How to Earn Repeat Business
Earning new clients is one of the top goals for any ISO. However, retaining your existing clients is just as important. Setting up a good relationship with merchants can be an extremely useful investment.
What are the best ways to earn repeat business? What are the main obstacles standing in your way?
This article takes a quick look at the ins and outs of building a lasting connection with your merchants.
Why ISOs Struggle to Earn Repeat Businesses
Staying attuned to your clients’ needs is one of the key parts of making successful deals. There are many different ways that working capital can help merchants achieve their goals. But why do people need a cash advance in the first place?
Many of your clients require funding due to an emergency.
A timely cash advance in urgent situations is one of the most important services you can provide. It isn’t surprising that your client expects to close a deal with you. But once their urgent situation is dealt with, why should they require your services?
It is easy to see why this makes repeat deals a challenge for ISOs. However, it is possible to form a lasting business relationship with your merchants.
To increase your referrals and get more recurring deals, you need to rethink your strategy. What can you do to retain your clients’ interest? How do you find ways to offer working capital outside of emergencies?
Education is the Best Way to Keep Your Clients
It is up to you to give your merchants the information they need. This is the only way to achieve recurring business. It is also the only way your client can become a source of referrals.
Do you have a detailed and accessible explanation of your services?It would be easy to convert information about your ISO into an e-book or an online guide. You should also consider hosting events such as seminars/webinars.
Becoming an educator is a good way to draw attention to your business. Most importantly, your clients and partners will increase your referrals.
Your merchants might not have any motivation to discuss your services with others.However, providing educational material will change that.
It is much more convenient for your clients to share an eBook than to discuss an ISO in their own words. Your clients will also feel more comfortable with spreading awareness of events you might be hosting. This will get your ISO services talked about on social networks.
How to Connect with Your Clients
Becoming a source of valuable information is the best way to earn repeat business. But what kind of information do your merchants need?
It is your job to highlight the situations where merchants might need a cash advance. It is important to be specific. Thus, your clients will keep your services in mind as a contingency.
There are many reasons your client may return to you for further funding. Here are some scenarios you should cover in your educational material:
- Offer Support for New Ideas Your merchants all want to stay afloat in a rapidly changing world. Creativity and daring are more important than ever.But a good idea isn’t always sufficient. You can provide the working capital your clients need in order to try new approaches.In the business world, the most important deals are all time-sensitive. Your fast approval rates are a significant part of the service you provide. When your clients decide to make use of a sudden offer or implement an immediate change, they will turn to your ISO.
- Pinpoint New Ideas of Your OwnThere is another significant service you can provide.If you operate within a specific niche, it is very important to stay aware of changes in your field. Your clients might not have the means or abilities to keep up with the new demands of their industry.You can point out specific ways your clients can explore changing and expanding their business. For example, talk about new technology that will make their work easier. Since getting new equipment requires a considerable investment, your clients could turn to you for funding once again.
- Urgent Funding in Case of Emergencies or DeathThe death of a business partner or employee can cause sudden and drastic changes. Merchants need to prepare for this possibility. Deaths in the family can also take a toll on their business.Getting a cash advance can do a lot to smooth over any disruptions and make up for extra costs.You should also point out that your ISO can provide emergency funding in case of natural disasters, thefts and fires. After all, insurance companies work very slowly.Thus, you can inform merchants that you can make rapid recovery possible for them. If your client’s business has been affected by a natural disaster, you can reach out to them. It can be very useful to simply remind former clients of your services.
- Talk about Seasonal DipsSeasonality affects most businesses. But the specifics vary from client to client.It is helpful to research the seasonal ups and downs your clients may encounter. Help them predict and prepare for seasonal dips. Many merchants find it difficult or even impossible to stay afloat when their business plummets.Your ISO can help your clients to bridge over the dips. In fact, this is a service you can provide every year. It can easily become a part of your merchant’s long-term business plan.
- Discuss TaxesPaying taxes can be challenging for small businesses.Make sure to include comprehensive information about the way you can support your clients. You can help pay off a taxlien, for example. Like seasonal dips, taxes can motivate your clients to return every year.
- Prepare Your Clients for the Boom TimesYour merchant can have cash flow problems for many different reasons. In some cases, this issue comes from getting a boost to their business.Some businesses can’t keep up with new commissions, new demands or increased attention from their clients. They may need a cash advance to make the best use of their momentary advantage.
A Final Word
Building a relationship with your clients is extremely important. It is worth investing time and effort into keeping in touch with the merchants who have used your services before.
If you pay attention, you can spot situations where a cash advance would be welcome. When this happens, you can simply compose an email that outlines your offers.
Remember that merchants aren’t aware of all the ways a cash advance can be helpful. Providing detailed information is the best way to build a relationship and spread awareness about your offering.