ISOs can be an import resource—and asset—to restaurant merchants, helping them identify their problems, then selling solutions that solve them.
Every restaurant has their own set of problems or issues they struggle with…their “pain points.” Maybe it’s keeping up with the lunch time rush. Maybe they’re a food truck with limited space. Or maybe they simply want to increase sales. In order to sell them a solution, independent sales organizations (ISOs) must understand what these pain points are. And to understand the pain points, they must talk to their customers, identify their needs and difficulties, and then address them with a product that resolves their most troublesome issues.
To learn more about a merchant’s problems, engage them with probing questions. Maybe they need the capability to change or update their menu frequently, but don’t feel confident technically to make these changes themselves, and can’t afford to pay someone else to do it either. Perhaps they need all hands on deck in the kitchen during rush times instead of manning the cash register. Maybe they’re looking for ways to engage their customers more regularly. You’ll never know their needs—and how to address them—until you engage them in conversation.
Technological innovation is currently on a rapid upward trajectory in every industry, including integrated payment solutions. Fintech start-ups are constantly creating and bringing new and better options to the market at a rapid rate. However, a restaurant merchant’s business is food, not technology. Many merchants might not even recognize the problems they have, or realize there are easy and affordable solutions available to them. That makes ISOs and MLSs an invaluable resource. Not only can you help them understand their needs, you can help resolve them.
Now that you understand the merchant’s problems, you can propose a solution that eliminates their most common pain points. For example, if they want to update their menu regularly, you can propose a payment processing solution with a self-serve kiosk that allows easy updating and customization of the menu. If they’re concerned about building their brand, there are options that offer custom branding on self-order kiosks that take orders and payments. If they’d like to build customer loyalty, you might propose a mobile app with an integrated loyalty reward program. Whatever their problem is, there is a solution system to meet it, and now is the time to show your customer how they can take advantage of your expertise to harness the market-leveling power of technology for their business.
Many small to medium-sized merchants aren’t technologically adept, so an onboarding process is crucial to familiarize them with their new smart device and how to take advantage of all of its capabilities. Look for manufacturers of integrated smart terminal solutions that offer sales support, online tools, and customer service to make the onboarding process as easy as possible.
Follow up with the merchant to see if they have questions and are receiving the full benefits of the app. Hopefully, they are utilizing the full spectrum of solutions their system offers, but if not, now is the time to ensure they are maximizing the offerings of their payment system. Most merchants will see a return on their investment within two months. Studies show that within that time period, most systems pay for themselves due to increased tickets sales of 10 to 30 percent.
Once they are seeing and reaping the benefits of a smart system with options, they may not have even known were available, including increased sales and efficiency, they are happy customers. Now you can upsell new features or apps which will further help them improve their business. As a trusted resource and advisor, they will value your expertise and recommendations.
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