Growing an ISO is hard work that requires a commitment to constantly improving the sales process. Field Guide has worked with ISOs on this process for seventeen years. We’ve developed these ten commandments for growing your ISO’s sales function.
- I will constantly update my sources and methods of obtaining leads if below 5% monthly closing rate of total leads received.
- I will implement a process for qualifying the leads and setting appointments (physical, virtual, telephonic, chat, etc).
- I will offer a significant value proposition with marketing materials, graphics, presentations, scripts, etc. And refresh the value proposition over time.
- I will have an accurate and fast process of analyzing merchant’s statements and proposing “meet or beat” pricing.
- I will have a plan to recruit and hire an expanded sales team (W-2, 1099, referral partner, etc) and sales support staff.
- I will provide training for the sales team on our value proposition, sales tools, closing methods, and ethical guidelines. And I will treat the sales team as the valuable asset to my business that they are.
- I will have a CRM for managing leads, prospects, salespeople, agents, workflows, and all aspects of the sales process.
- I will have expanded website access for partners (salespeople, agents, referral partners, etc) for CRM, sales materials, training, etc.
- I will have a process for 100% sales fulfillment to hand-hold the new merchant through onboarding, start-up, and full processing.
- I will have a merchant retention program and trained staff to reduce the loss of merchant relationships due to competition, pricing, and other circumstances.
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