Year-End Review: Unlocking Business Growth for ISVs and VARs

Year-End Review: Unlocking Business Growth for ISVs and VARs

by | Dec 21, 2023

As we bid farewell to 2023, Independent Software Vendors (ISVs) and Value-Added Resellers (VARs) find themselves at a critical juncture. The end of the year is not just a time for reflection but a strategic opportunity for growth and planning. With BOLD’s partnership, navigating the complexities of year-end reporting and analytics becomes a streamlined, insightful process.

Understanding the Landscape of Year-End reporting 

Year-end reporting transcends mere sales tallies; it’s an exploration into the depths of financial and operational performance. This comprehensive process entails analyzing key metrics like monthly merchant processing volumes, sales forecasts, and pipeline health. BOLD, with its range of integrated payment solutions, including tools like MX Connect™ as one of many integrations, offers a comprehensive view for this kind of in-depth analysis. These tools collectively enable ISVs and VARs to achieve a complete understanding of their year-end performance.

The use of advanced CRM systems demonstrates the kind of flexibility and control that is crucial for business growth. By mastering a merchant onboarding CRM, users can efficiently manage and monitor aspects of their business, from individual merchant details to overarching portfolio health. Comprehensive reporting capabilities, like snapshots of merchant performance, empower users to make informed, proactive decisions.

Strategic Planning with Data-Driven Insights

The foundation of effective year-end reporting and strategic planning lies in the goals set by ISVs and VARs. It begins with defining clear business objectives, which then guide the selection of relevant data and metrics for analysis. This process is not just about gathering a wide array of critical documents and data; it’s about aligning this collation with the comprehensive business goals. Understanding where crucial informational documentation is stored within the CRM system they are utilizing is key. It ensures that every piece of data collected is purposeful and contributes towards achieving these set objectives.

Portfolio and merchant reporting features in systems like MX Connect™ are instrumental in this strategic preparation. They provide comprehensive insights into individual merchants and the overall business, focusing on key issues like ACH Rejects, Suspended Funds, and TIN Withholding. The ability to customize and curate dashboards with metrics that are directly aligned with specific business goals is highly beneficial. Reports such as Processor Notes, Funding Delay, and Disputes enable a proactive approach to management. This targeted and goal-oriented level of detailed reporting not only aids in efficiently organizing financial information but also enables a thorough analysis of yearly performance. Such an approach is vital in identifying trends and patterns.

Leveraging Key Reporting Metrics

A dynamic dashboard for comprehensive analytics is a core feature of a well-structured merchant onboarding system. It’s essential for a detailed analysis of key business metrics, enabling informed decisions based on trends and performance patterns.

New Merchant Accounts vs. Attrition: Understanding the dynamics between new merchant accounts and attrition is critical. High-performing months should be identified and analyzed to replicate success. On the flip side, assessing reasons for merchant attrition, like customer service issues or high rates, is equally important. This insight will guide strategies to improve retention in the new year. Integrated solutions often play a role in reducing attrition rates, suggesting that expanding POS options in a VAR’s portfolio could be beneficial.

Month-over-Month (M-O-M) Residuals: Observing the impact of adds and attrition on the bottom line is crucial. Speed of merchant onboarding and activation is a key factor here. Faster installations can reduce attrition and enhance residual payouts. For the upcoming year, consider strategies to increase the average residual per merchant location. Investigating compliant programs that enable merchants to pass on their fees can also be a lucrative avenue.

Month-over-Month Merchant Processing Volume: Analyzing month-over-month processing volumes can reveal significant trends within your business. This information is vital for planning the next year’s strategies. Identifying ways to assist merchants during their off months can be a game changer. Consider exploring options like gift cards and loyalty programs. Integrating such programs seamlessly can help merchants grow and offer a more satisfying customer experience.

Planning for the Future

The insights derived from year-end reports are not just retrospective analyses but powerful tools for shaping the future. These reports reveal areas of growth and aspects needing improvement, providing a clear vision of what’s working well and what can be enhanced. This process is essential for ISVs and VARs to align their strategic planning with their business objectives, ensuring that they are not merely reacting to the past but actively shaping their future success.

Working closely with a knowledgeable relationship manager can significantly enhance the strategic planning process. A relationship manager brings expert insights and an external perspective that can be invaluable in identifying the most critical metrics for your business’s growth and sustainability. They can assist in dissecting complex data, offering interpretations that might not be immediately apparent. This collaboration enables you to develop a more nuanced, data-driven strategy that aligns with your long-term business goals.

Together with your relationship manager, a deep dive into your top 10 accounts can be incredibly revealing. This analysis isn’t just about recognizing who your top performers are but understanding the underlying reasons for their success. Is there a specific service or product offering that sets them apart? Are they thriving in a particular niche market? These accounts can serve as case studies, providing insights into successful strategies and potential areas for replication or expansion. Your relationship manager can help you to decode these patterns, offering advice on how to leverage this knowledge effectively.

Charting a Path Forward

BOLD offers more than just tools for reporting and analysis; it provides resources for year-end success. Whether it’s guidance on leveraging loyalty programs, implementing truly compliant programs, or exploring niche market opportunities, BOLD is committed to empowering its partners.

As we step into the new year, the role of year-end reporting and analytics in shaping a profitable and efficient future is clear. Partnerships with integrated payments partners like BOLD enable ISVs and VARs to not just review the past year but to strategize for a more successful future. Ready to unlock the full potential of your business? Schedule a session with BOLD to begin a journey of growth and success.

 

Are you ready to speak with a Payment Industry expert?

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Heart of BOLD: A Closer Look at Our Enhanced Core Values

Heart of BOLD: A Closer Look at Our Enhanced Core Values

by | Sep 19, 2023

In today’s evolving business landscape, it’s not just about what we do; it’s about how we do it. Our core values reflect our commitment, passion, and dedication to serving our partners and growing as a united team. BOLD has always strived for excellence, and with our revamped core values, we aim to lead with an even stronger foundation.

No Excuses – Taking Ownership Like Never Before

At BOLD, “No Excuses” isn’t just a phrase – it’s a promise. We understand that problems can be multifaceted, and our commitment is to take full ownership, irrespective of where the challenge lies. We don’t believe in passing the buck, cold transfers, or offering quick fixes that are mere band-aids. Instead, we quarterback every situation, liaising across various teams and partners until a sustainable resolution is achieved. With the expertise and resources at our disposal, we pledge to resolve issues that meet our clients’ exacting standards anytime and any day.

People First – Elevating Every Interaction

Our biggest asset? People. At BOLD, every decision and action is centered around a “People First” mentality. We believe in genuine, humble, and caring communication, whether over a call, a digital note, or an in-person meeting. We aim to cultivate an environment free from negativity and gossip, where everyone is appreciated for their unique contributions. Supporting each other—whether in our professional roles or personal endeavors—is paramount. Because when our people thrive, BOLD thrives.

Determination – Pioneering Problem Solving 

We don’t just solve problems; we conquer them. Determination at BOLD signifies doing whatever it takes to reach success. It means relentless persistence, a deep understanding of challenges, and harnessing creative problem-solving skills. Our team refuses to settle for subpar solutions. Instead, we reach out, escalate, and leverage industry resources until we chart out a clear path to resolution. This unwavering determination is the bedrock of the trust our clients and team members place in us.

Integrity – The Keystone of BOLD

Integrity is more than just a value—it’s our essence. At BOLD, trust and relationships are hallowed, and integrity is the linchpin that holds them together. This value reminds us to always communicate with honesty and compassion, to act with ethical rigor, and to uphold our moral principles unfailingly. And while we strive for perfection, we also understand the human element: mistakes can happen. What’s essential is owning up, learning, and evolving, ensuring that our integrity remains untarnished.

Ultimately, our core values are more than words on a page. They are our guiding light, ensuring that we remain bold in our approach, dedicated to our service, and unmatched in our industry. We invite potential partners to join our community and experience an integrated payments partner like never before. And for those searching for more than just a job – for a place where values matter, individual growth intertwines with collective progress, and every challenge is met with determination and integrity – BOLD offers not just a position but a home. Together, let’s shape the future boldly.

Are you ready to speak with a Payment Industry expert?

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How Integrated Payments are Revolutionizing Customer Experience

How Integrated Payments are Revolutionizing Customer Experience

by | Aug 23, 2023

As ISVs and VARs know, in today’s fast-paced digital terrain, payment isn’t just about transferring funds; it’s about integrating experiences. Gone are the days when transactions were mere end-points. Today, they are critical touchpoints in a broader customer journey. The distinction between an ‘okay’ experience and a ‘phenomenal’ one often rests on the fluidity and intuition of payment processes. As businesses pivot to prioritize these customer-centric visions, integrated payments are no longer just nice to have; they are indispensable. Dive into the ever-evolving panorama of customer experience, where the past meets the future, and learn how integrated payments set new standards and foster unmatched loyalty.

Streamlined Transactions

Ever felt bogged down by lengthy transaction processes? Integrated payment systems offer a seamless experience by eliminating unnecessary steps. Streamlining processes like auto-filling information, providing one-click transactions, or offering varied payment methods, integrated payments ensure a hassle-free experience. In turn, this smooth experience will encourage customers to complete their transactions, reducing cart abandonment rates.

Real-time Data Access

Integrated payment systems sync instantly with other business software. No waiting, no tedious steps, just pure convenience. It is like having a direct hotline to your business software. This real-time data access allows merchants to provide instant transaction confirmations, timely promotions, and up-to-date inventory details. This enhances the customer’s experience by making the process more transparent and efficient.

Diverse Payment Options

Customers today anticipate various payment options, ranging from credit and debit cards to emerging solutions like digital wallets, including Apple Pay and Google Wallet. Additionally, the rise of contactless payments prioritizing speed and safety and ‘Buy Now, Pay Later’ services such as Afterpay and Klarna reflects the evolving checkout landscape. This evolution isn’t just technological innovation but a response to consumer demands. The Baymard Institute highlights that nearly 11% of shoppers abandon their carts when their preferred payment method isn’t offered during checkout. An integrated payment system allows merchants to easily accommodate these preferences, ensuring that customers can choose their most trusted and convenient payment method.

Enhanced Security

A crucial component of the customer experience is trust. Integrated payment solutions come with state-of-the-art security measures, ensuring customers rest easy with the knowledge that their data is secure. From encryption to tokenization, this security keeps data safe and instills confidence in customers, affirming they feel protected when transacting with a merchant. You will be able to sleep soundly, knowing your transaction is as safe as it is swift.

Seamless Shopping

Whether a customer is shopping on a mobile app, website, or even in a brick-and-mortar store, integrated payments ensure a consistent experience. This uniformity across various platforms fosters familiarity and trust; guaranteeing customers don’t hesitate or second-guess their transactions.

Automated Invoicing and Receipt Generation

Integrated payments simplify the post-purchase process. Automated invoicing and e-receipts allow customers to receive instant, clear records of their transactions. This automation provides convenience and strengthens transparency which further helps establish the trust needed to build lasting relationships.

Personalized Customer Interactions

With the data insights obtained through integrated payments, businesses can offer personalized promotions, loyalty points, and offers. These tailored experiences make customers feel valued and understood, enhancing their overall journey and encouraging repeat business.

Setting the New Standard in Customer Experience

The game has changed in payment processing. It’s not just a necessity anymore, it’s a strategic asset. And at BOLD, we’re not merely spectators. We’re pioneers actively driving change and defining industry benchmarks. Our mission goes beyond transaction facilitation; we’re committed to elevating the entire customer journey, securing both immediate satisfaction and long-term loyalty.

Ready to Elevate Your Business with BOLD?

If you’re a payment VAR aiming to offer more than just services, if you’re striving for memorable customer experiences, then you should consider a partner that understands this evolving landscape. That’s us. A partnership with BOLD is an investment in more than just technology; it’s an investment in setting new standards for customer satisfaction and operational efficiency.

Ready to explore? Contact us to discover how a partnership with BOLD can redefine success, innovation, and customer loyalty for your business.

Are you ready to speak with a Payment Industry expert?

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Becoming a Payments Pro: What Every ISV and VAR Should Know about Integrated Payments

Becoming a Payments Pro: What Every ISV and VAR Should Know about Integrated Payments

by | Jul 12, 2023

As an Independent Software Vendor (ISV) or Value-Added Reseller (VAR) embarking on a journey into the payments industry, your choice of payment processing partners can greatly influence your business’s success. That’s why we’re here to guide you through the key fundamentals of integrated payments, the perks they offer, and why choosing the right partner can make all the difference.

What Exactly is an Integrated Payment System?

In the simplest terms, an integrated payment system is a software solution that consolidates various payment methods into one unified platform. Whether your merchants’ customers prefer to use credit cards, debit cards, ACH, e-checks, or digital wallets, an integrated system handles it all. Imagine saying goodbye to juggling between multiple systems for different payment methods – that’s the convenience integrated payments bring.

The Perks

  1. Streamlined Operations and Cost Savings: Using a unified system that processes all payment types allows ISVs and VARs to simplify their operations. This consolidation reduces the resources needed to manage different payment methods, translating into significant cost savings. It also streamlines the experience for your merchants, enabling them to manage all payment-related tasks from one centralized platform.
  2. Enhanced Merchant Experience: Offering a variety of payment options through integrated payments simplifies the process for end-users and enriches the merchant experience. It eases payment acceptance, potentially boosting customer satisfaction and encouraging repeat business. As an ISV or VAR, you can set your services apart from competitors by offering this added value to your merchants.
  3. Greater Control and Visibility: One comprehensive system to track and manage all payments simplifies issue identification and resolution. An integrated payment system provides a high level of control and visibility over all transactions. Comprehensive tracking and reporting of all payments facilitate timely issue resolution and offer merchants a transparent view of their transactions, leading to improved decision-making. 
  4. Improved Security: Security is paramount in payment processing. Integrated payment systems are designed with built-in security features like encryption and fraud detection and adhere to rigorous industry standards like PCI-DSS.

Choosing the Right Integrated Payment System

When selecting an integrated payment system, ensure it fits seamlessly within the current software and processes. Consider the unique needs of the businesses you work with. Whether your merchants operate retail, hospitality, professional services, or e-commerce, your chosen payment partner should provide solutions that align with your merchants’ requirements. Also, don’t overlook the reputation and customer service of your potential payment partner. 

The integrated payment partner you choose becomes an extension of your services. Their reputation directly impacts your own. Choose a partner known for their integrity, transparency, and dedication to service. Additionally, robust customer support for both you and your merchants can make all the difference in resolving potential issues quickly and efficiently.

Why Partnership Matters: The BOLD Advantage

Partnering with a payment processor shouldn’t feel like stepping into the unknown. At BOLD Integrated Payments, we believe in transparency and building enduring partnerships. When you team up with us, you get more than just a payment processor – you gain a dedicated partner committed to your success.

ISVs that partner with BOLD receive a majority of revenue on all income, with transaction-level reporting down to the penny. Everything is clearly disclosed in a Schedule A because, at BOLD, we have nothing to hide.

In conclusion, integrated payments can be a game-changer for ISVs and VARs looking to simplify their payment process, reduce costs, and enhance customer satisfaction. As you embark on this journey, remember the invaluable role of a reliable and transparent partner like BOLD Integrated Payments. After all, in a landscape as fluid as payment processing, having a trustworthy ally can make all the difference.

Are you ready to speak with a Payment Industry expert?

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Analyzing Merchant Statements: Let Technology Do the Hard Part

Analyzing Merchant Statements: Let Technology Do the Hard Part

by | Jan 5, 2023

Analyzing merchant processing statements can be a simple process with the right tools. Those who stay ahead of the curve are taking advantage of software that powers the payment processing industry. We recognize that statement analysis is essential, and we want our partners to use technology to accelerate their business. If you need to incorporate statement analysis in your sales approach, we encourage asking merchants for current processing statements. However, understanding statements and time spent analyzing them can be frustrating and time-consuming. To maximize profit and efficiency, we rolled out a new statement analysis tool for all our partners.

How it Works

BOLD’s Statement Analyzer Tool is designed to take the grunt work out of statement analysis, freeing our partners to do what they do best; prospecting and sales. A closer look at statements will reveal information about current payment processing fees and identify growth opportunities.

Product Features:

  • Fast Turnaround Times (Avg under 20 minutes)
  • Accurate Analysis (Data Entry / Categorization issues are detected and fixed by an expert)
  • Interchange Padding Detection
  • Level 2 and Level 3 Optimization Potential
  • Custom Pricing Templates
  • Proposal Templates with Custom Branding 
  • Residual Calculation & Margin Control
  • Full Feature API

Benefits of Using Our ISO Quote Tool

Identifying various aspects of a statement takes time, some can take up to a couple of hours. For example, assessing price models, processing fees, and chargebacks may be strenuous. With all of these different factors, it is easy to miss hidden fees. We certainly don’t want our partners to waste their time with complex statements. BOLD’s Statement Analyzer Tool allows you to manually generate an analysis without a statement in case your merchant is unable to obtain theirs. An estimated savings proposal will pique their interest if that’s the case. 

Here is an example of a proposal template!

Click here to register for a LIVE demo on 01/17/2023 presented by BOLD! 

Current partners can gain access to BOLDs Statement Analyzer Tool today. Simply contact the Partner Experience Team @ prm@boldpay.io for user credentials and training. You’ll be analyzing in no time!

Not a BOLD Partner and want to learn more? Fill out the form below!

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Sealing the Deal: Setting Merchant Expectations to Keep Up with Industry Trends

Sealing the Deal: Setting Merchant Expectations to Keep Up with Industry Trends

by | Oct 20, 2022

The Payment Industry has new advancements in technology that frequently alter merchant expectations. As they continue to experience increased products and services to help grow their business, the market grows even more competitive. What are you doing that’s part of the trend, and how can you adjust your strategy to stand out from the crowd?

Expand from Merchant Processing 

Today’s merchants get incessant offers and calls to switch their processing. The same pitch is heard over and over again, promising lower rates. You may find yourself spending an unreasonable amount of time trying to obtain a statement from your prospect. When you finally create a proposal and show your prospect the amazing savings promised, they sometimes end up ghosting you. Well, what can you do now? The key is to have multiple selling points apart from guaranteeing lower rates.

Have Open and Honest Conversations with Prospects

Once you put in all the effort and the merchant decides to take your hard work back to their current processor it becomes laborious to peak their interest again. Having open and honest conversations with prospects help identify their needs before you exhaust resources. They may value payment security or operational efficiency more than a huge savings on fees.  What can you provide that their current processor can’t? Many merchants are looking for more than just payment acceptance. 

Managing Expectations Day One

Make an effort to manage expectations from the start of the relationship.  Pinpoint different product offerings that specifically resolve an issue the merchant may be experiencing. Openly discuss areas where you can add value and ease to their day to day operations. Keep in mind the end consumer and how their wants impact the merchant. Offering a better quality of service overall will help seal the deal. 

Are you ready to speak with a Payment Industry expert?

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