In order to be successful, merchant services sales agents need the ability to provide more than just great rates and service to merchants. Both are helpful, yes, but it’s not always enough to make you stand out from other agents knocking on merchants’ doors.
That’s where independent software vendors, also known as integrated software partners, come into play. In this article, we’ll discuss why they’re so important to winning new business, how to find the right ISV solutions for your offerings, and how to integrate the solutions to create a successful sales pitch.
Why Are ISVs Important for Payment Processing Sales?
Many merchants are looking for ways to more easily and effectively run their businesses. If sales agents can pair the efficiencies realized through integrated products with how they currently go to market with merchant services, it gives them a leg up on the competition.
Merchants using integrated products also have a lower churn rate as it creates a stickier relationship once their business is running on a singular integrated platform. In fact, integrated products provide merchants with many benefits outside of just merchant services. These include but are not limited to:
- Time savings
- Data analytics
- Automation
- Increased cash flow
- Higher customer satisfaction
By providing these comprehensive solutions, agents can position themselves as a one-stop-shop for merchants’ needs, making their offerings more attractive, valuable, and competitive.
How to Find the Right ISV Solutions
To find integrated solutions that will work best for your merchant services offerings, follow these steps.
1. Research and Define the Needs of Your Ideal Merchants
First, ask yourself who are the merchants you want to work with. Learn all you can about their industry, with a focus on how payments are handled at all levels.
Outside of normal merchant services, what would make processing those payments easier for them? What kind of reporting do they need? What kind of security is required? Find the answers to these questions and write out your list of requirements for an integrated solutions partner.
2. Research Potential ISVs
With your list of requirements in hand, begin researching integrated solutions. List out the ones that will add what you need to your merchant services offerings. Ideally, try to find integrated software solutions that can check off multiple requirements as this could help with cost savings.
Next, evaluate the features, pricing, and – if available – reviews of the integrated softwares on your list. Keep in mind that the least expensive solution is not always the best.
3. Conduct a Demo
If you’re going to talk about a service during your sales pitch, you need to understand it. To that end, you should ask for a demo of the product if possible. This can help you better explain the offering and also troubleshoot any issues after integration – further proving your worth to the merchant.
4. Additional Considerations
If you’re going to talk about a service during your sales pitch, you need to understand it.
When deciding on which ISV solution to work with, make sure you’re also considering:
Technical integration
- This includes API ease of use and customization options.
Pricing and revenue share
- Review the fee structure – such as transaction fees, monthly charges, and possible hidden costs – and revenue sharing model.
Features and functionality
- Ensure the ISV can accommodate the payment methods your merchants prefer, and that it offers detailed transaction reporting.
Customer support
- Read reviews to evaluate the level of customer service offered to your merchants, and ensure that they are responsive and provide timely technical expertise.
Security and compliance
- Most importantly, ensure the ISV follows the PCI DSS; bonus points if it offers advanced fraud detection and prevention tools/mechanisms.
Sales agents and Independent Sales Organizations (ISO)who partner with CardConnect get an advantage when it comes to finding integrated software partners. CardConnect offers a partner support site with descriptions of specific integrated solutions that are available to partners. Each solution has their own dedicated support section with features/functionality, merchant benefits, setup instructions, support, and demos all available and easily accessible.
Strategies for Integrating Software Solutions into a Sales Pitch
As a sales agent, you are trying to help theyour merchants you service, not just sign them up for processing. The value that you are bringing to the table is that of a trusted advisor. By listening and solving for greater needs outside of merchant processing, they will gain trust and rely on you with their account.
To build that trust from the start, follow these steps to integrating software solutions in your sales pitch.
Build your knowledge
- If you followed our advice above for finding the right ISV partners for your offerings, you should already know about available solutions as well as the services the integrated solutions partners provide to the merchant.
Identify pain points
- Identify the needs and pain points of the merchant to whom you will be pitching. It will require some research time, but if you can’t find this information for a specific merchant, the payment processing pain points for the industry as a whole should suffice.
Build the solution
- Pair the merchant with solutions that will fit their needs and help them better run their business on one comprehensive platform.
Optimize your sales pitch
- Integrate the solutions into your sales pitch. The most important points you’ll want to include are:
- Time savings – Automation of routine tasks frees up time for merchants to focus on strategic activities and customer engagement.
- Improved data analytics – Access to detailed analytics helps merchants make informed decisions, optimize operations, and enhance marketing strategies.
- Enhanced cash flow – Faster payment processing and better financial management tools improve cash flow and reduce financial stress.
- Higher customer satisfaction – Streamlined operations and better service delivery lead to happier customers and increased loyalty.
- Operational efficiency – Integrated systems reduce errors and streamline workflows, making business operations more efficient.
- Comprehensive solutions – Having a one-stop shop for various business needs simplifies management and reduces the need for multiple vendors.
Supercharge Your Pitch with CardConnect’s Integrated Software Partners
If you’re a payment processing sales agent looking to grow their book of business and amplify their offerings, consider partnering with CardConnect. As one of the only payment processors that has a program to pair software solutions with agents at scale, CardConnect can help you not only grow your business but also improve retention. We have a Partner Support Site that features the “CardConnect Integration Station,” where agents can access out-of-the-box integrated solutions for a variety of use cases and verticals. Agents can tap into integrated solutions for accounts receivable, e-commerce, field services, practice management, and more.
The CardConnect team also hosts occasional live webinars for current partners, with guest software providers explaining software offerings, benefits, and sales strategies. And as CardConnect brings on new software products, our partner agents will continue have an unmatched opportunity to win new customers that they otherwise would have a tough time bringing on.
Your success is our success, which is why we’re 100% focused on enabling our partners to succeed. For a free consultation, sign up here. Our team at CardConnect would love to connect with you to explore partnership opportunities to help your sales agent or ISO business grow!