Independent Sales Organisations (ISOs) are thriving in an increasingly digital payment landscape, but as competition for market share intensifies, it’s not enough to just go with the flow.
It’s vital to get an edge if you’re looking to maximise growth in this competitive space, and we’re here to explore how to do just that. From expanding your toolkit to discovering untapped corners of the market, we’ll take you through some of the key strategies you can employ to improve your business model as an ISO.
Focus on Your Niche
If your portfolio is rich with merchants operating in a specific market segment, it’s crucial to get to know more about the industry your clients are in, so you can better service their needs. The demands of an independent coffee shop can differ significantly from those of a gambling firm. Understanding those differences and providing for them accordingly sets you apart from other ISOs. By establishing your brand as an expert within your space, you’ll not only improve your existing service but also attract new clients in that niche.
Enhance Your Customer Support
As an intermediary bridging the gap between merchants and Acquirers, ISOs provide businesses with convenience and peace of mind. Many merchants lack the knowledge or the resources to manage their own payment processing systems. That’s where you come in. By eliminating the barrier to entry, taking control of the onboarding process, and facilitating the merchant’s application on their behalf in a peer-to-peer exchange with the Acquirer, ISOs can offer invaluable support to their clients and let them focus their efforts elsewhere.
What’s more, building a relationship and offering a more personalised service – which is particularly valuable to small and medium-sized businesses – establishes you as a trusted provider and enhances your ability to sell further services to your client.
Provide Added-Value Services
There’s much more that ISOs can provide their clients beyond the initial onboarding with an Acquirer. Whether it’s analytics, sales and growth reporting, website support, social media management, or networking opportunities with industry contacts in their market segment, selling added-value services separates you from your competition and drives revenue growth.
Discover Underrepresented Markets
While it’s common for ISOs to target high-volume industries, they can be a highly competitive space to operate in. The payment ecosystem may be becoming increasingly cashless, but there are still markets ripe with underrepresented merchants ready to go digital. A single industry trade event for independent merchants represents dozens of potential clients, as do village high streets packed with smaller stores, cafes, and restaurants just waiting to be picked up.
How We Can Help
As the digital payment ecosystem becomes more complex and competitive, it’s essential for ISOs to evolve to not only survive but thrive in this ever-changing industry. By offering a greater quality and range of services, you’ll drive revenue growth from both new and existing clients.
If you’re already getting all you can out of being an Independent Sales Organisation, then becoming a Payment Facilitator (PayFac) can take you to the next level within the ecosystem. You can learn more about becoming a PayFac here.
AuthoriPay provides comprehensive licence application support and expert guidance for ISOs as they take their next steps in transitioning into a Payment Facilitator.
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