Many agents in the merchant services industry are running into more and more businesses who already have or want to purchase a point of sale systems....
How To Choose the Right Point of Sale System for Your Merchants
Merchant Sales Podcast · How To Choose The Right Point Of Sale System For Your Merchants Choosing the right point of sale system for your merchants is a big issue in our industry as we move toward technology. There are […]
Choosing the right point of sale system for your merchants is a big issue in our industry as we move toward technology. There are two different models which will help you make the right choice.
In the industry today the agents and ISOs are fairly evenly split between targeting certain verticals or targeting the whole range of business types.
Model #1 – Specific Verticals
Sales professionals who are targeting specific verticals have probably chosen two or three groups which are the easiest for them to reach. If you are one of those, up-front work to find the right ISVs for integration is essential.
You’ll bring distribution to the ISV. Thus, you can have a voice in the decision-making process. Developing such relationships is powerful.
Find an ISV well developed for your vertical. Get a demo. Odds are good that you’ll find one which has all the features needed for the mom and pop businesses you service.
Use Your Leverage.
Take advantage of the leverage you have if going after specific verticals. If you sell 5-15 businesses per month in a specific vertical, that’s a lot of businesses for the ISV. I guarantee there’s a software company which would love to partner with you.
Model #2 – Sell to Everyone.
Perhaps you prefer selling to all business types. If so, then you should learn to accept the trade-offs of platform solutions.
There are many platform solutions in the market. Some better-known ones are Clover, Poynt, and PaCS. Although Zuza isn’t a platform, they offer some good features. Zuza is a cheaper option which may be better for smaller businesses. Clover, and some of the others, may be more expensive, but they also offer more features.
These platforms are not designed for a particular vertical. I suggest you choose one, or two at most, with which to become thoroughly familiar. There’s a lot of cross-over within these platforms. Find one you like.
Lots of Work
You’ll need to invest a lot of work to help your merchants. Become an expert in the different apps and features available on your choice platform.
If you agree with me that the direction of our industry is integration with technology, I encourage you to spend time every day learning. We all know that the last hour of our day is usually the least productive, so use it for this.
Invest in a demo unit of the platform you choose. During the hour you set aside, play with it.
• Download apps.
• Look at features.
• Set up for various business types.
• Wipe clean and start over.
• Understand what it can and can’t do.
• Reach out to support.
Get to know the unit inside and out.
No platform will be ideal. You must learn to accept the trade-offs.
• “I would sell Poynt, but they do their own processing.”
So what? So does everyone else! If you are targeting one vertical and using one software provider, you might find “ideal.” But you can’t do that if you want to reach everyone.
• “I would sell Clover, but it’s locked into First Data.”
Find an ISO that offers First Data! Accept the trade-off.
• “I would sell Zuza, but it doesn’t have all the features I want.”
Find two solutions!
• “I don’t want to go ‘all-in’ on that platform. Then I’m stuck with it.”
To be successful in the industry, you must pick one and go all-in. Know what you’re talking about. Learn it inside and out!