Category: DIRECT RESPONSE

  • Become A SUPER Copywriter: Tips from The Experts

    Become A SUPER Copywriter: Tips from The Experts

    No matter what level, style, or area of copywriting you do, there’s demand for it.

    If you’re a freelance copywriter, then you’re in luck. We’ve spoken to the experts to bring you industry-best tips to take your copywriting to the next level. Go from side gig to digital nomad with a life full of freedom and money.

    To do it, you need more than writing skills. That’s the easy part. The hard part is knowing how to market your skills, finding your niche, and networking. Once you find your rhythm, you’ll know exactly how to hook your readers every time.

    Read on for expert freelance copywriting tips, watch the episode on our YouTube channel, or listen on the go with our podcast. Step-by-step, we’ll give you the advice you need to become a professional copywriter, whether you have a formal education or picked up the career on your own.

    1.    Get Clients the Easy Way

    The easiest way really depends on your current standing in the freelance copywriting job space. Overall, Ning Li suggests:

    Cold Outreach. Reaching out to potential clients can suck. A lot of freelance copywriters live behind the text, not in front of it, for a variety of reasons. Maybe you’re not very outgoing, maybe you don’t have the confidence, maybe it makes you nervous.

    If you don’t send that cold email, then the answer is always no. Besides, it’s just an email. It’s writing. That’s what you do best.

    Write for Free. Yeah, we know free copywriting work doesn’t pay the bills. But if you’re a new copywriter and looking for your first client, if there’s a company you really want to work for, or if there’s someone you want to shadow so you can learn from them, then offer free writing.

    Ask if there’s anything you can write for this company/person for free. Usually, that turns into a job. And even if it doesn’t, you can learn a lot about what companies expect or how your copywriting idol works.

    Attend Events. Networking is a key factor in nearly every market, providing opportunity to grow your skill, meet others just like you, and connect with potential clients.

    Expert Gurleen Singh suggests attending in-person marketing events, using LinkedIn, or Facebook groups. It doesn’t matter. Start making connections now so you can build a network with people you genuinely want to work with you.

    Find Clients Who Need Your Skill

    The demand is out there. Whatever copy skill you have, whatever area of expertise, there’s a demand for it. Find the clients who need your skill via the three ways listed above. Soon, you’ll have a booming copywriting career.

    2.    Use Emotional Storytelling

    You’re not just writing words on paper. Sales copy isn’t only, “buy now, or else!” That tactic may have worked a few decades ago, but consumers are looking for connection. Look at how expansive each industry has become. It’s not just two products competing against each other. Now there are thousands, each reaching for the throne. How do you make sure the company you’re writing for takes its claim?

    Create a Story Around the Product

    Emotional storytelling is the way forward. Chris Haddad is the world expert on emotional storytelling when it comes to sales copy, and one of the best copywriters out there. He says creating a story is the best way to reach your audience.

    This copywriting tactic is easier than you think. It’s the basics of understanding people. Afterall, that’s what turns a piece of text into a killer hook, right? Because that line understands and connects with the reader.

    Let’s use an example: you sell an electric coffee kettle. Instead of going the traditional route of using lines about it being greener or simpler to use than the stovetop, create a story. Tell the reader this is about reinvigorating their love for coffee, enhancing their morning routine by bringing out the joy of coffee making. You’re not selling a kettle; you’re selling an experience. A way of life. A happier, more joyful life.

    Abbreviate Your Own Experience

    A lot of what makes a good copywriter is taking your own life experience and applying it to your work. You’ve spent years learning and understanding the world, why not use that to advance your freelance copywriting business? That’s what industry expert Rich Schefren believes.

    Prospects are looking for a reason to buy your product. They need to know how it will better their lives and make a positive impact. The best way is by telling (in shorter terms) how that product or service benefited your life.

    You know what you know through experience. Use it, apply it, take your freelance writing to the next level with value.

    3.    Become Irreplaceable

    As we’ve said, there’s demand for your level of copywriting. But that also means there’s supply. You aren’t alone, which means you need to find a way to become irreplaceable. In this industry, irreplaceability is how to become a copywriter full-time.

    Don’t Aim for Regular Copywriting

    In the copywriting world, it sounds like a fantastic idea to be a jack of all trades. Someone who can handle it all with ease. But that’s actually the opposite of what you should do, even if it means ignoring a skill. Unless you want to be an agency copywriter where your job is more secure than as a freelance copywriter.

    We see this is so many industries: expertise in one skill reigns. If you spread out over too many markets or skills, you’re seen as replaceable. A company can either hire another jack of all trades since you aren’t providing any expertise in one single area, or they can hire an expertise for one area that you cover and leave you in the dark.

    Troy Ericson gives a great example of this. Instead of aiming to be an email copywriter, aim to be an email list manager. You’re probably asking why. The reason is that regular copywriting is not viewed as strategic, whereas a list manager is.

    When you’re not viewed as a strategist, you’re replaceable. Someone else is creating the strategy and you’re basically doing data entry. Flip the script and become a strategist. That’s what makes you irreplaceable, putting you in the arena with great copywriters, not just good ones.

    Write Better Copy

    That sounds obvious, right? But it is something you should constantly be working on. According to Stefan Georgi, proven writers get paid more.

    You need to have a backlog of content like case studies, published work, proof of your expertise. That’s how you get ahead of the competition. Take a walk in a client’s shoes for a moment. Who would you hire: a) someone with zero testimonials, no samples, and seemingly with no experience, but a promising hook; or b) someone with 100 reviews, live content, and a presence (albeit small)?

    You’d probably go with the latter option. It’s less risky. Which is exactly why when you’re just starting out, asking for free work is a great option. You can start building up a copywriting portfolio full of various types of content that will help you plant your feet in the digital marketing world.

    Pick one or two types of copywriting and start producing material: SEO (search engine optimization) blogs, social media posts, landing pages, sales letters, white papers, offers, billboards, emails, etc. Having those examples will push your career forward.

    Worry less about money and more about getting wins for your clients.

    Get a Coach

    It’s an investment, for sure. But don’t knock it. A lot of people ignore the opportunity to be coached because they don’t want to invest, but that’s a big mistake. Coaches are there for a reason and the right one will take your career to the next level.

    As Andrew Contreras says, “you don’t know what you don’t know.” A coach will enlighten you, increase your copywriting skill, and give you the life of a copywriter you’ve dreamed of. Compare a few copywriting courses offered by industry-leading coaches and make the investment.

    4.    Understand Offer Owners

    Equally important to writing copy that connects with consumers, your content should also connect with the offer owner. As well, you as a copywriter need to exude qualities an offer owner looks for in their employees.

    A general rule of thumb, according to Chris Haddad, is to have:

    –       Energy

    –       Ideas

    –       Emotional Intelligence

    With these three things, you (as the freelance writer) will reflect what the business owner wants (the content). We are always selling emotion, not products. The product is secondary. First, you need to sell the pride or success or fear that will link the audience with the product.

    Find Untapped Markets

    Offer owners also put some reliance on you to find and target the right audiences. That also gives you plenty of opportunity to find new audiences (which can successfully transform you into a strategist).

    Julian Reyes suggests doing research on your product within other demographics. For example, selling CBD to the Christian community. Some groups are looking for justification to use a product or service. If you can perform the right research, then all you have to do is connect the dots and write up some copy that opens the door for a new audience.

    Be Careful with Your Word Choices

    The last tidbit of advice comes from Pauline Longdon, and it’s one of the most important with regard to the actual content you type out.

    Some words are taboo. Some are fads. Others are trendy. And then there’s a small group that have longevity. It’s okay to play around with your word choices, but it’s important to always remain cognizant of what you type.

    Don’t use words that prevent you from controlling the emotion of the reader. For example, the word “trump”. Don’t use it. It’s a word that used to be use all the time in sales copy, but now it’s completely absent unless you’re targeting certain audiences. It acts as a divider: some users will love it; others will hate it. And that emotional extreme can seriously harm sales.

    This applies to more than just sales copy and offers. It affects anything you writer, from press releases and whitepapers to ads and landing pages.

    The Best Way to Become a Successful Copywriter Is Getting Payment Process That Backs You

    You can’t make a sale if you don’t have a credit card payment processor backing your business. To make your mark on the job boards as a freelance copywriter and hone your content marketing/creative writing skills, you need to secure your small business first.

    Since you sell a service with results that come after the purchase, that puts you in a high-risk merchant category.

    Get in touch with us here at DirectPayNet for more insider tips and a merchant account that connects you with a processor that truly supports your business. We’re here to help you scale.

  • The Secret to Roman, Hims, Keeps’ Success? Online Pharmacy Merchant Accounts

    The Secret to Roman, Hims, Keeps’ Success? Online Pharmacy Merchant Accounts

    It’s undeniable that online pharmacies are one of the most booming businesses these days, thanks to a growing health-conscious population around the world. More people are turning to the internet to discover and buy their prescription drugs; there are more online pharmacies these days than ever before.

    Online pharmacies are also not new to the scene, they’ve been around for a long time, albeit in not so legal ways. So how have companies like Roman and Hims and Keeps seemingly leapt from the concept of “never buy drugs from the internet” to “get all you need to solve X right from your phone”?

    Online pharmacy merchant accounts are the secret to these companies, and they’re a must for today’s online business owners. Especially those targeting men who want to treat ED, hair loss, and other issues discreetly. Plus, an online pharmacy merchant account legitimizes your business, separating you from the previous generation of sketchy pharma sites that are thankfully fading out.

    The Boom of the Online Pharmacy

    The boom of online pharmacies is a direct result of the limited options people have to get their hands on prescription medications. According to a recent study published in the Journal of Health Economics, half of all Americans have experienced difficulty in filling a prescription due to cost. The research showed that patients are willing to drive long distances and pay out-of pocket for their meds because they can’t afford the copay or don’t want to put the expense on a credit card.

    In the past, this was a dangerous statistic. Online pharmacies promised cheap drugs without a doctor’s prescription. Hallelujah to the people, right? They could get exactly what they needed without the trouble or the expense. That’s not the case, though. These pharmacies made big promises but rarely delivered. Customers wouldn’t get the right drug or the right dose or anything at all. Plus, there’s no safety regulation, so even if they got the drug the wanted there was no official statement of how safe it was to take.

    Thankfully, we’re moving past these rogue online pharmacies and making prescription drugs easier and cheaper to obtain for people across the world.

    Benefits of Legal Online Pharmacies

    The rise in legal online pharmaceutical sales and websites can be broken down into four major benefits.

    Convenience

    Buying prescription drugs over the Internet allows customers to avoid long lines at their local pharmacy and get their medications delivered right to their door.

    This is especially great for people with mobility issues who have physical trouble getting to 1) their doctor for a prescription, and 2) the pharmacy to fill that prescription.

    The other convenience applies to everyone. In this particular case, men with ED issues or who are suffering from hair loss. The thought of having this discussion with their doctor can act as a hindrance to receiving treatment. Now, these men can do all of that conveniently from their own home.

    Discounts

    When you use an online pharmacy, you can save up to 80% or more of the cost of your prescription drugs. That’s because most online pharmacies are not run by pharmaceutical companies and they don’t have high overhead costs associated with retail locations. They pass their savings on to you by charging much lower prices than what you would pay at a local pharmacy.

    The other benefit of buying prescription drugs online is that you get them directly from the manufacturer. This means no waiting in line at the pharmacy and no paying sales tax on your prescription drugs.

    In addition, some online pharmacies will even offer free shipping on all orders, so there is no cost for shipping on your prescription drugs either. This can save you even more money on your prescriptions.

    No Prior Prescription

    Some online pharmacies allow customers to purchase medications without a prior prescription from their doctor.

    Most online pharmacies use telemedicine doctors to offer prescriptions, similar to the way video conferencing is used by dermatologists or oncologists.

    The qualified and certified doctors who work with this type of pharmacy are able to look at the patient’s medical records and conduct a thorough examination before deciding on a course of treatment. After they have reviewed all of the facts, they can offer a prescription and even give advice about side effects or drug interactions.

    The online pharmacy ensures that the patient has all of the information needed to take their medicine properly and safely. This is especially important for people who need ongoing care for chronic illnesses. They have access to doctors at any time, which makes it easier for them to stay on top of their health.

    Privacy

    Some people prefer buying their medication online because it gives them more privacy. They do not have to go into a crowded store or talk with their doctor about what they need. They can simply make purchases from home through an online pharmacy website whenever they need to refill a prescription.

    Patients who are embarrassed to buy their medications in person can find a variety of online pharmacies that sell generic medicines and are happy to ship their orders discreetly to the buyer’s home address. That discreet shipping is also important, as privacy extends beyond the pharmacy and into the rest of the world (e.g., the mailperson, neighbors, family members, etc.).

    A Marketing Approach for Online Pharmaceuticals

    Aside from the four benefits above, there’s also the concept of intertwining a marketing perspective into the sale of pharmaceuticals. Yes, there are a million and one drug ads on TV. But those are straight from the drug manufacturers, not the merchant selling them. You never see CVS or Walgreens promoting a prescription drug on their commercials. This is the separation of product and seller.

    But what if those two things are combined? What if the product is the company? That’s taking drug sales to the next level. Roman is a company that sells drugs specifically for men suffering from hair loss or ED. That’s their target audience, that’s what their drug is for, and that’s how they sell it. All from the comfort and safety of a customer’s home. Genius.

    That’s the next level for pharmaceutical sales. And it’s only possible with an online pharmacy merchant account.

    Why Men’s Health Is More Prominent for Online Pharmacies

    Men’s health is a natural fit for many online pharmacies. Men are more likely to research products for their health on the internet instead of going to a clinic. They’re also more likely to use online pharmacies and prefer the convenience of home delivery over going to a pharmacy in person.

    Treating erectile dysfunction (ED) is one of the most common reasons men visit online pharmacies. ED is a serious problem if left untreated, and many men find it uncomfortable and embarrassing to talk about with their regular doctor. With an online pharmacy, they can do some research before purchasing a medication, and they can’t be judged by an in-person pharmacist. Many men think they’re going to be embarrassed or judged when buying ED medications, but that’s not the case with online pharmacies.

    Hair loss is also becoming more common among men as they age, so treating hair loss is another common reason men visit online pharmacies. Almost 25% of all men will experience some form of hair loss in their lifetime so there are plenty of people looking for quality hair loss treatment online.

    In the past, most men simply ignored these issues. Now whether that’s due to embarrassment, lack of good pharmaceutical solutions, or something else is up to you to argue. But what we’re seeing now is healthier hair and healthier sex lives for men thanks to the power of online pharmacies (and the merchant accounts that power them).

    Get Payment Processing for Your eCommerce Store with an Online Pharmacy Merchant Account.

    Step up to the big leagues when it comes to powering your current or planned online drug store with an online pharmacy merchant account.

    If you have an online pharmacy, then you know that taking payments online is hard enough without having to worry about whether or not you can sell certain drugs. Because of the risk involved in selling controlled substances online, some credit card processors and payment processors (e.g., for Visa or ACH) won’t work with online pharmacies at all.

    Not only do you need a high-risk merchant account for online pharmacies that has low rates, but also one with extra security features to safeguard your customers’ information and help you avoid chargebacks or worse. Those features include chargeback prevention methods, fraud protection, online payment APIs with security built-in, and more. With the right merchant account solution, you’ll be able to accept all the credit and debit card payments with a payment gateway designed for pharmacy businesses.

    DirectPayNet is a merchant account provider that offers all you need to set up an online pharmacy for success. We work closely with credit card processing companies and acquiring banks to get high-risk businesses like yours the merchant services it needs to succeed. Get in touch with our experts today to get started.

  • The TRUTH About Payment Gateways – Are You Using the Right One?

    The TRUTH About Payment Gateways – Are You Using the Right One?

    There are many payment gateways, payment processors and merchant services for business owners to choose from. Not all are equal and it can be difficult to tell the difference between them. It can even be difficult to differentiate what separates a payment processor from a payment gateway from a merchant account. These terms are often tossed around interchangeably or incorrectly, which can promote misinformation that leads to less-than-stellar conversions or confusion about which piece you need to change.

    We’ll uncover the truth about payment gateways, giving you all the information you need to make informed decisions and boost your conversion rates. Understand what each of these three pieces do (payment gateway, merchant account, payment processor) is more important than you might currently realize. To uncover the truth, you can read along below or listen to our podcast on the topic by clicking here.

    What Is It and How Does a Payment Gateway Work?

    A payment gateway is the software that connects your checkout page to your merchant account and allows you to accept credit cards on your site.

    It’s as simple as that. But even though its such a simple element to your e-commerce store, it carries a lot of weight. Your payment gateway is also where customer information is passed through and stored. You need to make sure the payment gateway you’re working with is PCI-compliant and has high levels of security so you can minimize leaks of information and potential lawsuits.

    These gateways work in the following way:

    > The customer enters their credit card information on your checkout page.

    > That data is captured by your payment gateway.

    > Then, it’s transferred to your payment processor where they do what they need to accept the funds.

    > The process is then reversed, where data goes back to the gateway and to your checkout page where it displays confirmation.

    As you can see, the gateway is literally a gateway between your store and the processor.

    Another fact you need to know is: you cannot create your own payment gateway, nor can you bypass it. It is an integral part of any checkout system.

    What’s the Difference Between a Gateway, a Payment Processor, and a Merchant Account?

    One of the most important reasons why you should understand the difference between a payment gateway, a payment processor, and a merchant account is in the case that you want to change one of them. A lot of people come to us with statements like, “I need a new payment gateway,” when in fact their business needs a new merchant account or processor, they just didn’t know the purpose or the difference.

    Now, you might be thinking, “when should I change my payment gateway? Or payment processor? Or merchant account?” The answer is dependent on your needs as a business. Maybe you want to add a new product and your current merchant account doesn’t support it, or a new payment method but your current credit card processing company doesn’t support it, or switch up your CRM but your gateway isn’t supported.

    It’s important to know the impact each of these have on your business currently and the business you want to have in the future.

    Gateways vs. Processors

    Payment gateways and payment processors are both used to collect and process payments, but they have some key differences.  Payment processing companies act as a third party between your customers and your company. They handle payment processing from things like credit cards (MasterCard, Visa, American Express), debit cards, ACH, and other payment options, but you must still store cardholder data, fulfill orders, and manage cancellations.  That’s where payment gateways come in.

    A payment gateway acts like an extension of your website or e-commerce platform. All customer payment information, like card numbers, issuing bank info, and other card details, is stored with the gateway, you don’t need to manage anything yourself.

    So the gateway stores, sends, and receives customer data while the processor takes care of depositing the payment.

    Gateways vs. Merchant Accounts

    While merchant service providers can set up a gateway for you, they don’t necessarily come with one or set you up with one. So that’s our first point: merchant accounts aren’t payment gateways and they don’t have to come with one, either.

    The difference between the two is much more apparent than with a processor. A merchant account is a bank account that your merchant account provider opens with a financial institution for your business. Or you can open one directly with your bank. It allows you to accept credit card payments from customers. However, it doesn’t process those credit card transactions, it just allows you to accept it.

    So, where the payment gateway is the link between your store and a payment processor, the merchant account is the link between your customer’s credit card and your merchant bank account. Neither of them actually processes funds, they just allow for the transfer of data to happen.

    Merchant Accounts vs. Processors

    Payment processors facilitate payments from your customers to you. Merchant accounts are the accounts you use to accept payments for goods and services.

    You need a merchant account, a payment processor, and a payment gateway (as well as a CRM or shopping cart) to run an online store smoothly.

    Why There’s Confusion Around Each of These Element

    Some of the confusion around what a gateway does versus what a processor does and so on actually stems from companies that try to simplify it for business owners.

    Let’s take Stripe as an example. They are a processor and a gateway and a “merchant account” (sort of) all wrapped in one, which simplifies the experience for any e-commerce store owner that wants to open up shop. However, they don’t make a point to separate what each aspect of their account does.

    Stripe is also not a merchant account provider, they are a payment aggregator. Stripe has its own merchant account and leases out sub-merchant accounts to you. So, with Stripe or PayPal or any other aggregator, you don’t actually own a merchant account and therefore cannot switch to a better processor or a better gateway. You’re stuck with what they give you. And sometimes, that’s a good thing. A lot of low-risk, small business owners who are just starting out can benefit from the simplicity. The trouble comes when you want to start changing things up, like finding lower rates/transaction fees, allowing other currencies, or accepting payment methods that aren’t current available.

    The solution is to get your own merchant account, which you would actually own and can make decisions about. Your own merchant account lets you better negotiate terms with acquiring banks and processors as well as link to a payment gateway of your choice.

    And then some payment gateways have more functionality than others, which can also add to confusion. It’s important that you shop around between payment gateway service providers that fits your store best, meaning understanding what works and what doesn’t according to your needs.

    Customizing Your Payments Setup

    Having said that, your main focus should be on finding a merchant account provider that gets your good rates and service without causing too many bottlenecks. As we said earlier, a lot of people come to us saying they need a new gateway when they really need a new processor or merchant account.

    You can get your own merchant account that is not tied to a specific gateway. So, for example, you can get a merchant account through DirectPayNet but use a payment gateway from Authorize.net or NMI or somewhere else.

    Even with your own merchant account, a lot of merchant service providers just tell you which gateway to use and it’s usually one of the more well-known ones. That’s not a problem since you know that merchant account is compatible with that gateway, however it might not be the right gateway for you.

    Let’s say you work with Sticky or Connective or WooCommerce—one of the big CRMs. You have to check which gateways that CRM can be integrated with. And even though you can use other gateways with a CRM, it won’t be as seamless and might require some backend work or a ton of plugins/APIs to work the way you want.

    This is when you need to decide which is the most important player in your business.

    The Most Important Element for Your Business May Not Be the Payment Gateway

    Before making any changes to your online payments setup, this is step one: deciding which element carries the most weight.

    Is It Your CRM?

    If it’s your CRM, shopping cart, or software you’re using to manage your site and customer payment data, then you need to get the list of compatible payment gateway providers from your provider/developer. That’s the only way to know with 100% certainly which gateways can be used seamlessly. After that, you can find a compatible payment processor that works with that gateway.

    Is It Your Merchant Account?

    For a lot of online business owners, the merchant account should be the top priority. This is especially true for high-risk businesses–those that use subscription pricing or sell CBD or something else that’s considered high-risk. Being high-risk makes can make it difficult to get a merchant account, so you value you the one you have. If this is the case, find out which PCI compliance-friendly gateways are supported by the payment processor you have linked to your merchant account and which software/CRM supports that gateway, in this order.

    DirectPayNet Can Help You Understand The Payments Aspect of Your Business

    We’re here to help. Contact our expert customer support team and we’ll get you set up with the right merchant account, payment processor, your shopping cart, and your PCI DSS-compliant gateway.

  • Is Trustly’s Open Banking Service a Merchant Account Killer?

    Is Trustly’s Open Banking Service a Merchant Account Killer?

    There are few payment methods today that offer merchants a seamless checkout experience. But Sweden-based open banking startup Trustly is a new player that’s already making waves in payments solutions and fintech, not least because they’re pushing boundaries across the Pacific. Having entered the Asian market in 2017 and taking the European market by storm, they’ve had a great start in this emerging region by offering local businesses a faster, cheaper, and more secure way to accept online payments.

    At least, that’s what Trustly wants us to think. But is open banking and services like Trustly a merchant account killer?

    What is open banking?

    Open banking is a term that has been used to describe the movement of banks towards a more open and transparent system. This can be achieved with the help of APIs as well as third party services that are built on top of them. The idea behind this initiative is to allow more collaboration between financial institutions, startups, and even customers.

    How does open banking work for merchants?

    As a merchant, it’s in your best interest to offer multiple payment methods for customers to use so you can maximize the potentials that a customer will complete their purchase. The trouble is that a lot of payment methods require their own integrations. Want to offer PayPal? you need to add their API to your site. Visa Secure? Install the API. Credit card input? Install an API.

    These APIs are the only secure way to ensure your customers’ data is safe when they enter it on your site, but it can be hassle. Open banking with companies like Trustly are trying to change that. With them, merchants can connect their ecommerce store to any bank and offer essentially an unlimited number of ways to pay without all the integrations.

    How does open banking work for customers?

    When a customer chooses their preferred payment method and enters their payment details, they’ll be securely transferred to the appropriate payment service provider’s (PSP) website to complete the transaction safely and securely.

    This usually involves logging into their bank, as Trustly (and Plaid, another popular open banking service) promotes ACH payments most.

    What are the benefits of open banking to merchants?

    Open banking payments is a futuristic form of payment processing that promotes transparency and user-controlled data.

    Automated Marketing

    With open banking, merchants can create a truly personalized user experience and engage with their customers on an individual level. Data exchange between customer and merchant will happen automatically, giving businesses access to an unprecedented level of information so they can tailor their services accordingly.This will result in a tailored shopping experience for each customer that makes it easier for them to buy products or use services from that company.

    Customers Gain More Access to Their Own Data

    With open banking, customers will have more access to their own data. They can decide who gets to see it and how they want to share it. This is a big change from the current “closed bank” model, where only banks have access to spending data and can use it for marketing purposes.

    Open banking means that it’s up to customers how much of their data is shared, with whom and for what purpose. This will change the way we think about marketing and advertising in the future. A customer might want to share their spending data with a specific store or brand in exchange for rewards or other benefits.

    Fewer Chargebacks

    The bane of any merchant: chargebacks. One of the most significant benefits of open banking for merchants is the reduction in chargebacks. The main reason for this is that open banking requires a unique identifier for each and every transaction, which makes it nearly impossible for the customer to dispute or reverse the transaction if they decide they don’t want to pay for it later. This creates less work for both you and your bank to do, which is always a good thing.

    What are the drawbacks of open banking?

    There are always consequences. Open banking’s, and Trustly’s by extension, may be more significant than you would initially believe.

    Less Visibility

    Merchants will have less visibility into their transactions because they’ll be decoupled from the issuing bank.

    Open Banking is going to remove the ability of merchants to see their transaction data directly from their banks. This is a double-edged sword. Being able to see transaction details directly from the issuing bank has many convenience benefits, but it also gives the merchant a lot of control over the transaction. This can create many issues in disputes due to the merchant being able to modify the data in order to support their claim. With open banking, there will be a lot less visibility into transactions and disputes will have to be handled by the two parties that were involved: the customer and the bank.

    Higher Risk of Fraud

    Because open banking services lend themselves to peer-to-peer (P2P) transactions, there is potential for fraud. Criminals could use this system to take money directly from bank accounts without the customer or the bank knowing about it.

    Open banking will make it easier for criminals to gain access to sensitive information. In particular, identity fraud is likely to increase. This is because information about a customer’s transactions will not only be available to their bank but also to any organization they choose to share their data with.

    It also makes it possible for hackers to steal information from multiple merchants at once. Obviously, this isn’t a problem with legitimate merchants who aren’t using open banking. However, criminals can use open banking APIs to create fake payment apps that are indistinguishable from the real thing.

    High Fees

    Merchants may find that the fees associated with offering these services are more than they’d like. It will allow consumers to move their money from one bank to another with ease and much more quickly than before. If a consumer becomes frustrated or dissatisfied with their bank and wants to switch, they can do so in a matter of hours instead of days. This could cause a drop in customer loyalty and lead to reduced profits for banks and other financial institutions. Banks that provide open, online banking payment platforms may have to charge higher fees to recoup the lost revenue from clients who are moving their money elsewhere, creating additional costs for businesses.

    Security and Compliance

    A standardized API that allows merchants to access data from customers’ bank account makes things much more convenient, but at a price. Customers can feel far less secure entering their sensitive bank login information into a third-party service. That’s direct access to highly sensitive data. Customers just don’t always feel comfortable with a store having their personal data.

    Also, if something goes awry, the blame will come down to the merchant, not Trustly. And in order to retrieve personal data from a customer’s online bank account a business will require full PCI (Payment Card Industry) compliance. As you can see, there are a lot of compliance and security issues.

    Fragmentation

    Open banking isn’t a single standard for all banks. Instead, it’s an umbrella term for any number of different standards that banks are using to give customers visibility into their own finances. The result is a fragmented industry where the products and services offered by different banks can vary dramatically from one another.

    And if not all banks offer open banking, then customers who use those banks won’t be able to use the 3rd-party applications (or 1st-party, if you decide to make your own) to make payments and will default to the traditional payment experience they’re already used to, like credit card and debit cards.

    Trustly isn’t a merchant account killer, yet. To mitigate the risk of fraud and prevent chargebacks, get a merchant account that works for your business.

    Trustly may be growing in popularity across Europe, due in large to the EU’s PSD2 legislation towards open banking, but it hasn’t yet reached North America in the same way.

    A good merchant services provider, like DirectPayNet, will offer you a merchant account that helps you avoid fraudulent charges and keeps your chargeback ratio low while allowing you to process global payments with full security authentication measures. With security implementations that already exist, we don’t need to look too far into the future to see your business scaling they way you want. We can make that happen right now.

    Get in touch with our industry experts by calling or writing to us. We’ll set you up with a high-risk merchant account and payment processor that your customers prefer.

  • Transform a New Year’s Resolution Client into One for a Lifetime

    Transform a New Year’s Resolution Client into One for a Lifetime

    Landing new year’s resolution clients is a great way to kick off the new year. But what do you do once they come in the door? How can you turn that client into a long-term relationship or even one for a lifetime?

    The new year presents a unique opportunity for us to step outside of those patterns that have held us back and set new intentions, goals, and habits. Think about how much your business could grow by keeping your clients past their new year’s resolution.

    Here’s how you can convert those temporary New Year’s resolution clients into long-term revenue streams for your business.

    What is a New Year’s resolution client?

    There’s no question that the new year’s resolution has lots of staying power. They’re easy to remember, they’re pretty concrete (you don’t have to guess if you met your goal), and they’re not a huge time commitment. Yet, the majority of people who set a new year’s resolution give up by February.

    This is what we call a “New Year’s resolution client”. They’re the ones who talk big but fall right through the cracks as soon as Feb 1 comes around.

    Why do clients’ New Year’s resolutions fail?

    New Year’s resolutions are typically centered around a desire to improve oneself. Most people make resolutions to be healthier, wealthier, or wiser, and will do so within the first few weeks of the year. By February, however, most of these resolutions have fallen by the wayside and are replaced with a new set for the coming year.

    Resolutions fail due to lack of commitment and support. Only 8% of people actually achieve their goals every single year. The trick to transforming your client’s resolutions into something permanent. If you can help your clients achieve even one of their resolutions, they will be loyal to you for life.

    How to Keep Your New Year’s Resolution Clients for Life

    Here are some of our tips and tricks to keeping those clients to their word, capitalizing on their resolution, and converting them into a life-long revenue stream.

    Determine Their Biggest Issue

    Sometimes clients come in saying they want one thing but needing another. Progress is a step-by-step process and identifying what their biggest issue is as well as the steps to eliminate it is your first goal. Ask questions and listen carefully.

    That will give you a starting point for helping them make the changes they want. Then tell them why change is good for them in a way that’s relevant to their lives and goal setting. If they’re worried about getting in shape, talk about their health and how it will improve if they lose weight or exercise more. If they’re concerned about losing weight, don’t just focus on the number on the scale; talk about how good they’ll feel when taking hikes with the family and how you can help them change their routine to incorporate weight loss supplements easily.

    Make It Personal

    Not only does this provide value for your business but making your client’s resolution guide personal makes them feel it more. It’s easy to throw a generic step-by-step guide out the window. There’s nothing that speaks to the client with that. Instead, add a personal touch to how you’ll help your clients achieve their New Year’s goals.

    Yes, you will have to offer some valuable advice. A lot of business owners don’t like the idea of giving away free content. Don’t let the ball drop on this one. That initial freebie is what draws them in and makes them want to pay for your service. You’ve proven your expertise and now they want more.

    Set the Right Expectations

    We’re all guilty of making grandiose claims about what we’re going to accomplish in the next year, but if your clients are new to setting goals, you have to take it slow. If you’re working with someone who has never set a goal before, advise them to start small. Set a goal they can easily achieve that will lead them toward something bigger. Make sure they understand that there will be some setbacks along the way; just because they haven’t done something in the past doesn’t mean they won’t succeed this time around.

    Track Progress

    Giving clients a way to track their progress will help them maintain their goal. When they’re aware of how far they’ve come, they’re more likely to continue with their new year’s resolution for 2022. In fact, making progress tracking a regular part of their journey and filling it with micro-achievements will help them feel accomplished. Measure their progress and provide relevant, motivating metrics to keep new client’s past their new year’s eve promises.

    If you’re promoting a gym, weight loss diet plan, or even upping a client’s social engagement, a progress tracker is one of the best investments you can make towards maintaining a consistent stream of revenue from each client.

    Transform a Short-Term Goal into a Long-Term Habit

    Again, start out small. If a customer comes in with fitness goals saying they want to gain 50 pounds of muscle or lose 150lb, you need to make sure they know that’s a long-term goal. Instead, start of slow and transform that short-term goal into a long-term habit.

    Maybe your client can readily lose 10lb in the next month. That’s a great short-term goal. Then expand on it. This strategy can work for every New Year’s client, no matter the industry.

    Stay in Constant Contact

    Take advantage of your customers’ ability to spread their concerns across multiple platforms such as social media, email, and phone calls. Maintain communication throughout the process and remind them of their progress along the way. Once they feel as though they’ve accomplished something, walk them through how they can achieve their next goal.

    Consistency is key when you are building a relationship with someone. Build a routine where you follow up with your new year’s resolution clients every week, every month, or every quarter. Unless you have a very high-value service like plastic surgery, you will not be able to charge much for these follow-ups because they are so frequent, but the value of these relationships will be priceless when you need them in the future.

    You don’t want to lose momentum when it comes to keeping these people engaged, so use the gaps between appointments as a time to ask questions that give you insight into their lives and their goals. Ask them about their progress with their resolutions or if they are still interested in pursuing them at all. This will give you the opportunity to adjust your offering accordingly and stay on top of their needs as they evolve over time.

    Provide Multiple Membership Options

    If you’re looking to retain your new year’s resolution clients, you have to provide them with multiple options.

    What are your pricing options? You can offer a Basic Membership that grants unlimited access to the gym, monthly supply of supplements, or two training sessions per month if you’re a wellness coach/personal trainer/mental health advisor. Then there’s the mid-tier package that includes everything in Basic put with a few perks, like discounts on your other products or more coaching sessions per month or bringing a friend to the gym with you. And then there’s the top-tier membership, where you include everything possible for your client. Or maybe your customers enjoy a simpler pay-as-you-go payment method.

    Treat each member individually and determine what type of membership will suit them best. Create perks for each plan that will make them feel special about their decision to commit to your product. The more personalization you can add, the more likely your client is going to stick with you.

    Your Customers’ Goals Are for the Long-Term. Get Your Business Prepped to Convert Those New Year’s Resolution Clients into Steady Revenue.

    Clients set expectations on an ideal world, not a real world. That can be a punch in the gut if revealed too abruptly. Instead, follow our tips above to keep your new year’s resolution client retention high for the entire year of 2022 and beyond.

    With multiple membership options and subscriptions, you’ll need a high-risk merchant account to stay on top of demand from both customers and payment processors. DirectPayNet will connect you with the right processor and acquiring bank to give you all the tools you need to make a big difference in 2022–your year of growth.

    Contact us today to get started.