Your partners have chosen you for a reason - there was something that differentiated you from your competitors and made your services more valuable to them. It’s likely a primary factor in choosing to do business with your ISO is because of a level of comfort and trust.
And when it comes to that comfort and trust, ISOs must be able to provide their partners with customized approaches to payment technology which meet the specific needs of those businesses. With technology revolutionizing the way payment processing works, from onboarding to daily transactions, it’s essential they know their ISO partner is savvy and well-versed in the latest trends and innovations in the payments space.
Anticipating Needs and Preparing Technology-Forward Solutions
ISOs should never find themselves in the position of waiting until their partners ask about specific payment technology and then having to play catch up. Whether it’s contactless payments, mobile or PCI compliance standards, you must always be educated and ahead of the curve on the latest trends.
This also means considering the type of business and customer needs of your partners. While they may not even be aware of or considering adopting newer payment technology, it is the role of a partner to anticipate their future needs and educate them on the benefits payment innovations can bring to their bottom line.
Mobile Technology Shapes the Future of Payments
By 2020, mobile payments are expected to increase to $503 billion, according to a report by Business Insider. This means any ISO who is not thoroughly educated about and comfortable with mobile payment technology, such as contactless payments, will find themselves falling behind the pack quickly.
While some ISO partners will at first be intimidated by or resistant to new technology such as mobile payments, it’s imperative that you are knowledgeable and able to explain to them how seamlessly the mobile payment technology can be integrated into their current payment solutions.
Starting Off on the Right Technological Foot
The best time to establish your expertise on forward-thinking technology and your ability to personalize payment solutions is at the very start of a new business relationship. This is why we offer simple e-signature applications and template tools to expedite the merchant onboarding process. This not only cuts down on the paperwork and effort involved in getting a merchant up and running, it demonstrates to merchants that the ISO partner that they have chosen is committed to efficiency and innovation.
So how can simple and customizable pieces of payment and onboarding technology like First American offers help you streamline your business and increase your ISOs growth and revenue? Contact one of our ISO strategic partnership experts today to find out how these solutions can work for your sales team.
