10 Actionable Tips for Selling Merchant Processing Services in 2022
Credit card processing and financial services are some of the most essential services that any business will purchase. Without these services, a business is not able to function. In theory, it should be easy to sell any business on the idea that they need a merchant processing account. Unfortunately, there are so many options on the market today that gaining the business of a company looking for these services has become highly competitive. To help you know how to sell these accounts to local businesses and provide them with processing solutions that meet their needs, this list of 10 tips for selling merchant accounts will give you some proven steps to closing more contracts and building your network of clients.
Include Yourself in the Pitch
When you are selling merchant accounts to businesses, the personality and character of you as the salesperson is every bit as important as the functionality and efficiency of the product that you are selling. If you want to have success with selling merchant accounts to your business clients, then they need to see that you are a trustworthy, knowledgeable person that they can get along with and feel comfortable talking to when they have questions and concerns. If you learn to sell yourself as the rep at the same time that you sell the product, you will have increased chances of creating a level of comfortably and trust.
Respect Your Margin
When you are trying to sell services to businesses, you might be tempted to slash prices to increase your chances of closing a deal with your prospective client. However, data suggests that this is not always the best way to do things. Yes, a lower price or processing rate might be more attractive to businesses on a budget, but you won't have long-term success as a rep if you constantly give your profit margin away. Instead, it is better to provide value to them in other ways like offering your knowledge and being a good merchant services partnership.
Always Follow Up
In the world of business, things are constantly changing. When you are in negotiations to provide any business with merchant payment processing services, it is very important that you never forget to follow up with them following an in-person or online meeting. If they see other services around, they will undoubtedly get curious and you may lose a sale all because you failed to be present at the time they wanted to make a decision. A merchant services sales rep that wants to be successful is one that will follow up in a timely manner to ensure the client’s needs are met right away.
Always be Exploring New Leads
In a challenging field like merchant services sales, it is important to ensure that your pipeline of prospective new clients is always flowing. You want to bring in the consistent commissions, so attacking new merchant account leads and always ensuring that the stock of your leads is fresh is of paramount importance. You shouldn’t be afraid to look into any industry or corner of the business world to find your clients and it’s always a good idea to be innovative when figuring out how to attract clients.
Big Merchant Accounts are Key
You always want a steady flow of sales from all sizes of businesses, but what will really set you apart from others and increase your earnings potential is the closing of contracts with big merchants. Larger merchants have more to spend and invest in their payment processing infrastructure and they will offer you more potential sales and even recurring sales if they continue to grow. These contracts are what will keep you afloat in hard times and push your commissions to new limits. Emphasize robust technology and good support No IT system, payment processor, or any other software is going to work 100% of the time without ever having a flaw. However, if you want to really reel in the clients, you should focus on the tech of the payment processing solution that you are offering. It’s unreasonable to expect that there will never be a technical issue, but what businesses really want is to know that this will rarely be an issue. When payment processors go down, it costs the merchant money. Make sure that they know that this is very unlikely to happen.
Establish your credibility
Since you are in merchant services sales, you know that not many people look favorably at those that sell merchant services. If you want to have success in this business, always put your best foot forward and make sure that the businesses know that you want to help them succeed. When they have questions, be polite and address them completely. Make sure that they know that you are not just in it for a paycheck, but because you truly have a service that can improve their business.
Fees are Expendable
If you have a customer that is on the hook and you want to close the deal, you might be tempted to reduce the rate that you are offering to the client. However, this path only leads down the way to reduced profits and margin. If you truly want to maintain your residual income, it is better to waive one-time fees and other single charges in an attempt to convince your prospective buyer.
Be upfront and honest
Business owners, more than perhaps any other segment of the population, are very wary about signing contracts. If you have a good product and have a fair contract, then it should be your priority to be upfront and honest with your clients about the contract that they are signing. Sitting down and going through the merchant services contract with them will establish trust and credibility with your merchant and ensure that they trust you enough to do business with you.
Education is priority
Having a good product and being a good merchant service agent is one thing, but to be an industry expert and get the most out of your career, you need to make your education a priority. Your education as an industry professional is paramount because it will help you to understand the current, modern needs of the sector that you are serving and guide your clients with an expert hand towards the best merchant solutions and implementations with your product. Stay on top of industry news and developments if you want to have success in selling merchant processing technology.