The business of selling electronic payment services to merchants is highly competitive, and requires a great deal of technical aptitude. This industry is known for its high attrition rate, and an ever changing set of products and rules. These challenges can also make for a fun, positive environment for sales experts. However, when these challenges become burdens, it’s generally time to look for a more balanced environment.
“Agents have many companies to choose from in this industry, and it can be difficult to know what lies underneath the surface when checking out new options,” said Michael Gavin, Cayan's senior vice president of sales. “While it’s not always easy to size a company up from the outside, there are a few clues to look for such as attrition rates, value-added touches, the depth of training provided and how closely products have evolved with the market.”

A winning formula for success

Many experts believe that the merchant services sales market is oversaturated. Yet, it’s also an industry full of many successful sales agents who’ve mastered its nuances. These experts are the professionals many merchants seek advice from advice about point of sale products or the best over-the-counter/online purchasing model. Of course, this kind of success is also indicative how invested agents are in current payment technologies, as well as the industry’s compliance and security requirements. An agent should always have access to this information through regular corporate POS trainings and hands-on mentorship from sales leaders within their company.
Another important ingredient is the attention an agent gives to developing strong relationships with customers. A consultative approach has helped certain agents differentiate themselves from the rest of the busy marketplace, because they resolve merchants’ current POS problems and anticipate future needs.
“Many agents in the industry rush on-boarding and then move over to the next sale without looking back, but we purposefully teach agents to take the time to build trust with new merchants to ensure they are viewed as an ally throughout the relationship,” added Gavin. “This is Cayan’s way of helping a sales agent overcome the tainted reputation some agents leave behind in the industry and build a relationship that carries a merchant through multiple product cycles.”
According to Gavin, a company that understands the challenges a payment agent faces every day in the marketplace, and takes the necessary steps to guide them past all the typical market barriers, is a company that’ll retain successful agents. Because it’s no longer good enough for a company to just offer best of breed solutions, Gavin says avoiding merchant turnover inevitably comes down to how committed a company is to the best interests of its salesforce and the merchants they represent.
In today’s changing payments environment, this isn’t an easy order to fill, but we have a strong formula. Our agent channel has found success by assuring every sales person has the tools, knowledge and skills to identify and accommodate each merchant’s unique POS needs. In addition, our agents are apprised of changes within the industry, ensuring they can offer every possible method of improving the POS experience and the ability to address current compliance and liability regulations.
Did we mention the importance of adding more value to the deal to help a merchant understand there’s more to a processing relationship than lowering basis points? Our expansive product offerings, customer service model and innovative approach to integrated payment technology create one of the most viable combinations in the market today for agents new and old. It’s a winning package to offer merchants both the quality and quantity they desire, as well as the assurance of a fair deal that’ll generate increased profits and new customers. It doesn’t get any better than this.

​​When Challenges Create Opportunities

Put the Genius of Cayan to work for your business.