a month in residuals, but they need this equipment and that’s going to cost me two-grand'," James relates. "More and more as technology and integration plays into it, it’s getting more and more challenging for agents to get these deals done."

Dustin urged agents to "Bring those deals to us. We are excited by them, because we know that those accounts aren’t going anywhere."

PIN Pads Included

The COVID-19 pandemic has brought on a lot of changes in the way people transact, and businesses have grown uneasy about handling customer cards. As a result, more businesses are looking to install PIN pads. "They want to have a PIN pad that faces the customer, and a credit card machine right behind the counter," explains Dustin. Offering free PIN Pads helps keep everyone safe without requiring merchants to shell out the money to do so.

"It's a one-to-one ratio. If a merchant is getting three terminals and they need three PIN pads, they get three PIN pads," says Dustin.

Sell More Large Accounts

"We all want our sales partners and agents to target larger agents," Dustin said. That's why PayBright doesn’t put any limits on how many terminals can be placed with a merchant. "The larger an account is, the more they qualify for in terms of equipment," he said.

A successful sales agent needs a partner that encourages larger accounts, not one that discourages them with hard and fast rules and restriction.

Making Cash Discounting an Even Better Deal

Free terminal placement is also a great corollary to cash discounting. For starters, locking merchants into a terminal lease agreement detracts from the overall savings a merchant can realize from cash discounting.

Then there's the possibility that they may not like cash discounting. "We've all had accounts that have tested cash discount that haven't liked it. It’s inevitable," Dustin notes. "But these merchants are still locked into that $50, $100, sometimes $200 a month lease for three or four years."

Free trials - which is how many agents position cash discounting - should mean everything is free. "We want as little friction as possible, and with these high margin deals, it only makes all the more sense," said Dustin. "You want to sign those deals whenever you can and keep them in any way you can."

Requiring a merchant to sign a lease agreement is like throwing a wet blanket on otherwise good sales opportunity. "You're leaving yourself open to one of the only remaining weaknesses of cash discounting," James cautions.

Addressing Cash Discounting Pain Points

ISOs and agents may be opening themselves up to losing merchants over some of the quirks in and clunky ways most cash discounting programs work today.

"The truth is that cash discounting still has some very significant pain points," explains James during the Questions from the Field segment of this week's episode. And there are companies out there integrating cash discounting program with POS systems and addressing other pain points. They are structuring programs that address the irksome problems in traditional cash discount programs, such as dealing with taxes, refunds and reconciliation.

So, don't sit back comfortably assured that you have merchants who can't be poached because they're on a cash discount program. Because there's probably another agent out there selling a cash discounting program that addresses pain points in your program. And one day that agent may walk into one of your merchants and say "I see you're doing cash discounting. That's great. Let me ask you this question: how has it gone in terms of integrating with Quickbooks?"

It’s time to start thinking through all the known and potential pain points around cash discounting, says James. Create a set of FAQs around cash discounting, and be prepared know the answers so you can sell cash discounting intelligently. Here are a few ideas to get the process started:

  • How are fee offsets handled?
  • How are fees detailed and reconciled in billing statements?
  • How are refunds handled?
  • What about taxes?
  • How does the program integrate with POS systems?
  • Can it readily integrate with backend accounting systems, such as Quick Books?

Podcast - Sell More, Profit More, With Free Terminal Placements

Published - July 6th, 2020

Discover why Dustin Magaziner, Managing Partner at PayBright, believes truly free terminal placements are the future of merchant sales. Plus James has advice for keeping cash discounting clients happy long term, and Patti explains why ISOs and agents should be diligent about keeping bad actors off the payment networks.

Podcast - Challenges & Opportunities of Building an ISO

Published - June 22nd, 2020

Gain insights on what to do and not do when taking business to the next level. "It's important not to cannibalize what you’re currently doing," explains Kyle Morgan, CEO and Head of Product at Mercantile Processing. Plus Patti reports on changes in the way people choose to pay, and James fields a question from the field on branding strategies.

Podcast - Activating Green Agents with Cash Discounting

Published - June 15th, 2020

Learn how Swipe4Free has overcome the challenges of recruiting and training new agents, and built a successful team of cash discounting sales reps. "It's really simplified the industry," says Chris Benabu, Swipe4Free Co-Founder and COO. Plus Patti reports on welcome changes to the Paycheck Protection Program, and James offers strategies for approaching resellers and ISVs as partners rather than as competitors.

Podcast - Building a Successful Phone Sales Team

Published - June 8th, 2020

The key to success in this industry is being able to touch as many merchants as possible, which requires a phone sales team, explains George Csahiouni, President and COO of Swoop Payment Solutions. Learn how he's put this philosophy to work successfully at Swoop. Plus Patti reports on consumer shifts to contactless payments and James answers questions about EMV compliance.

Podcast - Re-imagining the Merchant Value Prop

Published - June 1st, 2020

The COVID-19 pandemic will have lasting impacts, says Chris Kronenthal, President & CTO of FreedomPay, who explains how "touchless commerce" solutions can improve the merchant value prop going forward. Also, Patti describes the up- and downsides of rising ecommerce traffic, and James provides a tutorial on understanding agent agreements.

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Full Index Display

2020
August July June May April March February January
2019
December November October September August July

Podcast #51 - 07/29/2019

Podcast #50 - 07/22/2019

Podcast #48 - 07/01/2019

June

Podcast #47 - 06/24/2019

Podcast #46 - 06/17/2019

Podcast #45 - 06/10/2019

Podcast #44 - 06/03/2019

May

Podcast #43 - 05/27/2019

Podcast #42 - 05/20/2019

Podcast #41 - 05/13/2019

April

Podcast #39 - 04/29/2019

Podcast #38 - 04/22/2019

Podcast #36 - 04/08/2019

Podcast #35 - 04/01/2019

March February January
2018
December November October September August July

Podcast #1 - 07/06/2018

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