Merchant Sales Podcast

In this week's edition of the Merchant Sales Insight, I share 3 steps that every agent, ISO and Acquirer should be following in order to multiply portfolio value by embracing software with integrated payments. I would like to thank NMI for working with me on this one. I know you will find valuable insights and my hope is that you will begin to future proof your portfolio by embracing the reality of payments today and preparing for the shift to mobile payments.

Agents will shift over the next 36 months to sell specific verticals on bundled software / payments. They will all be selling for technology companies. Legacy ISOs can either embrace technology, or they can wait for technology companies to become ISOs and steal their agents. In this special edition episode of the merchant sales podcast, James Shepherd shares a roadmap to long term success and growth through the agent channel. If you are an Agent, ISO, ISV, or Acquirer, this episode is for you.

Too often, agents are losing deals to competitors like Toast, simply because these competitors offer free hardware. In this week's edition of the Merchant Sales Insight, we discuss the future of free equipment, especially with the shift towards point of sale systems and smart terminals. I would like to thank Dustin Magaziner of Paybright for his help with this edition!

Real-time payments are coming to checkouts, are you ready to sell? This week Ron Herman describes the Real Time Pay-by-Bank POS solution his firm, Sionic, has built, and the opportunities this creates for ISOs and agents. Plus, James explains the psychology of generating questions and curiosity from your openings, and Patti reports on legislation that would require more transparency in surcharging and cash discount programs.

"Too many agents are losing deals unnecessarily," says Dustin Magaziner, Partner at merchant services provider PayBright. Discover how PayBright goes the extra mile to help agents land every deal that makes sense from a profitability perspective. Plus James shares thoughts on BNPL and Patti reports on generational differences in digital payments.

In this edition of the Merchant Sales Insight, I am covering what I consider to be a new segment of retail that consists of gas station stores, convenience stores, liquor stores and other retailers where the consumer experience should be "quick." I talk about how to approach these business types and what type of solution they really need, versus specialty retail shops such as clothing and hobby stores that a different set of needs.

Discover how MYR helps ISOs and agents position QSR clients as truly quick service options, and bridge mobile, online and in-person food ordering and payment. Plus, James discusses financial literacy and the use of capital, and Patti reports on a Visa rule change aimed at countering fraudulent charge backs.

Building an ISO is much easier than it was when I first gave it a shot 13 years ago! With technology companies and FSPs like Maverick Payments, you can now promote your own brand on the statement and throughout the entire merchant experience while remaining focused on selling payment processing and growing your book. I would like to thank Ben Griefer, COO at Maverick for working with me on this one!

If you're struggling with pitching integrated payments because deployment and support take too much time away from selling, you're going to want to catch this week's episode, as James & Patti interview Joey Marzelli, Co-Founder of Boomtown, an outsourcing firm many ISOs use for smart terminal deployments. "Our technicians can be dispatched pretty much anywhere in the U.S. within a day or two," says Joey. Then James explains the importance of understanding opportunity costs when scaling up your business, and Patti reports on Apple's BNPL play.

I started talking about dual pricing because of compliance concerns over Non-cash adjustment type programs. After selling dual pricing in the field, I prefer it because it is easier to explain, easier to sell and provides a better customer experience than cash discounting. If you want to see the future of passing the cost of processing on to the consumer in a way that makes sense to everyone while remaining compliant with card brand rules, and generating the same margin as cash discounting, this is a must read edition!

This week James & Patti interview Joshua Benedetti, CEO at Card Z3N, who is building a portfolio by catering to verticals that may not be on the radar for most ISOs and agents. His first big push was in aerospace. Then James gives a first-hand account of setting up a merchant on dual pricing, and Patti reports on P2P payment trends.

This week we have a special, expanded edition of the merchant sales insight that will tell you everything you need to know in order to pitch interchange optimization to B2B merchants and to understand how optimization and padding in general can be used in your sales process. I originally wrote an eBook with Eric Jenks of Paytrace several years ago on this topic, but some of the information was out of date and I felt it was time to make an updated version. This eBook was a joint production of both Paytrace and ISO Amp. If you are looking to provide optimization savings to your merchants, this is the resource you need.

High risk processing can be extremely profitable if you target the right verticals with the right approach. In this week's episode, Josh Ewin the President & COO at Helios Payments lays out their approach to the high risk space and how they are building their portfolio. James follows up the interview with a segment on how to sell dual pricing where he shares his experience from the field and then Patti finishes up this episode talking about Crypto payments, a hot topic at this time.

Toast has 48K+ restaurant clients as of the fall of 2021 when they filed for their IPO. This is a huge number, but only represents about 5% of the total restaurant segment. In this week's edition of the Merchant Sales Insight, I worked with one of my favorite, truly processor agnostic POS systems, Quantic to provide a road map of what you need to offer in order to compete with Toast and win in the restaurant space.

In this week's episode, James covers 3 important trends that represent the biggest threats and opportunities for merchant sales professionals and ISOs in the next one to five years. This is a special, shorter episode with James focusing on what he sees in the market place and providing practical tips. He also focuses on taking your payment processing business to the next level while avoiding the risks.

In this week's episode, we talk with Erik Nicholson from Card Connect about the challenges facing ISOs / Agents as business owners seek integrated payment solutions. We also explore how Clover has leveraged the direct sales channel to win big. James talks about mapping your own version of success in the payments industry and what it will take to get there. Then, Patti talks about Fed Now, the new push by the Fed to provide instant payments to bank accounts.

There is an interesting trend happening in restaurants. As we become more comfortable ordering food from our phone through Door Dash, GrubHub and Uber Eats, many restaurants are having us order food and pay from our phone at the table as well. In this week's edition, we explore this trend that would potentially eliminate point of sale systems long term. We will also discuss the unique, smart QR Code solution created by Retail Cloud called Tickt that is both processor agnostic AND POS Agnostic, meaning you can sell it to any restaurant without swapping their point of sale system or trying to integrate with it.

Learn how Beyond identifies and trains new sales agents to succeed in merchant services. Continuous, one-on-one communication is crucial, says Logan Peters, Senior Director at Beyond. Plus James discusses the nexus of compensation and finances, and Patti reports on what the Federal Trade Commission is up to.

There are 3 trends on which everyone should be focused this summer while balancing time off. #1 - Dual Pricing Regardless of your beliefs about this pricing structure, the market is moving. You can capture new merchant accounts by getting a jump on your competition. #2 - Integrated Payments Is your portfolio secure from software / technology competitors? Use this summer to reposition yourself as a solutions expert. #3 - B2B Payments This is a 33 Trillion dollar opportunity! Are you going to take action this summer or let other competitors land these profitable accounts?

Learn how Maverick Payments works with small ISOs to promote their brands and scale up sales and service with an ISO in a Box solution. "We focus on white glove support," says Ben Griefer, COO. Plus, James offers advice on training agents, and the "cycle of learning," and Patti reports on CFPB efforts to rein in Big Tech.

This week, James Huber, an attorney at Global Legal Law Firm, sits down with James and Patti to discuss compliance with Visa rules, and Visa's recent attempt to rein in cash discounting and surcharging programs. Plus, James offers advice on building up your portfolio this summer, and Patti reports on Mastercard plans for biometric payments.

While robust solutions exist for large organizations that need chargeback management, SMBs have been largely left out. Our sponsor for this week's merchant sales insight, Charge Sentry, is providing a simple, automated system that allows small and medium sized merchants the ability to manage and respond to chargebacks. I was fascinated by all that this software can do, from notification, to pulling specific transaction data, to handling chargeback response. If you deal with CNP merchants, this software is a must!

SMBs are losing money hand over fist due to chargebacks. This week, Jack Shenon, Founder & CEO at ChargeSentry, explains why, and how ISOs and merchant sales reps can make it their business to shift this paradigm. Then James offers some advice on how sales reps can refine their craft, and Patti has an update on consumer card preferences.

I believe a portfolio that grows exponentially without your involvement in the pinnacle of residual income. That is the opportunity that exists by selling software companies that service small business owners. Integrated your payment processing with their software allows you add a new MID every time they sell a new client. Tilled makes it easy to integrate payments into any software solution and allows the software company to remove the merchant enrollment barriers while increase income. Check out this edition of the Merchant Sales Insight to learn more!

"It's time to move away from talking basis points and focus on merchant benefits," Eric Bernstein, COO at Valor PayTech, counsels during this week's featured interview. Plus, Patti reports on a Congressional hearing called by Senator Richard Durbin and prospects for a Durbin Amendment redux, while James offers some insights on pursuing unusual sales opportunities.

The recent Visa memo has been a hot topic with ISOs, Acquirers, and individual agents. In this week's episode of the Merchant Sales Podcast, we explore the path forward with Keith Sampson, the national sales manager for North American Bancard and architect of their dual price program, "Edge." Patti follows this interview with details about the Visa memo for those who have not seen it. James gives his take on the memo, the pivot to dual pricing, and why Visa has good reason for their increased enforcement of their rules.

What Bankcard reps want is not always what they need. What they want is the highest possible residual split. "Competitive Compensation" is very important, but what these reps often need is resources, training, support and a culture that gives them motivation to prospect. In this week's edition, I outline what I believe are the 4 things Bankcard reps really need to be successful. I worked with my good friend, Brian Kamstra of Payroc during the writing of this week's merchant sales insight. We leverage his 20+ years of successfully building 1099 merchant sales teams to understand the keys to choosing the right processor as well as the building the great team.

Offering embedded finance solutions, like buy now pay later, is a promising opportunity for ISOs and agents. The market is "blowing up" and revenue opportunities are significant, said Marc Beauchamp, CEO at Enable Financing.com, a BNPL provider that partners with ISOs and agents. Plus Patti breaks down recent BNPL headlines, and James explains why dual pricing is the path forward for cash discounting.

As surcharging, dual pricing and other forms of differential pricing become more popular, many merchants are looking to add a true cash option by placing an ATM in their business. This week, we discuss ATMs with Yonas Marcos from Star Financial ( https://www.gowithstar.com ). This is a segment of the market that continues to grow and evolve. Learn how you can land new merchant accounts and increase your margins on existing merchant accounts with ATMs.

Tap into new markets, create new revenue opportunities and build merchant loyalty with ATM sales. "ATMs are an excellent complement to card acceptance," says Yonas Marcos, President and CEO at Star Financial. This is especially true for merchants on cash discounting, as it provides a fast way for their customers to access cash. Also this week's podcast features some encouraging economic reports, and offers answers to the question "To hire or not to hire?".

ISOs and Agents made a huge mistake by giving Micro-Merchant accounts to Square, either directly or by not boarding them. In this edition of the merchant sales insight, learn why Micro-Merchants (Processing less than $3,000 per month) are valuable, profitable and can lead to significant portfolio growth. This episode is sponsored by PayBright and I would like to personally thank Dustin Magaziner for his help with this publication. Paybright created a unique solution that works for Micro-Merchants and for Agents. You can check them out by visiting https://www.gopaybright.com

Why Large Merchants are Embracing Cash Discounting by Merchant Sales Podcast

Selling on value isn't just about understanding technology and integrated payments. It is about "SELLING!" In this edition of the merchant sales insight, I share specific and practical sales techniques to help you generate interest, overcome objections and close deals, all while focusing on value over price.

In this week's podcast episode, long time industry veteran Brian Kamstra shares the secrets to his success. Brian has created one of the largest and most productive direct sales teams in the merchant services industry at Payroc. Then, James answers the question, "Should ISOs be afraid of Crypto Acceptance?" Patti finishes up the episode discussing online shopping trends and how fraud is impacting these transactions.

As various forms of Cash Discounting and Surcharging become more mainstream, larger merchants are showing interest. These accounts generate life changing residual income, if you can overcome the challenges of selling multiple decision makers and implementing a compliant program across hundreds of locations. Our sponsor, Dynamic Merchant Processing, specializes in these accounts and has a team of experts to back them up. Learn how they are closing monster merchant accounts and generating massive monthly margin.

Learn how Retail Cloud is helping restaurants address staffing shortages and drive more. Kevin Calaco, CEO, said explains how cutting edge "smart" technology helps restaurants boost average tickets. Plus Patti reports on stirrings in Washington regarding interchange, and James explains strategies for capitalizing on the trend toward greater integration and verticalization.

Tired of spinning your wheels in the mud of attrition? Are you making sales each year to replace the residuals you are losing from cancellations? In this week's edition of the Merchant Sales Insight, Elaina Smith of Secure Bancard helped me create a guide to 3 things top agents do to minimize attrition and build a solid residual portfolio.

The key is controlling the merchant experience, which starts with controlling merchant pricing, explains Elaina Smith, Co-Founder and CFO at Secure Bancard. Plus James answers the question of "What is your why?" and discusses the key to stay motivated And Patti has an update on interchange.

Fuel stations are now well past the EMV deadline and as they scramble to replace expensive pumps and install new point of sale systems, our sponsor GAS POS has positioned themselves perfectly to provide equipment and software as a service with Cash Discounting integrated deeply into the automated pumps and in-store experience. Check out this week's edition of the Merchant Sales Insight to learn more about the challenges independent gas stations are facing and how you can help, while building a massive residual portfolio.

Coupling cash discounting with EMV compliance upgrades for gas pumps is a winning sales proposition for independent fuel stations, Josh Smith, CEO at Gas POS explains in this week’s featured interview. Plus James tackles the question of when is the best time to build a team, and Patti offers an update on tapping to pay.

With the rise of Cash Discounting and fast are pricing, why should you analyze a processing statement? There are five primary reasons why agents and ISOs choose not to collect and analyze processing statements. However, as you will see in this week's edition of the Merchant Sales Insight, you might be leaving value on the table. Here are 5 reasons NOT to analyze processing statements and why you should anyway.

Discover how crypto payments are finding a place at the point of sale. "There's a lot of demand even though it's still early days," said Jeremy Belostock, Head of Advanced Payment Methods at Verifone. Plus, Patti offers additional insights on crypto, and James describes how to make the pivot to telemarketing.

Most agents believe that there are only two options. They can sell a full feature point of sale system that will lock in the merchant, or they can sell a cheap stand alone terminal with no real features, other than payment processing. There is a third option! You can offer a good solution the merchant that is simple, compared to a Point of Sale or Integrated Payment setup, that also has features they will love, including omni-channel. Our sponsor for this edition of the merchant sales insight is Valor Paytech. Visit https://www.ccsalespro.com/valor to learn more.

Learn how Big Data can be leveraged to help ISOs and acquirers predict and minimize merchant defections in this week's interview with Sebastian Builes, Co-Founder and CEO at Arcum Partners. Then James answers the question: what's the most underrated component of agent compensation? Spoiler alert: it's retention. Plus Patti has the latest on business and consumer payment trends.

Learn how and why PayBright targets micro-merchants. "These are merchants that are going to potentially grow and become larger merchants," explains Dustin Magaziner, Managing Partner. Plus James discusses what it takes to dominate a specific vertical, and Patti reports on merchant satisfaction with leading payment processing companies.

Donnie Troy, owner of One Quest Payments, wasn't always keen on cash discounting. But now that he's leading with it, there's no turning back. "I've done 35 deals in 3 months," he tells James & Patti in this week's featured interview. Tune in to learn how. Plus James has advice for building cash discounting portability, and Patti reports on future prognostications regarding payment processing.

"We make it extra easy for merchants to market to their customers," says Danny Mikhail, CEO at the POS system software provider Zuza. Marketing services provide layer of protection for ISO and agent residual streams, and another selling point for prospects, he adds. Also this week, James addresses a question about how to deal with the prospect of state attorneys general taking issue with cash discounting and surcharging. Plus, Patti reports on new efforts to get Congress to address rising interchange.

This is the audio version of our Merchant Sales Insight, we hope you enjoy it and learn more about the exciting opportunity of B2B payments.

Is it time for SMBs to accept crypto payments? Yes! Eric Brown, Founder and CEO of CryptoBucks, explains why in this week's featured interview. Then James drills down on why ISOs and agents should sell crypto acceptance, and Patti reports on how 2022 is expected to bring a rash of new B2B solutions.

"Ultimately, it's about stickiness and adding merchants," explains Lane Gordon, Managing Director at the consultancy 733 Park. And creating multiple client touchpoints makes for sticky customers, he adds during this insighful interview. Plus, James discusses the value cash discounting and surcharging bring to a merchant portfolio, and Patti reports on how interchange increases are playing out in the UK.