Page 34 - GS231001

CoverStory

of payment processing, margins were much larger than Presently, a tremendous number of software companies
today, and the competition was far less. Starting in the have built phenomenal products that do it all, yet if a
payment processing business today would be far more merchant wants to use their amazing product they must
difficult now, because of severe competition, margin process with that company and nobody else. As a com-
compression and the fact leasing terminals is virtually pany, we've forged several relationships with software
nonexistent. companies that allow third-party companies to resell
their products, and we've forged strategic relationships
I always said leasing kept the lights on while residuals with software companies to be their exclusive payment
were the pot of gold at the end. However, if a new en- processing provider.
trant came with a unique product or software that filled
a void with merchants, they could rise quickly and be 3. I have to be honest: the best thing ever for our compa-
profitable in a short period of time. ny was the Dodd-Frank consumer protection act when
interchange fees were capped on debit cards. Overnight,
2. The first approximately seven years in the payment we had a huge windfall doing absolutely nothing be-
space, virtually none of the SMBs we targeted used soft- cause back then interchange pass-through pricing was
ware other than larger more upscale restaurants. When not common for SMBs, so our cost went way down, and
a rep signed a merchant, you would basically choose thus our margins skyrocketed.
between three terminals, Hypercom T7P, Nurit 2085 or
Verifone. 4. I recommend going to at least one tradeshow a year,
preferably two, to get a feel for what's going on in the in-
If it was an ecommerce merchant, we would select a dustry and see new products and services being exhib-
gateway from a handful of choices at the time. Then ited. If you sit back and watch the paint dry and think
came the all mighty Eclipse terminal that can do check business today will be the business tomorrow, you will
guarantee and credit cards, which was cutting edge at be closing your doors in a matter of time. Stay ahead of
the time. We sold a ton of those. Finally, much more the curve. Try to be first to market a new cutting-edge
sophisticated software came to market that filled mer- product before the masses.
chants' needs and efficiencies at an affordable cost.

MERIC
ATMs ACROSS AMERICAA
A TMs ACROSS A MERIC A
A
TMs ACROSS A
October 24- 26, 2023
Planet Hollywood Las Vegas
Resort & Casino

34