Saturday, August 27 2016
Most of you have seen first-hand how “sticky” POS merchants can be, and have enjoyed the benefits of this stickiness. However, this stickiness cuts both ways. A merchant that has already invested in a competitor’s POS system is just as sticky for them as our POS merchants are for us. We are pleased to announce a new VIP Account Program specifically targeting established, high-volume locations that already have a POS system. This is your opportunity to aggressively pursue and capture some of the most coveted merchants! You have three options to waive the merchant’s POS service fee: OPTION 1 – 6 months waived = POS bonus is reduced by 25% OPTION 2 – 1st year waived = POS bonus is reduced by 50% OPTION 3 – Initial 3-year term waived = POS bonus reduction TBD based on various factors. This option will only be considered for special enterprise-level merchants.
Merchant Qualifications: Merchant must be in business for more than 1 year, have prior processing statements, and have an existing POS system. Merchant must have at least $30,000/month in credit card processing volume. For some time now we have been touting the attractiveness of our Elite and Echo POS offerings. By now you are all familiar with the undeniable benefits that POS systems offer over traditional terminals: 1. Market Differentiation – Offering a full-featured POS system at an unbeatable price point helps to separate yourself from the competition 2. Higher Margins – Offering a best-in-class POS solution with no up-front costs permits you to retain otherwise declining credit card processing margins 3. Lower attrition – Over six years of data tell us that a POS portfolio will have closer to 7% attrition compared to a terminal portfolio that is 18% It is that lower attrition point I want to discuss a bit further. Most of you have seen first-hand how “sticky” POS merchants can be, and have enjoyed the benefits of this stickiness. However, this stickiness cuts both ways. A merchant that has already invested in a competitor’s POS system is just as sticky for them as our POS merchants are for us. It is very hard to displace a competitor’s POS system and this presents a challenge as we pursue new merchants. This is a situation we must overcome! As such, I am pleased to introduce our new VIP Account Program specifically targeting established, high-volume locations that already have a POS system:
It takes a major effort to sign a merchant that already has a POS system, and that is why we are going to such extraordinary lengths to make it possible for our valued sales partners. So how does a merchant qualify for this program?
This is your opportunity to aggressively pursue and capture some of the most coveted merchants – established, high volume accounts that were previously difficult to attain due to their existing POS system. So how can you capitalize on this initiative? We are empowering you to overcome the biggest sales barriers by providing a 60 day trial and waiving a significant portion of the POS service contract. You also now have the backing of VIP Sales Support and VIP onboarding, programming and service for the merchant. So what are some of the selling points for a prospective merchant? • Brand new, best-in-class POS hardware and software - Merchants with older POS systems are harder to support and they are often paying hefty service contracts to their POS reseller. Don’t underestimate the cost of those POS service contracts from our competitors, because they can be enormous! Not to mention that many merchants with older systems are now facing very expensive PCI and EMV upgrade costs. • Security - All of our Elite II and Echo POS Systems are shipped with end-to-end encryption compatible card readers. There are many breaches in the news, including the recently announced Micros breach. When something like that happens, it’s important to reassure customers as quickly as possible that they have a safe, secure method of processing credit cards. There is no higher standard than end-to-end encryption, and the Elite II and Echo family of POS systems are equipped with this capability. Additionally, Windows XP is the most common operating system running on older POS Systems. Microsoft no longer supports Windows XP, which means the software is becoming more outdated and vulnerable by the day. This can be a PCI risk if not properly managed. Some of our competitors are even using operating systems older than Windows XP. These are all good reasons why merchants with a competitor’s POS system, and especially Micros, should be considering an upgrade. The program we are providing above will almost assuredly SAVE them money, eliminate risk with the 60 day trial, and ensure the business is using the latest and greatest POS hardware and software. • Future-proof the business – With countless new features becoming available, such as mobile loyalty, mobile rewards, new third-party integrations, and more, it’s important to have the latest generation technology to support these advancements. Many of the older POS systems in place today are not easily upgradable to modern standards, while Elite and Echo are both designed to be supportable and upgradable for long-term operation. There is no greater account than an existing POS customer, especially one you can displace from the competition! This program helps you get there in a big way. Over the next few weeks we will be hosting webinars on how to be successful with our new VIP Account Program. We will also be dedicating a session to this exciting initiative at our Accelerate Conference in Las Vegas. I encourage all of our sales partners to get familiar with the benefits of this new program. There has never been a better time to pursue and capture POS business from your competition and we are here to help you in that important effort! Comments:
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