By: Jim Roddy, Reseller and Business Advisor At Vantiv
Gone are the days when POS trade shows would feature mostly iterations of last year’s products. At RetailNOW 2017, held Aug. 6-9 at the Paris Hotel in Las Vegas, typical product-talk was replaced with conversations about managed services, recurring revenue, and payment security. There was so much going on, several channel executives (myself included) had to schedule follow-up calls with folks we wanted to meet at the show but never crossed paths with among the sea of 2,000+ attendees. There just wasn’t enough time to get a grip on all the happenings in the retail IT industry in part of a week.
I published an analysis of the show on my “On the Edge with Jim Roddy” blog and wanted to share the highlights here with you. Click on any of the links below for the complete article or video. Like RetailNOW, I’m trying to cram a book’s worth of content into a 500-word article.
“Every one of the 2,000+ RetailNOW attendees is concerned about the disruption our channel is facing – and unsure what tomorrow will bring – but the leading resellers are using this as an opportunity to retool their business for the better. You have to continually try, test, and measure new products and services to determine what works best for you and your merchants.”
At Vantiv’s RetailNOW booth, I recorded interviews with six industry-leading resellers and ISV executives who weaved personal stories, business lessons, and best practices into topics such as company culture, customer service, team-building and much more. Each conversation took between 10-15 minutes, so in a little over an hour you can experience the entire set of discussions.
“Several of the top resellers I’ve talked with say today they’re spending more energy developing custom software applications for customers. They tell stories of large installs they’ve landed because they were willing (and able) to create a package that met the unique needs of the merchant. The resellers have hired developers internally, partnered with developers, or acquired a small ISV to accomplish this outcome.”
“Resellers should select one or two primary processors plus one niche processor for one-off deals. This will enable you to fully leverage those partnerships in order to maximize your revenue and profit potential. Your payments provider relationships should extend beyond your residual checks. Resellers who effectively engage with their primary processor are able to provide additional services, improve the merchant experience, and decrease operational overhead.”
“I’m through with people who are still against the as-a-service model. If you’re not convinced by now that you need to move forward on this, forget you.” — Anonymous POS reseller
Jim Roddy is a Reseller & ISV Business Advisor for Vantiv’s PaymentsEdge Advisory Services. He has been active in the POS channel since 1998, including 11 years as the President of Business Solutions Magazine, six years as a Retail Solutions Providers Association (RSPA) board member, and one term as RSPA Chairman of the Board. Jim is regularly requested to speak at industry conferences and he is author of the book Hire Like You Just Beat Cancer.