- Aug 10, 2023
- Five minutes read
Sales growth for ISOs and agents: 4 key factors to consider when choosing a payments partner
With the right partner by their side, independent sales organizations (ISOs) and agents can make sure they have a wide range of services at their disposal to meet their specific business goals.
From maximizing sales to diversifying revenue streams, payment partners can help ISOs and agents drive real benefits. But what does the right payments provider look like, and what do they offer?
Working with a partner that can provide the most value while taking the merchant portfolio to the next level is key to driving sales growth in an ever-changing payments landscape. Particularly as more merchants actively seek to meet consumer demands around convenience and speed in-store and online. Here we share four factors that ISOs and agents should consider when deciding to partner with a payments partner.
1. A streamlined sales process
Each payment processor offers a different suite of products, eligibility requirements, tools, and onboarding procedures designed to support merchants across various sectors.
With several different relationships in play, sales representatives may find themselves spread too thin, which could hamper the effectiveness of their sales processes and approaches to customer service. Not only will they have to learn the various product offerings of each brand and keep them front of mind when speaking to merchants, but they’ll also have to keep abreast of any changes as they arise. With payment processors continually adapting to keep up with a dynamic market, having multiple programs to offer requires more resources, more training, and more time-intensive administrative tasks.
By contrast, a full-service payments relationship streamlines the process. Resulting in less time spent on administrative tasks and acquiring product knowledge to instead focus on valuable and effective selling practices. This means ISOs and agents can prioritize selling practices that optimize their sales funnel and boost revenue while nourishing relationships with merchants.
2. In within days: accelerated acceptance rates
The right payment processing partner should have relationships with a broad range of sponsor banks, giving ISOs and agents more opportunities to sign or acquire merchants of all shapes, sizes, and risk levels, complemented by the speed of acceptance. As a result, ISOs and agents will be better placed to accommodate these different business types from a full-service provider, which often leads to improved approval rates. Even if the merchant is typically perceived as having higher risk, a partner that offers expertise in risk management and assessment can provide a consultative approach to finding custom programs that are tailored to the marketplace.
Over the past 20 years, Paysafe has developed relationships with five sponsorship banks for traditional businesses, as well as relationships tailored specifically for higher risk and highly specialized businesses. This allows us to cater to merchants in industries ranging from traditional brick-and-mortar retail, restaurants, and eCommerce to more specialized industries such as subscription, direct selling, petroleum, and iGaming.
3. Specialized expertise and support
With experience in a broad range of industries, a full-service payments provider can offer specialized products and tools, expertise, and tailored advice.
Value-added services such as live training on demand, assistance with sales teams, and expert guidance on future-proofing payments infrastructure are additional benefits that ISOs and agents have access to when partnering with a single full-service. With this level of dedicated support, partners can offer their customers more value and feel empowered to approach merchants they wouldn’t be able to service otherwise.
At Paysafe, for instance, these value-added services also include custom product bundles for small and midsize businesses, same-day funding, and cash discount programs that promote cash payments as an alternative to credit cards, reducing merchant processing fees. All with the aim of maximizing the revenue potential of every merchant account that our ISO and Agent partners manage, as well as enhancing the customer experience and streamlining operations.
4. Better delivery and more satisfied customers
As enhancements in checkout technology become more accessible to merchants, many small businesses both understand the value of the developments and are actively putting them to use. In a study commissioned by Paysafe surveying over 200 U.S. brick-and-mortar businesses, 70% of respondents say it’s a priority for them to integrate new payments technology to enhance customers’ experiences, and 69% agree that they’d like to reduce the time their customers spend to complete a purchase. In the same study, we learned that the most sought-after enhancements ranged from payment terminals that enable contactless payments, or tap to pay, via a mobile device or contactless chip card to the availability of actionable customer insights.
With more merchants asking for payment solutions that enable them to reach their customers’ payment preferences, partnering with a full-service payments provider can help ISOs and agents deliver more value efficiently. An experienced payments partner will have a larger product suite and specialized tools. This means ISOs and agents can deliver on all a merchant’s requirements — whether these are for fixed points-of-sale or a comprehensive e-commerce solution — without having to make separate arrangements with different processors.
More importantly, a full-service provider is more likely to have access to industry-leading products and the know-how to implement them cost-effectively. The right payment provider can help ISOs and agents explore new technologies and products, provide the guidance they need to offer a better service, and ultimately help them unlock exciting new opportunities to take their business to the next level.
Our 20 years of experience working with businesses of all shapes and sizes means we're a partner you can trust. At Paysafe, Everybody Has a Somebody. Learn more about Paysafe’s partnership programs for ISOs and agents.