Climate: SWOT (Strength, Weakness, Opportunity and Threat)
Agents servicing the Tailors and Seamstress vertical market
are dealing with an industry whose primary strength as a processing
opportunity lies in the convenience factor inherent in accepting
payments via credit cards and in the increase of add-on sales as cash
in hand isn’t a limiting factor. Historically, business
owners within this vertical market have discouraged the use of credit
cards by customers. Today, the payment climate reflects a
willingness for businesses to promote towards payment processing.
Many business owners who do not accept card payments cite two
key concerns regarding card payments in general: fear of
excessive equipment costs and start up fees and do not believe sales
will increase, rather their cash paying customers will become credit
card using customers thus incurring fees. Although these are
by no means the only concerns mentioned, they are heard often enough
throughout this vertical market regarding payment processing that you
should take pains to address early in your conversation.
For businesses who are not actively searching to make a change
from their current payment processing provider one very common concern
in this vertical market is that they have met with other
companies who often failed to provide the service levels that were
Opportunities for the agent are (Monetary) equipment purchases
and upgrades, (Referral Base) decision makers for the business tend to
value an agents specialization in their type of business, and
(Portfolio Value) typically does not require as much due diligence and
support as other vertical markets; thus a low maintenance account.
The greatest challenges when approaching businesses within the
Tailors and Seamstress market are gaining initial interest, pricing
concerns such as ‘rates’ and ‘transaction fees’ and gatekeepers which
are extremely effective at screening sales professionals.