ISOs in the payment services industry are under the gun to find new ways to boost their sales, as technological advancements are crowding out traditional approaches. Vertical markets offer an excellent opportunity to make the most of your sales potential, allowing you to establish yourself in a well-defined, specific area. This helps you build a dominating presence in a single niche rather than spreading yourself too thin across multiple markets.

One excellent example of a vertical market for payment providers is the healthcare industry. Clinics, hospitals, primary care physicians and medical specialists are constantly handling payments from patients and insurance companies. People will always be in need of healthcare services, regardless of whether the economy is in an upturn or a downturn. It is a vertical ripe with opportunity. Building supply is another example -- like healthcare providers, construction companies have to manage multiple payment streams, and they tend to be busy regardless of economic conditions.

Establishing Your Presence Within a Vertical

In the check services industry, getting into vertical markets is easy if you have a plan. Look at it as a multi-step process:

1. Choose your vertical. Some of the factors you'll want to look at when considering specific vertical markets include average annual sales volumes, growth potential, and whether technology holds the potential to create greater opportunities. Also, consider whether businesses in the market tend to purchase high volumes of less-expensive items, or low volumes of expensive items.

2. Do your research. Hit the books in regards to the vertical, keeping in mind that it will take time to truly become an expert.

3. Be a "joiner." Networking is key. Attend trade organization meetings, participate in professional associations and read trade publications. Get to know the jargon and lingo unique to the vertical; this will inspire confidence in potential clients.

4. Collect referrals. Being a "joiner" will make it easier for you to get referrals to prospective clients from existing ones. Either way, working within a single vertical makes gathering referrals natural and effortless.

5. Form a plan. When you're ready to enter the vertical, create attainable, realistic sales goals and ramp them up over time as you phase into your new situation.

6. Position yourself as the solution. One of the most valuable things you can do is position your products and services as the solution to ongoing problems faced by people who work in your target vertical. The longer you work in a particular vertical, the easier it will become to identify these opportunities.

If you are ready to learn more about becoming a reseller and positioning yourself for sustained success through vertical marketing, contact me about the check services agent program at CrossCheck.