Show Me The Money: How To Increase Profitability In Your Business

The number one goal of any business is to drive sales, and as a result, increase profitability. It’s not about how much you make, but how much you can keep at the end. Easier said than done, right? Everyone is looking for the slightest of advantages to gain prospects’ trust and business. According to newvoicemedia.com, “After one negative experience, fifty-one percent of customers will never do business with that company again.” We take a look at six ways to increase profitability and your bottom line.

Establish Your Position as a Trusted Advisor

Trust is the most important factor in business decisions. Merchants want to work with resellers who have their best interests in mind and have faith that their products and services will create revenue. Edelman’s 2018 Trust Barometer states “Fifty-six percent of companies that only think about themselves and their profits are bound to fail.” Work with your merchants to understand their needs and help guide them in fulfilling them.

With a growing focus on EMV and mobile transaction processing as a means of boosting payment security nationwide, the ability of a value-added reseller to highlight how they can help merchants navigate the new security atmosphere is crucial.

Provide Value-Added Services 

The more services you can provide, the more valuable your business becomes. Installation and setup, as well as on-site support services, are two items that can be added. Having the capability to have 24/7 customer support is also especially helpful in the hospitality industry. Another value-added service is the ability to create HaaS and SaaS bundles.