Tip #1: Choose the Right Program
Before you sign up as a reseller or ISO, research all the partner programs available to the Canadian market. Choose one that offers great products, exceptional client service, ongoing training and a lucrative compensation model. Look at the annual revenue of the leading card payment processors, the services offered for merchants, and benefits available to agents, such as lifetime residual payments and the chance to negotiate a buy-out in the future.
Tip #2: Reduce Your Risk
Taking risks might make life exciting, but when it comes to business they are an unnecessary gamble. For Canadian merchant resellers and ISOs, it’s vital to partner with a processing company that offers robust backend support and resources to help guide you towards good deals, and that will advocate for you if (or when) a deal goes south. Make full use of any risk-monitoring tools provided, to reduce instances of fraud and chargebacks that could cost you hard-earned revenue.
Tip #3: Upsell and Cross-Sell
Reputable processing companies typically offer proprietary products, which Canadian merchant resellers can upsell and cross-sell to clients. These include:
- online reporting tools,
- merchant cash advances,
- sales and leasing of terminals, and
- mobile solutions.
Agents can also make the most of options such as split funding solutions, sign-up fees and bonuses, as well as interchange fees, statement processing charges, membership fees, setup and monthly minimum charges.
Tip #4: Utilize Marketing Support
Give your business a head start with marketing that positions you as a professional in the industry. Make use of branding solutions and white label support mechanisms offered by your partner program, such as customizable marketing materials for different verticals, branded merchant applications, welcome kits, and a dedicated toll-free phone number for merchants to call. This will improve your clients’ experiences by giving them a sense of engagement and a feeling of working directly with you, instead of with the third-party provider.
Tip #5: Deploy Business Intelligence
Big data is everything these days, and the payment processing industry is no exception, with payment data often viewed as more valuable than fees. Maximize your revenue by using the insights available to Canadian merchant resellers and ISOs, which can provide valuable intelligence such as:
- where to focus your sales efforts at different times of the year
- which businesses are currently enjoying a profitable period
- merchants who aren’t using processing facilities to their fullest potential.
Following up on these factors can help increase sales, which benefits both the independent sales agent and the ISO or reseller.
Tip #6: Expand Your Reach
As with any business, growing the customer base is vital for increasing revenue. Do this by expanding geographically, adding new industry verticals to your portfolio, establishing new markets or winning over market share from competitors. Canadian merchant resellers and ISOs can also expand their reach by establishing new sales channels and recruiting additional agents, using a multi-level marketing model.
The Bottom Line
Above all, increasing revenue requires merchant resellers and ISOs to pay close attention to setting achievable goals, honing your skills to constantly improve your abilities, and remaining self-motivated. The payments processing industry is currently in flux, and while each day brings new challenges it also brings tremendous new opportunities for savvy resellers to make money.