“It ain’t what it used to be.”
Go online and you’ll find myriad social media posts and articles about how much things have changed over the years, whether it's how we consume entertainment or the way we approach work.
The world of payment processing has not been immune to these cultural shifts, especially if you’re a merchant services sales agent or Independent Sales Organization (ISO). In order to be successful and ready for the inevitable changes to come, it’s important to understand how this role has evolved and what may be on the horizon.
The Start of Merchant Services Sales Agents
Initially, merchant services were primarily handled by banks and financial institutions. But as the demand for credit card processing grew with the rise of credit card payments and the fall of cash payments, independent sales organizations and sales agents emerged to bridge the gap between payment processors and business owners.
Sales agents help payment processors reach a broader market by leveraging their local knowledge and networks. They act as the “feet on the street” in the sales field and main brand ambassadors for the payment processors they partner with. Most importantly, agents provide a personalized touch, addressing specific and time-sensitive needs and concerns of merchants, which can lead to higher satisfaction and retention rates.
The Evolution of Sales Agents in Payment Processing
At the beginning, sales agents primarily focused on selling basic credit card processing services to businesses. But as time wore on, advanced payment systems were introduced to the industry. This forced agents to become more tech savvy, staying on top of tech trends such as contactless payment, self-service payments, and mobile wallets.
At the same time, sales agents had to meet the demands of discerning merchants who wanted more personalized and comprehensive solutions, including analytics, fraud prevention, customer loyalty programs, and more. The sales agents, therefore, had to shift from being transaction-focused to becoming a one-stop-shop who could offer tailored and integrated solutions to meet specific business needs.
Over the last 10 years, the sales agent role has continued to evolve. Nowadays, agents must offer full merchant service solutions in order to stay competitive. This includes software integrations, merchant surcharging, digital analytics dashboards, virtual terminals, fraud management features, and card account updaters.
Additionally, customer relationship management systems and sales automation tools have revolutionized how sales agents manage leads and customer interactions, allowing for better tracking, personalized communications, and more efficiency. And with an increase in digital transactions, there is also a greater emphasis on security and compliance. This requires that sales agents understand and communicate the importance of secure payments and compliance with regulations like PCI Data Security Standards.
The Future of Merchant Services Sales Agents
With the nonstop development of new technologies and rise of new trends, the role of merchant services agents will continue to become more dynamic and multifaceted.
First, virtual selling will become more prevalent, requiring sales agents to become more tech savvy so they can conduct virtual meetings and demos. The upside is that this skill will help sales agents expand their reach beyond the bounds of their current location.
The unattended payments space is also growing. While early forays into self-checkout at food service establishments received mixed reactions from customers, attitudes have shifted. More and more customers are preferring the option of self-checkout experiences (such as the kiosks at fast food chains), so merchant services agents need to ensure they understand the technology and its nuances.
Lastly, it seems that nearly every industry is finding uses for artificial intelligence, and the payment processing space is no different. AI will play a big role in the future of merchant services, with sales agents using it to accomplish tasks such as:
- Analyzing customer data
- Predicting behaviors
- Personalizing sales and marketing materials
- Lead generation
- Lead scoring
Data entry, scheduling, CRM data, and basic follow-ups will also become increasingly automated. Successful merchant services agents will be the ones who embrace these changes and incorporate them into their strategy and tactics.
Stay Ahead of the Competition with CardConnect
It is the job of a good payments partner to help sales agents adapt to industry trends and grow with the payments industry as a whole, so you can continue winning new business opportunities that benefit your bottom-line. That’s why the key to remaining successful is to align yourself with a payments partner like CardConnect, which has industry-leading global support and solutions.
With CardConnect, you’ll get:
- Powerful technology: You’ll get access to advanced technology such as mobile payments, e-commerce gateways, and Clover hardware.
- Training and support: We provide our partner sales agents with hands-on training webinars, blogs, product newsletters, a human support team and online ticketing system for support requests, in-person networking events, and learning sessions.
- Brand recognition: Partnering with CardConnect, a trusted name in the payments industry, helps sales agents attract more clients through a reputable brand name.
- Performance tracking: Using our performance tracking tools, you’ll be better positioned to improve sales strategies, meet your goals, and drive success.
- ISV LeadGen Program: This program connects our agent base to our ISV partners for integrated sales opportunities.
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!