MERCHANT SERVICE TIMES

SERVING OVER 15,000 READERS SINCE 2003

February 2020 Issue

Listen To The New, "How To Survive & Thrive In Merchant Services" Podcast.

Industry Veteran Marc Beauchamp offers insights from his new book, “Survive and Thrive in the Merchant Services Industry”, and describes frameworks for agent success. James Shepherd kicks off a series on ISO strategies for building successful sales teams, and Patti reports on the Federal Reserve’s latest payments study.

Listen Now.

Top Producers Surround Themselves with the Right People.

“You are the average of the five people you spend the most time with” —Jim Rohn

If you are the sharpest person in your circle of influence, get a new circle of influence. You need to continue to challenge yourself and what you want to become, a great way to do that is to surround yourself with high achievers that push and encourage you to expand your boundaries. The people you spend the most time with affect your way of thinking, self-esteem, behavior and self-imposed expectations.

There are many ways you can improve your associations and inner circle. Join a mastermind group, a new community group, hire a coach, network in business groups, volunteer for a business committee or the local chamber, get involved with your church business ministry, the list goes on and on.

I play a lot of tennis and am considered a pretty high-level player, the only way I can really improve is to find someone better to practice with, someone that challenges and pushes me to think differently, to work harder, to focus more. It’s the same in every area of your life.

Your employees and teams

Beyond your personal life, the next most important place to surround yourself with the right people is your business. All successful organizations have the right people in the right seats. Attracting and keeping the right people is paramount to the life of the business. If you ask any successful ISO, they will tell you they are the sum total of their employees. If you are lucky enough to have built a company large enough to hire employees, congratulations, many small players never grow that large or don’t care to.

Hiring “A” players

Having made poor hiring decisions in the past I can testify that it can set your business back for years and cost you untold resources and potential income.

When building out a team or organization always hire “A” players at every level. Look at Steve Job’s philosophy in the 1980’s, he recruited people by dramatically unveiling the MacIntosh, and seeing how interviewees responded to the designs. He even unplugged an engineer’s computer and forced him over to Macintosh from the Apple II team because Jobs recognized his “A” player status. You need to build your company with a collaborative hiring process where a candidate tours around the company meeting everyone that is relevant for hiring that candidate.

When Wozniak crashed his airplane in February 1981, he left Apple Computer. After the launch of MacIntosh in 1984, Scully merged the MacIntosh and teams with Jobs as their head. Jobs told the Lisa team that he was firing 25% of their team because they were “B” and “C” players. The management of the MacIntosh team would all gain top positions in the amalgamation. It was unfair, but Jobs latched on to a key management experience, that you had to be ruthless to produce an “A” player line-up.

“B” players always want to hire people who are inferior to them. “C” players hire “D” players. So, keep the best people on your team, and make sure that you keep the right people in your organization. Jobs believed that if you let any “B” players into your organization, they would attract other “B” players as well. “A” players love to work with other “A” players, by definition, they want to grow and be the best. That is what makes “A” players valuable.

Having the right people in your company and life is a big step to guaranteeing success.

Marc Beauchamp

Increase Your Residual Stream With GiveGame's Fundraising Solution

What is something every company wants and still needs, and generates 100 basis points (1%) of commission to ISOs? A completely new product category to offer to your merchants – employee giving made fun by leveraging major sports/pop culture events on the GiveGame platform.

The new generation of workers (30 and younger) want to work for companies that make it easy to give back to causes they care about. In fact, in a recent survey, 35% of students entering the workforce said they would take a 15% pay cut to work for a company that demonstrates CSR (corporate social responsibility). Enabling employees to give back to nonprofits (whether that be through volunteering, working together at a nonprofit as a group, or employee giving) is a critical way that companies need to attract (and retain) talent. This is even more relevant now than ever when unemployment rates are at historic lows, and companies have to work harder to hire the best people.

So how do companies encourage and track employees giving to causes? For the vast majority of companies, that entails pulling money out of paychecks (with managers “strongly encouraging” their direct reports to participate because the company is measuring the % of employees that give). Direct debiting people’s paychecks is neither engaging, nor fun – so why not offer a fun alternative that gives employees a chance to earn bragging rights, with friendly competition, and events they are familiar (major sports, award shows, and reality TV shows)? How about if they can play and give on their phones, tablets, or desktop/laptops in 30 seconds or less (rather than filling out a form with 10+ fields online or on paper)? This is how GiveGame is solving this fundamental problem for companies of all sizes – making giving fun so that employees not only give more often, but have the fun of playing for bragging rights in each game (with the chance to benefit their favorite nonprofit).

For nonprofits, schools, and youth sports organizations that use GiveGame as a new fundraiser for their own cause, there is NO setup or monthly cost. GiveGame’s primary revenue (and revenue share) comes from the 10% platform fees that are charged for the platform – which includes credit card payment fees, payout fees, and administering the gameplay on the platform). 1% of the donation (100 basis points) is the revenue share with the sales agent.

GiveGame works for companies of all sizes since all companies need to address how they make it easy for employees to feel connected to nonprofits. One of the benefits of GiveGame for companies is that HR/people leaders can see the data of which causes their employees want to support, which then better informs what philanthropic programs/events the company can pursue in the future. Companies pay a monthly subscription for GiveGame (after a 30-day free trial) that varies from $99-299/month based on the size of the total employee base (with a 25% revenue share with the sales agent).

For companies, the platform fee is 7% of the donation. The company can either pay this 7% (so that 100% of the donation goes to the winner’s nonprofit) or they can elect to have it debited from the total donations in the game before the payout to the winner’s nonprofit (so each employee is effectively donating 93% of whatever amount they choose when they play). 1% (100 basis points) of the donation total is the revenue share with the sales agent.

Example: Client’s GiveGame donation pool is $10,000 – the sales agent receives $100 in commission (plus 25% of the monthly fee based on size of company).

It only takes 1 minute to setup a GiveGame for a client (company, school, church, or other nonprofit). All that is required is the following:

  • Which nonprofit organization will benefit from the donation (i.e. United Way, St. Jude, etc) or if you want each donor to play for their personal favorite nonprofit organization
  • First game/event to play (i.e. March Madness, Kentucky Derby, Masters, etc)
  • Name for the Fundraiser (and optional picture)

The link is generated, and can be shared on social media, email, text or any other way to make employees aware that they can “Play March Madness and support a cause” when they click the link. When they play, donors are encouraged to share on social media to get even more exposure for the fundraiser.

GiveGame is a web app (no native app – iOS or Android to download). It works from any browser (phone, tablet, laptop, desktop) and is very mobile-optimized (as over 80% of users play from their phone).

NOW is the time to encourage your clients to try GiveGame – March Madness is just a couple weeks away! Make filling out brackets about giving instead of gambling – GiveGame has an easy way to complete a whole NCAA Tournament bracket on a phone in 30 seconds or less! With over 70+ events a year, there is always a fundraising opportunity with employees (March Madness is the biggest event).

GiveGame brings a FRESH approach to boosting employee giving participation and is a great way to create more engagement (and loyalty) from your merchant portfolio. To learn more (or to even try it out internally with your agents), please go to givegame.com/ISO to see how easy it is!

Matt Golis – Founder and CEO, GiveGame

For More Information on the GiveGame ISO program, Click Here.

Survive and Thrive

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