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Education

How ISOs and MLSs can

maximize their value

new direction. Self-service tools are great – but not when
they replace the human element. When that occurs, they
dehumanize the organization and remove any emotional
attachment your customers have to you and your brand.

In an environment where we wind people through phone
trees and where they must listen carefully as options have
recently changed (about three years ago, but still here we
are with that awful guitar music), be the brand that is
knowable – the one that picks up the phone, the one that
actually calls on clients to check on them. Be the brand
that has an engaging staff that wants to solve problems for
their clients, not just to sell them Product X to meet a quota
or win a sales contest.

Your customers might not have time to understand all the
offerings you can put in front of them, so it's up to you to
By Dana Sills find the best solutions for them. Their understanding of
what their customers want is why they are in business,
National Benefit Programs and that understanding is transferable upstream to all
of their service providers. Be the concierge contact that
he acquiring space has matured significantly pauses and asks to learn what kind of problem you can
over the last several decades. With that matu- solve today. Listen and respond as if you were in their
rity comes the need for a revitalized approach shoes. They will feel it.
T to address the needs and requirements of their
clients. ISOs and acquirers that were once defined as Strengthen strengths, address weaknesses
purveyors of payment solutions are now finding that, to
survive, they must bundle and package the most exciting You may be the chief cook and bottle washer of your ISO
auxiliary products and services to attract the broadest or its sales force, but I guarantee that you are better at one
customer base, recruit and retain the best agents, and com- function than another. With your trusted team, take a
pete with both direct competitors (other ISOs) and indirect realistic assessment of all your functions, and rank them
competitors (banks). from what you do better than anyone else in the industry
to what you wish you could throw in the dumpster and
Common themes at ISOs involve achieving goals burn.
related to increasing sales and retention of their client
base, upselling, and delivering a certain level of social Be honest. I know it hurts to let go, but you've also got a lot
consciousness through volunteering in their community to be proud of, and that's the core focus here. Your truest
or other philanthropic activity. strengths comprise your core competency. Expand on that.
Don't get lost in "your people are your greatest strength"
These goals are the outcomes of activity that needs to be because that's not what we're talking about. If your best
carefully thought through. We know what we want, but people are delivering the best payment technology in
how do we get there, and why take one path over another? Product X, that is where your competency lies. Do more of
Can we set aside our bias as an employee or independent that. Create a pathway to leapfrog the competition every
contractor to focus objectively on what our ISO can step of the way to the delight of your customers.
address based on the greatest concerns right in front of
our eyes? I think we can by taking action to: prioritize Oh, those things you're not so fond of doing? Consider
the human element, strengthen strengths and address scaling back, eliminating or outsourcing. Now a headache
weaknesses, expand your definition, and deliver value is gone, just like that. Magic!
beyond expectation. Expand your definition
Prioritize the human element Once you've identified your core competencies and are

If your client-facing staff is consistently hearing that all giving them the proper focus, and once you've begun to
ISOs and acquirers are alike, you included, it's time to take address your weaknesses and blind spots, the fun begins.
an acceptable risk to break from the crowd and head in a Based on your core competencies, draw an outline around
your current audience, then determine the negative space
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