About 215,000 merchants* (representing a total opportunity of US$30 billion in processing) rely exclusively on the internet to look up a payment service provider.
Anticipating the keywords they look for, aligning the ad headers with the keywords and landing page dramatically enhance the chances of leading these prospects to the providers’ website.
From there, the copy and the offer have to be enticing enough to get them started through the sales funnel.
However, in a report entitled How to Acquire Merchants Online** based on a study of 67 ISOs, Banks and POS software providers, we found out that not all entities fare the same in their acquisition efforts. Indeed, POS software providers outperform traditional ISOs and acquirers by 220% in terms of clicks generated on AdWords.
The secret of these companies (including Square, LightSpeed Systems, Revel Systems, etc.,) seem to reside in 4 points:
- Understanding basic principles of online acquisition: these companies focus on lead generation campaigns. They have a clear focus on their goal, and they understand how merchants search for things online. Their alignment (keyword, ad copy and landing page) is perfect.
- Streamlined and lead generation-focused websites and landing pages: Successful companies have clean looking websites with a strong focus on getting customer acquisition. All the superflous information that is not related to getting merchants to sign up is relegated either to a different website altogether or is hidden at the bottom.
- Bidding on keywords linked to lead generation: there are 5 types of keywords that acquiring entities can bid on, but 89% of POS software providers bid on keywords/key phrases relating to lead generation. Only 27% of ISOs bid on these key phrases and keywords.
- Lead nurturing strategy: successful companies realize that a sale doesn’t happen instantly. They put in place a lead nurturing system that communicates with and educates the merchants over a period of time in order to create trust and lead the merchants through the sales funnel one step at a time.
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In summary, merchants are increasingly using the Internet to find their processors. Even those that don’t use the Internet to look for processors by themselves, use it to do their due diligence and research to get a feel for the processor.
Merchant acquirers have a good opportunity to intercept both types of merchants and lead them to their website instead of the competitor. However, ISOs and acquirers need to learn the strategies and tactics that result in a high conversion rate; otherwise, they just see their AdWord budget melt away.
* For more detail on how merchants find their processors, please refer to Adil Consulting’s report: Acquiring Small Merchants: Understanding Influential Market Dynamics Affecting Merchant’s Choice of their Processor
** For more information on successful online acquisition of merchants, please refer to Adil Consulting’s report: How to Acquire Merchants Online: An in-Depth Study of 67 ISOs, Banks, and POS Software Providers’ AdWord Campaigns