As you do year-end reviews and projections for the upcoming year, remember this and you’ll be 99% ahead of the rest:
Savings go to the bottom line just as easily as sales do.
Most ISOs are so hyper-focused on their sales engine that they neglect the operations back office. Spend a little time optimizing the back office and reap significant rewards in the new year.
Start with looking at how you can automate these functions:
✔️ Applications
✔️ Boarding
✔️ Deployment
✔️ Updates and tracking of updates like banking, demographics
✔️ Commission payouts for agents
Now your employees are free to do the things that make your business shine. Let automation handle everything that can be automated.
Then make sure you have these in place:
✔️ Margin reviews
✔️ Attrition reviews (how and why are you losing accounts and how do you stop the bleeding?)
✔️ Cost reviews. Find dead costs like fees on closed or inactive accounts. What operational costs can you optimize?
✔️ Customer acquisition reviews. What channels are working best and can be replicated? Which are duds and need to be cut?
✔️ Operational efficiency reviews. How effectively are you completing the tasks in my above list?
Now you’re not losing money on merchant services activities that add zero value.
If you’re an ISO and struggling with where to start, this is the secret sauce of Secure Bancard. We built our Pioneer platform for the kind of operational efficiency that’s listed above.
What’s the impact?
👉1/4 of the overhead of our competitors
👉10x the service
We’d love to dive in and show you how we’re able to share this efficiency with our sales partners. 🙌
