I feel about RetailNOW the way a little kid feels about Christmas. I look forward to it all year long, and I’m always thrilled to discover some unexpected gifts. One difference between RetailNOW and Christmas (besides the whole guy-in-a-red-suit thing) is the kiddos aren’t allowed to peek at the presents while we adults are free to get advance notice on what’s going to happen at the RSPA’s annual show.
At RetailNOW 2017, scheduled for Aug. 6-9 at Paris Las Vegas, one of my Vantiv colleagues will be hosting a reseller-focused education session on increasing sales. Expert sales trainer Paul Kirk will share real-world sales strategies and tactics during his talk “How to Make Payments Pay Off” on Aug. 9 at 9:30 AM.
Paul and I have been talking for a few weeks about his presentation, and he was gracious to share his notes and slides with me so you could see highlights of his talk in advance of the show. Paul has eight years of experience in integrated payments, including selling to merchants and training salespeople in the POS channel.
Focus Your Payment Relationships
Paul recommends that resellers select one or two primary processors plus one niche processor for one-off deals. This will enable you to fully leverage those partnerships in order to maximize your revenue and profit potential. Your payments provider relationships should extend beyond your residual checks. Resellers who effectively engage with their primary processor are able to provide additional services, improve the merchant experience, and decrease operational overhead.
Create A Payments Strategy
Paul says it’s easy for resellers to allow their processor partnerships to backslide into transactional relationships. The most profitable resellers take time to create a strategy with their payments partners. Before hitting the streets to sell payments, they first identify how to best position payments as a value-added feature of their POS solution. Paul says an effective payments strategy answers these questions:
- What do my merchants need?
- How does this enhance my POS offering?
- How will I grow?
- What range of solutions does my payment processor offer?
- What value do they bring?
Crucial Questions To Help You Sell Integrated Payments
Paul will detail techniques that enable resellers to sell beyond the POS system. He recommends asking these open-ended questions to identify your merchants’ needs regarding credit card acceptance:
- How are you currently set up to take credit cards?
- How much time do you spend reconciling transactions?
- How do you secure your customers’ card numbers?
You can see how these questions could help you discover an opportunity to provide the merchant with a payments upgrade that will save them time and increase their security. Paul’s technique is far more effective (and more profitable for you) than simply talking rates with the merchant.
Reading those highlights from Paul’s presentation took you fewer than 10 minutes, right? At RetailNOW, Paul will have a full hour plus 15 minutes to dive into the details of this important topic and answer your questions. It’s not every day you have the chance to engage with a channel sales expert – please take advantage of this opportunity at RetailNOW 2017.
And here are four more education sessions Vantiv will participate in at RetailNOW 2017:
- Matt Downs, one of the sharpest minds in the payments channel, will present “How You Can Weather the Consolidation Storm.” (Aug. 8, 8:00 AM)
- Matt Ozvat, who heads up developer integrations at Vantiv, is a panelist for the discussion “The Next Generation in Payments: Properly Preparing for the Future,” along with Jeremy Julian, the COO at VAR/ISV CBS Northstar, and Mike Wior, CEO at restaurant app developer Omnivore. (Aug. 9, 9:30 AM)
- I’m moderating a panel titled “Stories from the Cloud: Selling to SMB Merchants” (Aug. 8, 8:00 AM) that features executives from ISVs Vend, Touch Bistro, and Xero, and from reseller Magnolia Innovative Solutions …
- … plus I’m presenting “18 Ways Leading POS Resellers Provide Superior Value,” (Aug. 9, 8:00 AM) which is based on my engagements with our industry’s top solution providers.
Also, it gives me great pleasure to announce that Vantiv’s PaymentsEdge Advisory Services will be hosting RetailNOW Live! on the show floor at this year’s event. RetailNOW Live! will feature in-depth, 1-on-1 interviews with industry-leading resellers and ISV executives. My guests will weave personal stories, business lessons, and best practices into topics such as company culture, customer service, team-building and much more. You can watch the interviews live via social media or at the Vantiv booth #509. Here's our esteemed lineup:
Monday, Aug. 7
6:00 PM: Jeremy Julian, COO, CBS Northstar – Get Better Every Day/Self-Improvement Techniques
6:30 PM: Arthur Rosenbaum, President, NHCR – Keeping Customers for Life
Tuesday, Aug. 8
4:00 PM: Lance Bell, President and CEO, POS Partners – Living and Managing by Principles
4:30 PM: Brett Bennett, CEO, POSitive Technology/OpSuite – Balancing Growth: A Growing Business and a Growing Family
5:00 PM: John Giles, President and Co-Owner, Future POS – Building a State-of-the-Art Company Culture
5:30 PM: Stephen Enfield, President and CEO, POS Supply Solutions – You’re Only as Good as Your People