ISO agents who want to compete and maintain healthy profit margins need to work with Integrated Software Vendors (ISVs), which incorporate payments into many software and hardware solutions.
ISVs have already changed the look of the payments industry, so ISO agents need to take advantage of what they can do for them.
They provide ISO agents with strategies to grow by offering integrated payment solutions that add value to the software offerings.
It’s actually a win-win situation for ISOs and ISVs because those days of trying to land new sales through pricing and free equipment are over. Instead, ISOs supply the value of payments expertise, ISVs gain value and new profit centers, merchants gain efficiencies and consumers get the advantage of seamless experiences at the point of sale terminals.
Focusing on Working with Companies in the ISV Sector
ISO agents are finally learning that the only way to succeed in the face of flat sales and attrition is to team up with ISVs. Both entities are realizing there is value, including new revenue opportunities, in working together.
This symbiotic relationship is built upon a one-to-many sales game plan. In this relationship, ISOs have to win over ISVs. ISO agents gain new sales and increase their potential of future sales when payment solutions are integrated into integrated software vendor platforms.
How It Works
When the entities work together, every time an ISV sells its primary product with an integrated payment solution, the ISO agents gets a new merchant using the ISV’s sales staff and resources.
This is important because it provides agents with ways to enter new bases of merchants. In turn, the ISV helps ISOs expand their reach exponentially.
The bottom line is that ISO agents can leverage a software sales force that reaches a many more potential businesses with the touch of a button. It makes the process simpler and more efficient because agents do not have to depend on selling individual merchant accounts.
ISO agents who take this approach will be able to save themselves from flat production and lost merchants.
How Do ISO Agents Select the Right ISVs?
All the parties, including the processor, ISV, and ISO need to benefit so integrations only succeed effectively with active collaboration and flexibility. Agents must be armed with a strong marketing strategy, resources, and support to partner with the right ISV.
They need to be on the same pages in terms of communications, deadlines, goals, and, expectations. ISVs also must have integration tools that work with your payment solutions.
In Conclusion
ISO agents must consider other approaches if they want to make it in this ever-changing payments landscape. Joining forces with ISVs can help you increase profits and grow your merchant base.
Choosing the right processor is the first and most important key to succeeding. Choose a partner that has all of the technology solutions, offers personalized solutions, and a lot of knowledge about the industry. The best processor will help take you exactly where you need to be and where you want to be.
Enroll to Become an ISO Agent
If you are interested in increasing your profits and gaining more merchants, then consider signing up to be an ISO agent with the program offered by high risk processor, eMerchantBroker.com (EMB).
Applying online is simple and easy. Become a member of a winning organization today.