Merchant Sales Podcast

In this week's episode, James shares his thoughts on building a sales process that is relevant for 2024 and beyond. Our industry is more complex and competitive than ever, but many ISOs and ISVs are depending on outdated sales processes and trying to fit a square peg in a round hole. James will walk you through the 5 stages of a segmented sales process for payments and integrated technology and discuss how each stage should be handled to create an overall sales experience that works for the merchant.

Think in terms of influencer marketing, Mark Wagner, Founder and President of Disputifier, advises in this week's featured interview. (You can reach out to Mark for a list of influencers.) James follows the discussion by explaining how ISOs and agents should be choosing competitors, and Patti reports on a Fed proposal to slash the cap on regulated interchange.

Tune in as James & Patti discuss the evolution of the ISO channel with Alex Benjamin, Head of Global Business Development at Aevi. Aevi is a European firm that's making inroads on this side of the Atlantic as in-person payments experts. Then, James continues the theme with news of the ISO Alliance and its mission of helping small and mid-sized ISOs future-proof their businesses, and Patti reports on a class-action lawsuit alleging PayPal violates state and federal antitrust laws.

In this week's interview, Jeff Shea of Under.oi. explains how processors and others can leverage their vast storehouses of in-house data and AI algorithms to readily create up-to-date risk models. In the next segment James relates a conversation with a restaurant owner regarding Dual Pricing. (Spoiler alert: savings, alone, are huge.) Then Patti wraps things up with a report on the CFPB's concerns that over Big Tech's mobile payments dominance.

POS systems may be all the rage, but terminals are not going away any time soon, explains Lori Pagnozzi, CEO and Chief Disruptor at HipFinity, the newest name in the terminal market. "We need to take ownership of the situation," Lori says. Also in this week's episode James makes the case for why a positive mindset leads to sales success, and Patti reports on Intuit's new all-in-one payment acceptance and banking solution for small businesses.

Merchants' cost of card acceptance extend beyond interchange. Tune in as long-time industry veteran Ken Musante explains the complex web that is non-interchange pass-through fees, and how these drive up the cost of acceptance. James follows the interview with insights on how ISOs and agents can leverage their payments expertise beyond just selling, and Patti reports on some comings and goings at Square and Toast.

With payment processing becoming more and more complex, there are huge benefits to hiring W2 sales professionals that you can train and manage. However, you must do it right if you want to create a return on the investment. The 1099 model is still effective at scale, especially for large, national ISOs, but I have found that local ISOs and those focused on selling technology solutions struggle to make this model work. Join me along with Ben Griefer, COO at Maverick, to discuss how ISOs can leverage W2 sales professionals to build a profitable portfolio. If you are serious about scaling your ISO but are feeling burned out on the 1099 model or are looking for a way to take greater control over your growth objectives, this special edition of the Merchant Sales Podcast is for you.

"With dual pricing, it all comes down to customer perception," insists Keith Sampson, CEO at the ISO Surv. Keith explains how Surv's dual pricing program is done "the right way." Also in this episode, James has tips for getting deals across the finish line, and Patti has a promising report on the ATM market.

Kevin Feagan, CRO at Everyware, talks with James and Patti about the firm's Pay by Text solution, which now incorporates BNPL, and the movement toward what he calls "conversational commerce." Plus, James offers a formula for managing follow-ups, and Patti reports on consumer preferences for omnichannel experiences.

Drew Rute describes how his company, Rate Zero, recovered from the disaster of "getting fired" by its POS system provider in this week's featured interview. Then James explains the value of offering customers integrated solutions rather than getting stuck on the notion of processor-agnostic solutions; and Patti reports on the expected impact of FedNow on debit card spend.

Industry legend Juan Ortiz shares his path to building a successful book of business. The right technology, a supportive team, and a zeal for prospecting were 3 keys, he says. Plus, James describes how to marry email lists and content marketing to enhance prospecting, and Patti reports on a new credit card surcharging law in New Jersey.

Sales reps face risks up and down the relationship chain, explains attorney Eugene Rome. In this week's featured interview, he describes some of the legal land mines that exist and how agents can protect against them. Plus, James discusses the power of campaign marketing, and Patti reports on PayPal's latest crypto play.

Lane Gordon of 733 Park lends his wisdom to discussions around payments companies purchasing ISVs. "You have to understand what's under the hood," he explains. Then James answers the question "What could be the death of the 1099 model?" And Patti reports on Sen. Durbin's latest push for interchange legislation.

This week, Vlad Sadovskiy, CEO at Netevia, talks with James & Patti about FedNow, the new real-time payment network just launched by the Federal Reserve. "The payment system is going to start running fast, just like the stock market," Vlad predicts. Plus, James offers his take on "core values" and what they should mean to a company and its employees. And Patti reports on the fallout from Toast's latest pricing move.

More than $1 trillion in payments volume has shifted to vertical software companies over the past 5 years, says Caleb Avery, CEO at Tilled, and that figure continues to grow as software companies discover the value of payments monetization. Learn what ISOs and agents can do to take advantage of this trend. Plus James describes strategies for growing your ISO/agent business.

In today's episode, James interviews the CEO of CCStorage, a property management software company for Self Storage Properties. This is a company James owns and so the two share an insightful and transparent look at what it takes to build your own vertical specific software company with integrated payments. James follows up this interview with his thoughts on partnering with ISV's versus building your own.

First, we had software-as-a-service. Now we’re seeing a similar phenomenon with hardware. Hardware-as-a-service is a great model that everybody in merchant services should be thinking about. Lavu, the sponsor of this Merchant Sales Insight, has paired the HaaS model with its restaurant management solutions, to drive significant revenue opportunities for sales reps. One reason why is that HaaS is a better deal for business owners To learn more about offering hardware-as-a-service and about Lavu’s reseller program, visit ccsalespro.com/lavu. You can read James’s latest blog post on the topic here: https://www.ccsalespro.com/blog/hardware-as-a-service-anew-pos-paradigm

Streamlining merchant onboarding can be a challenge, especially with quick service restaurants, which, not surprisingly, put a lot of emphasis on simplicity and speed. Here are four keys to streamlining POS installations for QSRs.. (1) Seamless merchant account set-ups (2) Free equipment, or at least no upfront investment required for new hardware (3) Deployment processes and procedures designed for smooth set-ups (4) An intuitive user experience for Admin Snack POS, the sponsor of this Merchant Sales Insight, has really streamlined the POS installation process for QSRs. If you want to see what that looks like, visit ccsalespro.com/snack.

Learn the ins and outs of selling payment processing to card not present merchants who use quickbooks for accounting, and need a reliable invoicing system. James is joined by Garima Shah, President at Biller Genie as they discuss the unique needs of merchants who invoice for payment and how Biller Genie serves these merchants with a processor agnostic system that supports all major gateways while synchronizing data with Quickbooks.

In last week's episode, James discussed the macro trends in the industry. Today, he shares the four biggest opportunities in payments that should be considered as you map out your competitive strategy for the next 5 to 10 years. He talks about card not present, B2B, ISV Partnership, and local W2 teams, with insights and practical steps to explore these opportunities.

In this special, two-part episode of the Merchant Sales Podcast, James shares seven important trends in the payments space of which you should be aware and which should impact your strategy. We talk about the industry as a whole and how software, capital, and alternate payment methods (among other trends) are changing the landscape.

Discover how to optimize day-to-day operations and scale up a white-glove approach to customer service through the marriage of tech and payments in this far-reaching conversation with Sebastian Builes, Co-Founder and CEO at Arcum. Plus, you're not going to want to miss James's demonstration of how ISOs and agents can use Chat GPT to grow their merchant portfolios.

Visa has been on a tear, issuing fines to acquirers that "trickle down" to ISOs and agents, who typically don't know what's going on, explains Industry Attorney Charles Bishota in this week's featured interview. Plus James fields a question about the ban on surcharging in Massachusetts, and Patti reports on trends in consumer payment preferences.

There is no one way to negotiate a compensation package with an ISO. But there are 4 considerations that are essential to the negotiating process. (1) Residual income (2) Upfront bonus money (3) Free hardware (4) Customer support PayBright, the sponsor of this Merchant Sales Insight, is really focused on providing free hardware to merchants, and the company has a reputation for superior customer support. Visit gopaybright.com to start a conversation.

Elaina Smith, Chief Financial Officer at Secure Bancard, shares her secrets to success, as well insights on common mistakes that get in the way of growing an ISO. "Always surround yourself with people who are working at the same level you do," she counseled. Plus, James answers the question: "Should I milk my business, or should I grow it." And Patti reports on an FTC action against a payments company that played fast-and-loose with scammers.

Compliant surcharging can be quite profitable for ISOs and their sales reps. But before proceeding, ask yourself: (1)What is the average ticket size of a prospect/client? (2)Do we have technology to integrate with the billing system, so statements are accurate and understandable? (3)Do we have an omni-channel solution? Payroc, sponsor of this Merchant Sales Insight, has done a fantastic job of building an omni-channel compliant surcharging solution that integrates with billing. Head over to payroc.com/go to learn more about the program they call RewardPay.

Scott Adams, CEO at Fraud Deflect, joins James & Patti this week to explain Visa's new rule changes around the type of chargebacks commonly referred to as "friendly fraud.' "These changes are going to be a game changer for some merchants," said Scott. Then James addresses what he describes as the race to vertical SaaS solutions, and Patti reports on a chargeback mitigation firm that has found itself in the hot seat.

There are three foundational pillars - tech capabilities - upon which ISOs and agents can build successful merchant services marketing plans. 1. A statement analysis tool that supports quick turnaround with 100% accuracy. 2. A tool for creating instant savings estimates without the need for uploading statements. 3. Customer proposal templates. ISO Amp, my company and the sponsor of this Merchant Sales Insight, has spent the last several years perfecting the application of technologies that support these three pillars. Plus, we can help ISOs and agents build custom marketing campaigns. Visit getisoamp.com to learn more.

In this week's featured interview we explore how ISOs and agents can slash merchant attrition with gift card and loyalty programs. Some agents are seeing attrition rates fall by as much as 50%, simply by offering gift card programs, explained Dan Battista, CEO and Partner at Factor4, a leading provider of omnichannel gift card and loyalty programs. Next, James offers insights on selling payment and POS solutions remotely, and doing it right. Then Patti reports on a new survey of consumer payment preferences.

All too often banks make it difficult for ISOs and agents to set up accounts. Not so neobanks. Neobanks are fintechs with apps that streamline mobile banking. And neobanks are a potential game changer for merchant services. ISOs and agents are uniquely positioned to profit from neobanking. Maybe even more than they profit from payment processing. Netivia Banking, the sponsor of this Merchant Sales Insight, is on the cutting edge of neobanking. Go to ccsalespro.com/netevia to open your own Netevia business banking account. I did, and I really like the flexibility and control it gives me.

Learn what it takes to really make it in merchant services. "Focus and intention are critical", says Elaina Smith, CFO at Secure Bancard. Later on in the episode, James draws on his own experiences to offer advice on what it takes to launch a software company, and Patti has some new insights on consumer spending and card usage.

James puts a new spin on an old way of compensating sales agents, the profit true-up. In this episode of the Merchant Sales Insight, you'll learn: - What a profit true-up is & how it works - How dual pricing is dramatically changing the math around profit true-ups, as well as overall account profitability - Using profit true-ups to evaluate potential ISOs/processors for your accounts This edition of the Merchant Sales Podcast is sponsored by North American Bancard. NAB has one of the best profit true-up programs in the industry, plus a dual pricing program it calls Edge. Visit GoNAB.com, and ask what kind of profit true-ups you might be able to get on an average account.

In this special edition of the Merchant Sales Podcast, James explains Visa's recent decision to cap credit card Surcharges at 3%, and how that will drive more ISOs and agents to pitch Dual Pricing. Plus, James interviews Eric Bernstein, CEO at Valor Paytech, on how Valor terminals can support both Dual Pricing and Compliant Surcharging, and together James & Eric respond to agent questions.

Use excuses to your advantage. Here are three key considerations: 1. Have a good excuse for calling on a business owner in the first place. 2. Justify (have an excuse for) why you're calling on the merchant now. 3. Negotiate for time throughout the process. Keep the business owner in a negotiating posture for as long as possible. Use lines like, “Well, one more thing, and then I’ll let you go," and, "Would tomorrow work for me to come back and provide a demo?”

This week's podcast features Dave Humphrey, President at Bryte Payment Solutions, discussing the importance of first impressions and maintaining open channels of communication. James shares his insights on starting a vertical-specific software company based on his personal experience, while Patti reports on a new Visa initiative that promotes interoperability between P2P payment networks.

Pivot the conversation to a purely financial decision, where an investment of a few hundred or a few thousand dollars can generate awesome returns through dual pricing. There are three ways I see these type of deals getting done. The merchant pays early termination and other costs incurred breaking the contract, and recoups multiples of that amount by eliminating most of their interchange costs. The merchant and agent share the quantifiable costs of breaking a contract and any needed upgrades to the merchant's POS solution, as well as returns on the investment. Ask your ISO/processor to cover the cost of breaking the merchant's existing contract and any required hardware and software upgrades. Or work out a deal where you pay back some or all of those costs to the ISO from future residuals. If your ISO or processor doesn't want to work with you on these type deals, it may be time to start looking for a new partner.

Newbies and seasoned merchant sales reps, alike, will benefit from this special edition of the Merchant Sales Podcast. In this podcast, James gets down to basics, answering oft asked questions like "What exactly is payment processing?" and "How do ISOs and reps make money?"

There is no one-size-fits-all method of getting a merchant to give you a processing statement for analysis. But these are 3 ways that have been proven to work. (1) Simply Ask: Reach out to the merchant directly and request their processing statement, offering to provide a proposal and other relevant information for their review. This straightforward approach can often yield positive results. (2) Email Signature Link: Include a link to a marketing campaign in your email signature for easy statement uploads. With the user-friendly ISO Amp platform, this can be done seamlessly, saving you time and effort. (3) Full-Scale Marketing Campaign: Create a comprehensive marketing campaign utilizing ISO Amp to offer instant quotes or complete analysis in exchange for critical contact information. This can generate leads and provide you with a wealth of data for analysis. Click here to check out our top notch statement analysis service! https://getisoamp.com/

If you're selling Non-Cash Adjustment, Dual Pricing, Cash Discounting, or Compliant Surcharging, you are not going to want to miss this special edition of the Merchant Sales Podcast as James discusses 3 scenarios for differential pricing and actions ISOs, agents and their merchants can take to avoid running afoul of Visa rules. Reminder: Visa has said it will be ramping up compliance checks for surcharging and other forms of differential pricing beginning this month. And stick around for Patti's reporting on FIS's decision to exit merchant services.

In this week's episode, James interviews Steven Morris on how to build a succesful 1099 sales agent team. Hint: The solution is not to recruit everyone with a pulse! Next, James discusses one of the most important decisions facing our industry in terms of technology and that is, processor agnostic or in-house processing. Finally, Patti provides an insider's report on Fed Now, a real time payment network built and provided by the government. This will be a game changer and is something about which you should be very familiar.

Learn how CNP Mentors works with ISOs and agents to tamp down merchant chargebacks and fraud. "Even the worst offenders, with the right tools systems and knowledge can get chargeback rates down," explained Scott Adams, CEO of CNP Mentors. Then James continues his series on merchant objections, this week addressing the question "What to do when selling dual pricing and a merchant doesn't want to upset customers?" And Patti provides an update on plans to give gun shops their own MCC.

Explore the true costs of payment processing and revenue opportunities for sales reps! In this second edition of my payment processing series you will learn about: - Merchant fees - Card brand fees - Schedule A costs - Selling on price vs. selling on value

If the Silicon Valley Bank failure showed us one thing it is the role of social media in triggering panics, explained Vlad Sadovskiy, CEO at Netevia Banking, in this far reaching conversation on the fallout around SVB's failure. Then James explains how to sell merchants who are locked into contracts, and Patti reports on Visa's continued commitment to crypto.

Payments processing is all about moving money. This episode of the Merchant Sales Insight zeroes in on the particulars - the technologies and processes that drive the movement of money, and by extension your residual streams. - Learn how money flows from cardholder's account to merchant's account - Discover how interchange works, and why it fluctuates. - Identify other costs that get built into merchant fees This is the first of a 2-part series.

In today's episode we speak with Lance Lehr, CEO at One POS. We discuss their focus on the bar and club merchant types and the unique challenges faced by these merchants. After the interview, James provides his rebuttal to the objection "My software is already integrated with another payment provider" and Patti gives an update on the BNPL industry.

ATMs are a really good fit with dual pricing, and a great addition to residual streams. Here are 3 reasons why you should be selling ATM services. First and foremost is the psychology of the merchant offering customers a way to get cash should they want to take advantage of a lower cash price. Experience suggests few do, but they appreciate having the option. Plus the merchant can earn money every time a customer uses an ATM placed at their business. Second, cash may not be King, but it still has a place in consumers' wallets, and the place most consumers get their cash is at ATMs. Why not offer the convenience ATMs at your merchant's location? Third, there is residual income to be earned by the ISO and the agent placing ATMs, in addition to merchant opportunities to share in revenue streams. Star Financial, the sponsor of this Merchant Sales Insight, is looking for ISOs and agents that want to expand their retail merchant relationships, and build up residuals, by offering ATM services. Head on over to gowithstar.com to learn about Star's reseller program.

"Clover works for just about any business," says Josh Holden, President of HTB Business Solutions. Plus, it has "brand recognition," Josh explains during this week's featured interview. James follows that with a discussion of capital allocation, and Patti reports on new fraud trends driven by AI.

The most successful merchant sales reps are payments experts; they really understand the business of payments processing. Here are 3 surefire ways to establish yourself as a payments expert: (1) Read industry publications, like the Green Sheet, and listen to podcasts like the Merchant Sales Podcast. (2) Tune in to industry experts on social media. A good place to start is at my LinkedIn page. (3) Study for and take the Certified Payments Professional (CPP) exam administered by the ETA. My company, ISO Amp, has leveraged the power of payments expertise to become the leader in statement analysis. We hire only experienced professionals to build and maintain our models and analysis routines. ISO Amp pairs that expertise with sophisticated tools, like AI, to complete most analyses in a matter of minutes. Stop wasting time doing account analysis yourself. Join the hundreds of ISOs and individual agents that leverage the power of payments expertise that's been built into ISO Amp. getisoamp.com

"Think in terms of things that take merchants away from pursuing their passions," said Laz Kalemis, CEO at Simpay. In this week's featured interview, Laz explains how by cross-selling merchants on services like payroll, business insurance and marketing, Simpay doesn't need to board as many merchants each month just to maintain revenue flows. Then James describes a successful model for building W2 sales teams, and Patti reports on research that paints an optimistic business outlook among SMBs.

Software companies have two major pain points as relating to payment processing. (1)The terrible integration processes provided by legacy solutions. (2)Merchant on-boarding. Software companies want to make signing up for a new payment processing account easy and fully automated. These companies are also looking to make money on payment processing! This edition is sponsored by Tilled. Tilled is not only my preferred provider of payments integration, but my own ISV just finished integrating with them! Check out my new, free training program on how to sell ISVs at https://www.ccsalespro.com/tilled So, how do we sell ISVs to help them solve these two pain points and make money on payment processing? Here are three tips that will help: Step #1 - Find a Vertical where you have a passion or expertise. Step #2 - Find a software company that serves this vertical in way that you understand. Step #3 - Find a payment integration partner that specializes in working with these software companies and connect the dots!