- Payment processors: How to multiply your profits with upsell: A CX guru interview


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  • - Payment processors: How to multiply your profits with upsell: A CX guru interview As a global growth hacker for over seven years, I know that consistently achieving major new growth requires a holistic approach to the marketing, sales and business practices of a company. I’m always looking for new insights, so I am very pleased when I encounter professionals like Jaakko Männistö, a customer experience (CX) guru from Scandinavia. I have published several of his insightful articles. My most recent interview of him begins with a single challenging question: —Christian Dillstrom ______________________________________________________________________________
  • HOW CAN PAYMENT PROCESSORS MULTIPLY THEIR PROFITS? ONLINE STORES ARE NOT EXACTLY EAGER TO PAY THEM MORE. Actually, online stores do want to pay processors more. But only if they get more sales through the payment processors. YOU’VE LOST ME. PAYMENT PROCESSORS HANDLE PAYMENTS —NOT SALES! Yes—unless the payment processor is one of our clients. We make it possible for payment processors to do a lot of upselling with the buyers whose payments they are handling. And what these processors are upselling is, of course, the very products and services of the online store that the buyer is coming from. If you’re an online store and your payment processor is upselling for you, of course you’ll be willing to pay for the new business. HOW DOES IT HAPPEN? SOUNDS LIKE IT MIGHT GET COMPLICATED. Actually, it’s pretty simple. Once the buyer has successfully completed his payment, the payment processor redirects him to our simple customer-experience questions. Answering these questions deepens the feel-good factor that buying something causes. We also tell the buyer about our monthly drawing to win the latest iPhone. To enter, you answer. Well, everyone wants an iPhone, right? So even customers who don’t really expect to win will say what the heck and take a few seconds to answer our customer-experience questions. Once the buyer has answered our questions, he is presented with an upsell offer that has automatically been tailored for him on the basis of what he just bought and what kind of feedback, positive or negative, he has just given. The upsell offer includes a hyperlink to a shopping cart page at the original online store in a new browser window. The buyer can then, if he wishes, buy what he has just been offered, after which he’ll be sent again to payment-confirmation page of the online store. So, the buyer never loses sight of his original payment process.
  • SOUNDS CLEAR. BUT WHY WOULD A CUSTOMER BUY THE UPSELL OFFER AFTER HE’S “ALL DONE” WITH THE ONLINE STORE AND HAS OFFICIALLY STOPPED BUYING? It’s psychological. People feel good after they have bought something, and they are often eager to buy something else instantly. As a result, our automatic upsell offer generates a lot of new sales. Another thing we do is constantly optimize the upsell offer to make it very tempting for the buyer to accept. I’VE HEARD ABOUT THIS. ANY REASON WHY AN ONLINE STORE WOULD NOT WANT TO BE A PART OF THIS? Not that I can see. We are creating more sales for them, and it’s on a commission basis. If we do not create more sales, there are no costs or charges of any kind. Upside: many new sales after the customer has “stopped shopping”. Downside: nothing. And keep in mind that our experienced customer success team will help to optimize your upsell offers in order to maximize the sales. After all, we do this for a commission. Your success is our success. WHAT ABOUT THE PAYMENT PROCESSORS? WHY WOULD THEY WANT TO PARTNER WITH YOU? We divide the commission with them. With the upsell commission we give them, payment processors can easily expand them per-payment profit. And we’re the ones handling all the support, tech stuff, and customer-experience service. So, it’s easy money for the payment processor. WHAT DO YOU NEED PARTICIPATING PAYMENT PROCESSORS TO DO?
  • We need processors to sell the idea to their clients and to perform a very small redirect to send the buyer to our system after the payment has cleared. We take care of the rest. WELL, I’VE GOT PAYMENT PROCESSORS AS CLIENTS AROUND THE WORLD. IS YOUR SERVICE AVAILABLE GLOBALLY? Sure. Just ask your clients to click here to book a teleconference, and we will start speaking with them. BACKGROUND Christian Dillstrom is a global growth hacker who has growth-hacked more than 10 percent of Fortune 500 companies over the last seven years. Mr. Dillstrom is responsible for over 100 marketing and sales innovations. Over 350 million of his marketing solutions are currently active on the Internet. Every month, 18 million business people read his Growth Hacking articles at SlideShare. Click here to read them. Mr. Dillstrom has founded and managed three global startups and has evaluated and consulted with over 300 startups around the globe since 1999. To get in touch with Christian Dillstrom, book a free teleconference with him, please click here.