In 2016, I resigned from the 5th largest payment processor in the country. I left the industry without any intention of ever operating in sales or in the payment processing industry. The primary reason for me leaving the job that I had was because of a disagreement I had with my employer on how it handled the acquisition of a point-of-sale company and the service that wasn’t being provided to an entrepreneur that I was introduced to that wanted my help. When I think about the last 9 years I’ve been involved in the payments industry as an employee for one of the largest platforms in the world and as a consultant to hundreds of entrepreneurs, the one thing I think about is how complex the industry is and continues to be. This is the primary reason I believe every business owner should have a payments consultant, not just another sales agent or merchant services broker.
Why A Consultant, Not A Broker
When I talk with some people about my company PaySuite, they often compare us to independent insurance agents or multi-line insurance brokerages. I’ve always seen our role very differently from a broker and this is primarily because of the length we go to help our clients be successful beyond just providing them with a merchant account. In our view, while we provide many of our clients with a direct relationship with providers that allow us to set and manage the pricing and support for merchant services, we believe that we have a fiduciary responsibility to recommend the right products and services our clients need and this includes recommending providers like Stripe, PayPal, and Square or others in scenarios where it is in the best interest of the entrepreneurs we are serving. My view of being a merchant services broker is one of recommending only products and services that one is being compensated for even if they aren’t better for the entrepreneur. Not all brokers operate from this premise, but in my experience of being in the payment processing industry for almost a decade, not many payment processing professionals walk away from opportunities to make a sale when it isn’t in the business owner’s best interest.
The Benefit Of Having A Payment Consultant
The primary benefits of having a payments consultant or of having a payment consulting firm have to do with their understanding of the payments industry and the various methods of application that is relevant to your industry, and that they are committed to helping you do what is best for your business, not themselves or their employer. When you begin your search for a merchant services account, which is generally triggered by starting a new business or solving a problem with your existing provider, you will typically sign up for one online or you will talk with an employee that is hired to sell you a merchant account, whether their employer is the best for you or not. That’s what my role was when I worked for the 5th largest processor in the country, they never encouraged me to recommend other systems or providers that were possibly better for the merchant I was sitting in front of. In fact, the primary conversation I had with my sales leaders had to do with me being fired if I didn’t hit my quota.
Having the right payment consultant for your business will result in a number of improvements within your business operations in ways that far exceed just the fees you pay for merchant services. The right consultant will have the acumen to not only understand the different payment methods that can accelerate your cash flow and profit, but can help you accelerate your revenue by helping you innovate your products and services. This is the major difference between having a sales agent, a broker, and a payments consultant. It’s common for you to have very limited contact with a sales agent or broker beyond the sale as you generally get transitioned to the customer service number for the payment processor without much advocacy. With a payment consultant, you can have a relationship that can step in and help you as an entrepreneur to ensure your company’s mission and vision are aligned with your sales and revenue targets and the technology you need to get paid from your customers. Having a payments consultant, with the business acumen relevant to your industry and a set of values that puts you first, can position your company to maximize profitability, optimize employee productivity, and supercharge your business operations.
Our mission is to help entrepreneurs build better lives and businesses. If you’re an entrepreneur that wants to have a relationship that is dedicated to your personal and professional success, we’d love to serve you. If I can answer any questions about payments, technology, or growing your revenue, don’t hesitate to reach out.