What Cryptocurrency and Cash Discounting Have in Common

What could cryptocurrency and cash discounting possibly have in common?
Facebook announced they are working with Visa, Mastercard, PayPal, and other major players on a new cryptocurrency.   There’s a common denominator between cash discounting and cryptocurrency which could have a profound impact on ISOs in the payments space.

Our entire industry is built on the simple act of moving money from one bank account to another.   Consumers want a convenient way to pay business owners, and business owners want an inexpensive way to accept payments and deposit them into their bank accounts.

 

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U.S. business owners have not experienced the decline in cost which the rest of the developed world has seen.  They want to eliminate these costs either by passing them to the consumer (cash discount) or eventually accepting cryptocurrency, which has no inherent cost of processing.

This fundamental truth is powering the success of cash discounting and surcharging programs AND exciting the hopes of cryptocurrency advocates and innovators who see our industry as one ripe for an overhaul.

Many stories I know underscore the trend of change.  Here’s one example:

An agent has been submitting 15+ deals per month for a year by selling cash discounting almost exclusively.  Now, he gets several referrals each week from business owners who see his signs around town and are anxious to eliminate the cost of processing in their businesses, too.

Do you have stories and see trends yourself?  I welcome your interaction in the comments section!

What does all this mean for the ISO, for the merchant sales agent?

New ISV’s are popping up every day, cash discounting and surcharging are on the rise, and mass cryptocurrency acceptance is around the corner.   If you want to protect what you have built and grow your income, you must be a valued source of information for your clients and a trusted partner in the fight against fees.

This episode isn’t advocating cash discounting or cryptocurrency acceptance.  Just be aware change is happening quickly in our industry.  Most of your merchants will want different things in thirty-six months than they want today.  Someone will be offering it to them between now and then.  Will it be you?

No matter what your value proposition, the best defense against attrition these days is a relationship with each business owner and an awareness of the needs of each one.

Leverage social media and email marketing to keep your merchants in the loop.   Position yourself as the partner they want today and the navigator they can count on to guide them through the choppy waters ahead.

Make today a great day!