The payment processing ecosystem is rapidly changing and extremely competitive. So what’s the best way to rise above all the digital noise in the industry and get your marketing messages across to potential customers and partners? To overcome payment processing company marketing challenges, it’s always a smart strategy is to build a campaign that will resonate specifically with your prospects. The problem is, however, a payment processing company’s target market could cover a wide range of businesses — merchants ranging from upscale retailers to small restaurants, healthcare or non-profit organizations, and even companies that use an unattended payments model. You also want to capture the attention of potential partners including VARs and ISVs that will include your solutions in their end-to-end point of sale (POS) systems.
One of the biggest payment processing company marketing challenges is juggling multiple campaigns aimed at different types of prospects. The content you create, your website and email blasts and newsletters related to each campaign must direct different segments of your prospect list to information that will be of greatest interest to them, while working together seamlessly to brand your company.
Reaching Merchant Prospects
To reach merchants, you need to make the complex simple. Detail the services you offer beyond credit and debit card processing, such as electronic check processing, mobile payment support, gift cards and prepaid cards, and e-commerce solutions. Also let them know basic, but important, information such as rates, how soon they have access to their funds after a transaction, and how accurate and quick your processing services are — especially if you are leading the industry in these areas. Also stress the value-added services that make you stand out from the competition.
In addition, offer calls to action (CTAs) that visitors to your website can download on topics such as PCI, data security, data analysis, and breaking news from the industry in exchange for their contact information. You can also build your prospect list by inviting visitors to your website to sign up for newsletters or alerts.
Although most website visitors are in the information-gathering stage, some will be ready to connect. Make sure your website also features easy-to-find CTAs for people closer to the bottom of the sales funnel, such as “request a quote” or “schedule a demo” forms.
Engaging VARs and ISVs
Resellers and developers working in the POS or related industry are most interested in how a partnership with you will help them grow their businesses. Provide information on your hardware and software partners so VARs can see how your payment solution could complement the end-to-end point of sale (POS) systems they design. Be prepared to showcase your success by providing statistics or case studies that show merchants use your solution long term, limiting churn.
For ISVs, highlight information on the resources you have available that support the development of new integrations — such as online tools and testing environments and a forum where developers can connect.
This segment of your prospect list also presents one of the biggest payment processing company marketing challenges: You need to demonstrate that you have your finger on the pulse of the industry and you’re ready for the future of payments. Impress VARs and ISVs with your knowledge showcased on an up-to-date website (in other words, take down “EMV is coming”) and make sure you are regularly posting blogs and adding new content. Potential partners will perceive your activity online as an indicator of how on top of things you are and how responsive you will be when they need answers.
Different Types of Prospects, Different Results
One of the toughest payment processing company marketing challenges is measuring and analyzing the results of your campaigns. Because you target different types of prospects, the results of marketing campaigns will be different and must be evaluated on different criteria.
The SkyRocket Group studied the results of our work in the POS and payments industry over the past 13 years and established marketing benchmarks. We found, for example, marketing campaigns that target authorized reseller bases typically perform better (email open rates as high as 24% to 35%) compared to end-user campaigns (typically 8% to 16%). Our benchmarking study also found differences in how web traffic, lead generation, and social marketing campaigns differ in the POS and payments channel.
It’s possible to overcome payment processing company marketing challenges with a carefully planned strategy and consistent execution. Face your challenges head on and develop a plan to get the right marketing messages to the right prospects, and ultimately get the most return from your marketing campaigns.