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Education

want them to present to their customers and subsequently refer to you. • Cash register and POS busi-
nesses ‒ Partnerships with
When embarking upon this type of partnership, make sure you define each companies in this arena work
partner's role in the sales process as well as the process of setting up a merchant. great, especially if your ISO/
The relationship can be a one-way lead pass or a two-way referral agreement. processor is certified to the
Both parties need to determine whether the best opportunity lies in passing on brand of POS they represent.
leads, receiving referrals or both.
• Web designers and hosting
The key to a successful partnership of any kind is in the follow through. It is ‒ Web developers are always
critical that you track all your sales referrals, whether you enter into a formal looking to work with ISOs/
agreement or simply accept leads via email from a trusted business partner in MLSs willing to help them
your network. The ability to track the leads and success of the referrals is what with gateway integration. Once
will allow the relationship to grow and eventually pan out financially for both they figure out how to integrate
parties. with your gateway, they are
likely to send more ecommerce
This also will allow you to measure all your partner's referrals to see what businesses your way.
you are gaining from the arrangement. It will provide you with valuable
information on how to manage each relationship for maximum profitability. • Food and liquor distributors ‒
Distributors in this market can
Where to explore referral partnerships be valuable assets; they know
decision makers at restaurants,
Here are some examples of referral partners you're likely to find in your package/liquor stores and con-
community: venience stores.

• Commercial insurance sales agents ‒ These individuals generally have • CPAs ‒ good CPAs know how
a good book of business that they could help you sell merchant services much their clients are paying
to. for merchant services. They
can refer their clients to you for
payment-related services.
• Business attorneys ‒ These
professionals have an abun-
dant source of referrals for you:
they create new corporations,
agreements, etc. They know
what businesses are about to
launch, as well as which exist-
ing business could use pay-
ment services.
• Trade associations ‒ Trade as-
sociations typically include
many engaged professionals
seeking connections. Instead of
receiving kickbacks for refer-
rals, they may just want you to
help sponsor their annual con-
ferences.
• Pharmaceutical sales reps ‒
These specialized sales profes-
sionals call on physicians' offic-
es and clinics every day. They
get to know the office manag-
ers, who are the best gatekeep-
ers.
• Fuel jobbers ‒ jobbers service
nonbranded gas stations, which
are terrific potential merchants
for ISOs and MLSs.
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