Since the global health crisis began, the payments sector has been chattering about its far-reaching effects on retailer acceptance. What has garnered less attention is how the epidemic has affected retailer acquisitions. It seems that payment enablers and independent sales firms have had some unexpected outcomes.
To put it into perspective, ISOs and other payment services suffered alongside the retailers they serve as cafés, hardware stores, and other Main Street businesses battled lockdowns, stay-indoor restrictions, and customer uncertainty.
Working Closely with Businesses
First, sales agents have been pushed to consult with their clients more closely, giving guidance and assistance, to support a sales strategy that the sector has worked to establish for years.
“The COVID period has been a time to interact with business customers,” said Eric Jenks of PayTrace Inc., a payments service headquartered in Spokane, Wash.
This is so because the upheaval that small businesses have seen over the last 16 months has caused them to forgo their previous hesitation when interacting with sales representatives, according to Jenks and others. “Retailers are more willing to discuss with us because they’re in need of assistance,” says John Barrett of Payroc LLC. “They were more willing to listen to us.”
Shifting to a “Business-advantage” Approach
The pandemic’s long-lasting impacts, such as retailer shift to electronic and contactless POS systems, have also prompted acquirers to reconsider what their marketers know about tech and their capacity to communicate that information to vendors.
“Though things are getting better, restaurants will continue with some habits they began during the global health crisis—online ordering, takeaway, and so on,” Barrett said.
As a result, the parameters ISOs use to evaluate their marketers must evolve as well. “There is a shift,” Barrett stated. “We’re after folks who understand the business-advantage approach, not the marketing approach.”
For certain CEOs, this technique may be measured against a set of simple criteria. Jenks defines them as a desire to go the extra mile to inquire for more specific information.
The Bottom line
As acquirers shift away from aggressive marketing, the new business-advantage approach will help them attract only relevant business clients and meet their changing needs even better.
Author Bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of best payment providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.