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Check Processing & Payments Information

Who Said He Robbed Banks "Because That's Where the Money Is"?

Posted by Todd Little | Thu, Sep 26, 2013 @ 12:00 PM

Willie SuttonSometimes, the most obvious thing to do is staring you right in the face, and yet it doesn’t seem so obvious. For example, everyone knows that the bank robber Willie Sutton said when asked why he robbed banks, “Because that’s where the money is!”

However, it turns out that Willie didn’t really say it. He said that this comment was made up by a reporter who was interviewing him because it made good copy. The real reason Willie Sutton robbed banks (over a hundred, during a forty-year criminal career, to the tune of $2 million 1920-1950 era dollars) was that he enjoyed it. He did say, “I was more alive when I was inside a bank, robbing it than at any other time in my life!” It’s nice to see a person who loves his job!

So Willie is famous for something he never said. There is even a rule in management accounting, called Activity Based Costing, which says that costs should be applied “where the money is.” It is called the “Willy Sutton Rule of Accounting.” 

Willie SuttonWe think Willie “The Actor” Sutton should be remembered for one of his real comments: “You can’t rob a bank on charm and personality.” That comment applies to selling payment processing too!

Now what does this have to do with being an ISO payments professional?

Well, first of all, you should love your job. It should be a fun job because you can really help people and get paid for it. The merchant expects you to be an expert in payments and to know enough about his or her business to offer just the right solutions to minimize costs and maximize efficiency. 

Secondly, you should “go where the money is” when you are thinking about which products your merchant can really benefit from using. Don’t offer merchants products that they can’t use, and do offer merchants products that will help them increase revenue.

A good example is selling check guarantee. There are about a dozen merchant categories where the merchant absolutely has to have a check guarantee option. This is where the consumer is tendering payment at the point of sale and it is a high dollar payment, in the hundreds or thousands, or even tens of thousands of dollars. The merchant needs to absolutely, positively make the sale at that precise moment, or the consumer will leave and never come back. 

A few examples of these must-have categories: Auto dealers (50K+ new car dealers), auto aftermarket, building materials (90K + merchants), home furnishings (65K+ retailers), medical, dental, and veterinarians too. Don't stop there, though. Each of these target markets has equally fruitful subsets like auto aftermarket has auto parts and accessories (58K+ merchants), tire shops (20K+ merchants) muffler shops, repair shops, and much more. Further, building materials have flooring, landscaping, cement, the trades, and on and on. Speaking of bank robbers, funeral homes are another must-have target.

If you are calling on merchants in these categories, offer them a check guarantee solution. Just ask, “Are you using a check guarantee company today?” and, "Would it be helpful to offer a risk-free payment option to consumers that increase sales?" There are only a few companies in the check guarantee business, and you can sell CrossCheck, which has fewer declines and approves more high-dollar checks than anyone else. You are doing the right thing for your merchant, and you are making a residual too that can be very lucrative. 

So, if you want to make a potentially large lifetime residual selling check guarantee, ask yourself one thing: Where is the money? Then... Go Where The Money Is! Talk check guarantee with car dealers, auto aftermarket merchants, vets, funeral homes, and building supply dealers. You will dramatically increase your odds of success when you do this because you are. let's try this a different way. fishing where the fish are! Still not sure? Download our ISOs Insider's Guide below and we'll show you where the fish are biting. ISOs Insider's Guide

Topics: Independent Sales Organization (ISO)

Written by Todd Little