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Check Processing & Payments Information

ISOs: Talking the Talk for Check Processing Services

Posted by Todd Little | Fri, Aug 23, 2013 @ 02:00 PM

As the National Sales Trainer for a check processing provider, I talk a lot. I talk for a living. I’m constantly talking to sales agents about how to sell payments services, how to get to the decision maker, what it takes to make a sale happen and how check services are still a necessary part of your portfolio. Checks, you ask, really? Absolutely! Over 20 billion checks are written each year for over 30 trillion dollars. If you claim to be a full-service payment provider, you need to be talking about checks, too.

Whether you’re an ISO, MLS, banker or equipment manufacturer, if you’re not talking about check services to your merchants and customers, you’re missing out on several opportunities. For example:

If you’re not talking about checks … you’re not a full service consultant. An important part of the payment mix includes checks, especially in target markets such as auto repair, medical and home furnishings. Checks may be the Rodney Dangerfield of payments these days, but your merchants’ customers still write them and merchants need to accept them or they’re missing out on business. According to the Federal Reserve over 90 percent of US adult consumers have a checking account. Only about 70 percent have credit cards according to the same study. Being knowledgeable about check services, what they are and what they do, can make you more of an expert to your merchants.

If you’re not talking about checks … you’re not using all of your sales tools. Can you imagine being on the tee box and using a putter to drive? Having the right tools in your bag is the best way to succeed in our very competitive payment industry. Sure, not all merchants want a check guarantee or conversion service, but if they do, don’t you want to be able to provide it to them? 

If you’re not talking about checks … you’re not differentiating yourself from your competition. Set yourself apart from the competition by having unique, industry-specific programs. Checks services can help you do that. Think about how a car dealer or auto repair business could benefit from a remote deposit capture service with Future Deposit (hold checks) built right in. Or how about a Stop Payment program for veterinarians? (Seriously, it’s a problem!) Special, specific check programs could be the deal breaker and they help you stand out from the rest of the pack.

If you’re not talking about checks … you’re missing opportunities to increase sales for you and your merchants. Help your merchants increase sales and you’ll have more sales, too. Customers write checks when they don’t have cash in their pocket, when they’ve maxed out the credit card, when they fail the credit check, when the purchase exceeds their debit card limit or when pay day is down the road. Businesses, too, love to write checks as they provide an easily tracked record of the expense. Check guarantee and check verification services provide the protection merchants need against returned checks for pennies on the dollar, less than credit card fees. If merchants are turning down checks they’re missing sales and losing money. Same goes for you.

Bottom line: If you’re not talking about checks… you’re leaving money on the table! Check processing is a complementary service to credit card processing, equipment, gift cards, and POS systems. You’ve already done the hard part. Add on check approval services and you’ll see a bump in revenue each month as well as increased merchant retention. Work with a company that provides on-going, lifetime residuals and your check service add-on can build and build. Don’t miss out on that!

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Topics: Independent Sales Organization (ISO), Electronic Check Processing

Written by Todd Little