{"id":11591,"date":"2019-11-04T13:55:09","date_gmt":"2019-11-04T13:55:09","guid":{"rendered":"http:\/\/www.evopayments.us\/staging\/?p=11591"},"modified":"2021-12-14T12:57:00","modified_gmt":"2021-12-14T17:57:00","slug":"show-me-the-money-how-to-increase-profitability-in-your-business","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/show-me-the-money-how-to-increase-profitability-in-your-business\/","title":{"rendered":"Show Me the Money: How to Increase Profitability in Your Business"},"content":{"rendered":"\n

\n\nThe number one goal of any business is to drive sales, and as a result, increase profitability. It\u2019s not about how much you make, but how much you can keep at the end. Easier said than done, right? Everyone is looking for the slightest of advantages to gain prospects\u2019 trust and business. According to newvoicemedia.com<\/a>, \u201cAfter one negative experience, fifty-one percent of customers will never do business with that company again.\u201d We take a look at six ways to increase profitability and your bottom line.<\/p>\n\n\n\n

Establish Your Position as a Trusted Advisor<\/strong><\/h2>\n\n\n\n

Trust is the most important factor in business decisions. Merchants want to work with resellers who have their best interests in mind and have faith that their products and services will create revenue. Edelman\u2019s 2018 Trust Barometer<\/a> states \u201cFifty-six percent of companies that only think about themselves and their profits are bound to fail.\u201d Work with your merchants to understand their needs and help guide them in fulfilling them.<\/p>\n\n\n\n

With a growing focus on EMV and mobile transaction processing as a means of boosting payment security nationwide, the ability of a value-added reseller to highlight how they can help merchants navigate the new security atmosphere<\/a> is crucial. <\/p>\n\n\n\n

Provide Value-Added Services<\/strong><\/h3>\n\n\n\n

The more services you can provide, the more valuable your business becomes. Installation and setup, as well as on-site support services, are two items that can be added. Having the capability to have 24\/7 customer support is also especially helpful in the hospitality industry. Another value-added service is the ability to create HaaS and SaaS bundles.<\/p>\n\n\n\n

POS resellers who don\u2019t head into the market are doing themselves a disservice and losing market share. According to Cisco\u2019s Global Cloud Index<\/a>, \u201c59% of all cloud workflows will be delivered by SaaS by the end of 2018.\u201d That number is expected rise as we approach 2020. Hardware as a Service, Software as a Service, combined with your payment processing company, provide an all-encompassing product for your merchant.<\/p>\n\n\n\n

In addition to Haas and SaaS bundles, value-added resellers should also add cloud-based reporting and wireless solutions<\/a> to the services offered for merchants. For those hard-to-wire merchants who always take cash, wireless solutions can allow them to sell more, be EMV compliant, and prevent costly chargebacks. Cloud-based reporting gives your merchant remote access to sales reporting and price management tools.<\/p>\n\n\n\n

Diversify Your Network<\/strong><\/h3>\n\n\n\n

The old adage \u201cdon\u2019t put all your eggs in one basket\u201d applies to resellers too. Expanding and diversifying your portfolio<\/a> can be simple and financially rewarding. Think about the customers you serve. If you are a reseller for merchants who utilize mobile solutions, then think about merchants who may have a similar need. Home-based services, delivery services, parking and valets, mobile food services, and events\/festivals\/flea markets, all accept payments on the go. According to Inc.com, \u201cThe top two keys to being successful in diversification are to adapt and find related products.\u201d In this case, adapt and find related customers.<\/p>\n\n\n\n

All mobile POS systems offer features such as processing, employee scheduling, sales tracking, inventory management, and vehicle management that can all be intertwined. With new merchants popping up every day, POS resellers need to constantly be on their toes, not just acquiring new business, but keeping it as well. Get out and meet people, build a reputation, and be a resource.<\/p>\n\n\n\n

Overcome Objections<\/strong><\/h3>\n\n\n\n

If you keep hearing the word \u201cno\u201d after your sales pitches, you aren\u2019t going to win. Overcoming those objections and reversing those no\u2019s into yes\u2019s is key. In an article by WebStragies Inc.<\/a>, \u201cWhen buyers have a few objections and you can satisfy them, your success rate is 64%.\u201d Whether it\u2019s a question about the price, a products features, or even the fear of change or a prior bad experience, don\u2019t let their demeanor change your sales focus. By responding effectively, listening, asking questions, and responding and resolving the issue you can win over the merchant.<\/p>\n\n\n\n

Create Customer Loyalty<\/strong><\/h3>\n\n\n\n

Customer loyalty<\/a> is defined as, \u201ca buyer\u2019s preference for doing business with a particular business establishment. Nothing is more valuable than a satisfied and loyal customer. In an article published by Harvard Business School<\/a>, \u201cAcquiring new customers can cost five times more than satisfying and retaining current customers.\u201d A loyal customer\u2019s value is irreplaceable. Create memorable experiences. Build relationships with your merchants and get to know them beyond their storefront or business.<\/p>\n\n\n\n

Lastly, reward the merchants who do frequent business with you by giving them financial incentives or gift cards. By creating a referral program, you establish merchant \u201cstickiness\u201d and loyalty. According to the Huffington Post<\/a>, \u201cCompanies see up to an 80 percent rate of closings when the sales come from a strong customer referral and makes the company money. The best form of marketing and advertising is word of mouth from your clients.<\/p>\n\n\n\n

Make Marketing a Priority<\/strong><\/h3>\n\n\n\n

The products and services you offer are the heart and soul of your business. Now it\u2019s time to increase your brand awareness on a digital stage. In our Reseller Edge newsletter, we\u2019ve covered content marketing<\/a>, email marketing<\/a>, and social media strategies<\/a> over the past several months, with this edition highlighting video marketing. Why such an emphasis? Successful marketing campaigns equal time and money spent at your establishment. Establish yourselves as experts in your industry and extend that to your online reputation.<\/p>\n\n\n\n

Share your personal story, product news, behind-the-scenes videos, customer reviews, and more on social media. Don\u2019t forget to include a call to action, or CTA, that links to your website or a specific product. The best marketers are loyal customers. Keep on providing after your initial sale<\/a>. Keep your merchants coming back and engaged by adding them to a text message, email, or newsletter list for updates, new product launches, special sales, or other offers.<\/p>\n\n\n\n

The reselling war doesn\u2019t have to be an uphill battle. By establishing yourself as a trusted advisor, providing value-added services, diversifying your network, overcoming objections, and creating customer loyalty and making marketing a priority, you can increase your profit margins and create a path to victory and success. <\/p>\n\n\n\n

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Connect with Us<\/h3>\n

With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n

Contact Us<\/a><\/div>\n <\/div> \n <\/div> \n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

The number one goal of any business is to drive sales, and as a result, increase profitability. It\u2019s not about how much you make, but how much you can keep at the end. Easier said than done, right? Everyone is looking for the slightest of advantages to gain prospects\u2019 trust and business. According to newvoicemedia.com, \u201cAfter […]<\/p>\n","protected":false},"author":2,"featured_media":17957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":4,"_editorskit_typography_data":[],"_editorskit_blocks_typography":"","_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_mi_skip_tracking":false},"categories":[460],"tags":[144,435],"acf":[],"yoast_head":"\nShow Me the Money: How to Increase Profitability in Your Business - EVO Payments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.evopayments.us\/staging\/show-me-the-money-how-to-increase-profitability-in-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Show Me the Money: How to Increase Profitability in Your Business - EVO Payments\" \/>\n<meta property=\"og:description\" content=\"The number one goal of any business is to drive sales, and as a result, increase profitability. 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