One of the biggest challenges for ISOs in a crowded payment processing solution market is mastering differentiation. With so many players in the market, smaller emergent ISOs can find it hard to stand out from the competition. Without question, offering a low industry rate with a functional range of services and solutions is appealing, but it is not nearly strong or strategic enough to result in true ISO growth.
Insight into A Winning Sales Strategy
We recently sat down with Ross Paup, Senior Manager of Sales for the Strategic Partnership Channel at First American Payment Systems, to gain an insight into strategic growth strategies and opportunities for ISOs in today’s marketplace.
Paup’s role, defined by the success and growth of new and existing partner relationships, offers a valuable and unique perspective on what ISOs can do to create winning sales strategies in a competitive payment processing solutions market.
How Advanced Payment Processing Software and Technology Fuel Growth
Stagnation and complacency are the adversary of every sales professional, especially in an industry that evolves as quickly as payment processing software and technology. When looking at the evolution of payment technology, Paup has witnessed how the introduction of new technologies and software solutions have provided significant opportunities for market share and revenue growth in the industry.
Paup explained that, with the pricing compression over the past few years, the best way to grow your ISO is through the payment processing solutions you offer and the value that you and your team bring to the table.
Not only must ISOs offer the most advanced software to meet their client’s needs, but they must also be able to support the evolving payment processing software and technology with hands-on knowledge.
What ISOs Should Consider When Selecting a Partner
In a market that offers such a wide range payment processing solutions, pricing, and rates, you might be inclined to think that an ISO should choose their provider based on the lowest rate, however Paup clarified that selecting a provider based purely on pricing can lead to trouble down the road.
In theory, an ISO could simply select the provider with the lowest rate without mind to the partnership itself, but in Paup’s long-line of experience, it is only when an ISO has a problem that they find out if they merely have a processor or an actual payment partner that can provide solutions.
At First American, we do not outsource any business obligations or work, giving us the ability to react quickly and efficiently when problems do arise to provide the best value and partnership services for our customers.
A Personalized Approach to Payment Processing Solutions
Some smaller, emerging ISOs often feel that their unique needs are not being appropriately addressed by their payment partner or feel as if they have been lost in the shuffle because of their size.
Paup has had hands-on experience with ISO’s of all sizes at different levels of maturity. As a smaller, emerging ISO, Paup explains how especially critical it is to have a payment partner who provides the right payment processing solutions and support to fit your business. ISO payment solutions are not a one-size-fits all and should be mapped out to fit each, unique partner.
It is through a personalized approach, like our ISO partnerships at First American, that can ensure the smaller ISOs receive the same training, support, and accessibility that are available to larger ISOs.
For more information from the First American Strategic Partnership team on how your ISO can fuel grow and revenue opportunities through payment processing solutions, contact us here.
