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Chapter 21 - A Business Plan Overview


Transitioning to the card payments industry is often a two-edged sword: potentially a financially rewarding endeavor, yet often difficult for the sales professional new to an unfamiliar industry. This program is designed to assist both new and seasoned veterans attain true financial success by employing a simple and effective sales process.

AN OVERVIEW OF THE 6 STEP SUCCESS PLAN

Now that you have a thorough foundation of the payment processing industry, it’s now time to plan HOW you are going to find success. And that takes planning - more precisely a business plan. An overview of one such plan is outlined in this section.

STEPS 1 THROUGH3 - EVALUATE, ANALYZE, IDENTITY

We will split the discussion into two equal sections. Our iProcess business plan is laid out into six steps. In this chapter we discuss steps 1 through 3, self-evaluation, industry analysis, and establish our business identity and personal brand.

STEPS 4 THROUGH6 - DOCUMENT, BROKER, IMPLEMENT

We will conclude our discussion of the iProcess 6 Step Success Plan by creating our written Business Plan Overview (Document), discuss how we can identify aagood processor to broker our services, and reveal our first action plan as a component of an implementation strategy.

“By failing to prepare, you are preparing to fail.”
-Benjamin Franklin

If you are planning to make a career change, and by doing so I mean diving into the world of payment processing, take a moment to catch your breath and let’s talk about things.

And as this is a one sided conversation, let me begin by saying - are you crazy?!

Now that I have that out of my system, lets look at things calmly and rationally.

First, there are many agents who have done very well for themselves over the years. The industry is flourishing, and new innovations are making their presence known all the time. Compared to the industry twenty plus years ago when I came on the scene, there seems to be so many opportunities the possibilities seem endless.

Yet remember, it is also a highly competitive industry dominated by large players in the market. There are several companies, namely First Data, First Data, Elavon and the like which hold key strategic relationships with large national retailers and banks. There are a host of smaller processors who have carved a large niche as well, servicing associations, government agencies, and of course, the vast market of small and midsize businesses.

Once you look past the large and mid size companies, there are a host of ISO organizations who resell the processing services of the larger organizations. As an aside, I have been in presentations where thirty companies were vying for a processing relationship, and by the time you identified who the sales people were representing, there may have actually only been three or four processors represented.

Sometimes it’s like several care dealerships all trying to sell the exact same make and model of car. Who will win?

As this is a numbers game, that’s easy enough to answer. The one with the best overall plan to close deals. The business that knows itself, knows it’s market, has that winning personal brand, who has developed and follows a winning process, has brokered the best deal with the manufacturer and has the attitude and drive to sell that ar more than the other guy…THEY will win the day.

Let me catch my breath. And did you see how I did that? I just introduced you to the iProcess 6 Step Success Plan for business development.

Let’s round this chapter out with a brief overview of each step.

Step 1 - Evaluate

This is the first thing to do, and no doubt ...

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