All sales agents who are new to the Merchant Services field need some guidance. Even after taking proper training, newbies look up for advice from their experienced counterparts. This is because selling merchant services is more about trust and building customer relationships than just marketing your services.
For all new sales reps who are seeking such advice, here are our two cents about what works and what doesn’t in the Merchant Services industry and how you must approach clients.
Tips on Selling Merchant Accounts
Here are 6 tips on selling merchant accounts:
1. Educate Yourself
The first tip is to keep your industry knowledge upgraded. This will help you retain confidence and identify customers’ pain points. It will also help you brand your company’s services in context with recent industry developments and help you stand out.
2. Build Trust
The second tip is to build trust with your customers. Businesses will always be in need of merchant services but most of the time, business owners are facing a lot of stress in their work life. They want to outsource their task to an entity that they trust will handle their payment and transactional end in a reliable manner. For this, not only you must be presentable and decent but also be able to relate to their struggles and offer them viable solutions.
Additionally, if your company has a proven track record of handling business payments under problematic situations successfully, do bring that up in your conversations too. As they say in business, ‘Show, don’t tell.’ If you have numbers or successful events to back up your claims, let your clients in on them so that they may trust you that you will handle their payments and establish a reliable financial ecosystem for their merchant accounts.
3. Offer the Right Rates
Most of the time, new sales agents make the mistake of offering low rates to business clients, and sometimes they end up quoting higher than normal rates. The point is, a good merchant services company understands the ins and outs of handling credit card payments. They also understand the costs associated with managing these systems with safety and security. No sales rep must understate a credit card company’s rates just to get a lead and none of them must overstate them. Marketing merchant services in both these ways will eventually lead up to long term client loss.
Low paying clients will get offended when the company will ask for a raise and bring their rates at par with most merchant services selling companies. The clients who have been pitched with overstated rates will feel betrayed when they find out other good credit card processing companies offering better rates.
Therefore, as a new sales rep, try not to overstate or understate your company’s rates just to get a lead. Instead, offer them the right rates. The rates which your company deems sustainable in the long run and can earn profits in the longer run.
4. Following-up Your Existing Prospects
The next tip is to follow-up with your prospective clients. Once you have visited them in person and pitched your company’s services, you have to e-mail, call or pay a subsequent visit to their office. This will help in building a relationship with your customer and keep them reminding of the resourcefulness of your offer.
Additionally, customers who are left alone after being pitched once are more likely to sign up for companies that stay with them throughout their decision-making process of which credit card processing company to hire. They feel valued and heard, thus they sign up with agents who actually follow up. So, if you wish to land good leads with long-lasting professional relationships, try to follow-up with the businesses you pitch yourself.
5. Cold Calling New Clients
Moreover, to gain new clients you must make cold calls at least once a week and pitch yourself briefly over the phone. Since, the business owners are short on time usually, try to make the most out of the initial 1-2 minutes. Once you’ve made a lasting impression in the initial minutes, your journey of securing a prospective lead from there becomes easier.
6. Be Resourceful
The 6th tip is to become a problem solver for your prospective clients. Whenever you visit them, carry the necessary equipment or tools as most other sales agents of reputable credit card processing companies do. If a technological problem pertaining to payments arises while you are at their office or there was one existing for quite some time and they discuss it with you, offer them to help and solve it.
Some of the examples of tools and equipment carried by sales agents include phone cords, power cords, screwdrivers, wrenches, Ethernet cables, and terminals, etc.
While every credit card payment processing company might want to land a client worth $50 million, the importance of smaller clients must not be underestimated. Small businesses, even though they cannot afford as much to pay as industry giants, set the route for a credit card company’s success. They allow the company in earning smaller profits plus gaining experience in the industry.
By the time, a credit card processing company becomes famous for its outstanding services and lands a bigger client; it has already dealt with numerous smaller clients who vouch for its reliability. This is where small businesses come to play. Therefore, it is important that merchant accounts services providers do not target big fishes only. They must understand the importance of working with smaller clients before they land on the big one.