Learn about Selling Merchant Services Over the Phone
If you have been in sales for long, then you know what it is like to try to sell software and other solutions over the phone. It’s a tough industry and job that requires hard work, patience, and a winning formula. Calling someone is easy--convincing them to stay on the line is hard. If you are in merchant services sales and want to increase your phone sales and your overall revenue, then this short guide is a must have. In this short tutorial, we will cover some of the key tips to having success in merchant services and conducting merchant services sales over the phone with maximum optimization and earnings potential.
When you think of selling merchant services over the phone, your mind might automatically turn to just setting appointments, touching base, and otherwise communicating with the potential customer over the phone. However, that’s not all that selling merchant services over the phone entails. Actually selling merchant services over the phone consists of every step of the process including consultation, implementation, and even signing the contracts. This all occurs from a remote location.
While this makes the business model somewhat convenient, it also makes having success in phone sales extremely difficult. In traditional sales, you have the opportunity to interface with your clients directly and speak with them. With phone sales, however, you will have to do all of this over the phone and digitally. The barrier is greater, and that is why so many fail when they don’t have a plan to address these issues.
However, it doesn’t mean that selling merchant services over the phone is impossible. Actually, hundreds of reps all over the country have success selling these services over the phone on a daily basis. Those with a good plan, sales skills, and some experience interacting with clients over the phone most definitely have a path to success.
Since you want to have success and selling merchant services over the phone takes a specific skill set, there are some merchant services agents that should avoid having to sell merchant services over the phone if possible. For beginners, it’s a good idea to get an in-person meeting when possible. Here are some of the characteristics that might make it difficult to succeed when selling merchant services over the phone.
If you are an individual that has little or no experience with selling merchant services over the phone, then some practice beforehand would be helpful. Selling merchant services can be difficult, and selling anything over the phone can be difficult. Together, they make for an increasingly difficult combination. Having success in merchant services over phone sales is entirely possible, but it is an ideal situation for those that at least have a bit of experience with selling over the phone.
Selling without a good supply of leads is difficult for any industry, let alone merchant services. If you are going to sell over the phone, then you need to make sure that you have enough information to go off of. With a steady supply of leads that contain the information you need to make the sale, you will increase the chances of your success drastically. You should always make sure that you have a steady pipeline of leads before you begin your foray into merchant services phone sales.
Now that that is out of the way, we can give you some actionable tips for having success with merchant services sales over the phone and giving yourself a leg up on the competition. Here are some of the most actionable tips and actions that you can take to have more success in phone merchant services sales.
If you’re going to call a merchant looking to talk about how you can provide them a service, it’s best that you have a good reason for the call. If a merchant believes that you are only calling to sell them something that they don’t need, then they aren’t going to hang around on the call for very long and they will be immediately defense. However, if you can let them know that you have a solution for their problems or you are taking notice of an issue that they are having, you are much more likely to have success in converting them to a customer. Always make sure that you have a reason to be calling your merchant, otherwise they may believe that you are not worth their time.
If you do manage to get on the phone with a merchant, one of the most important things that you can do is to get to your value proposition early. Merchants especially have very little patience for people calling them to sell merchant services products and services, since they get it so much. So, it’s helpful if you are able to show them right away that you have actual value and benefits to offer instead of just trying to make a sale. If you can make your point and show why you are valuable very early on in the process, the merchant is much more likely to be receptive to your pitch for a longer period of time.
It’s very important to keep your merchant on the phone for as long as possible. The longer that you are able to keep your merchant on the phone, the greater the chance that you have at converting your merchant into a customer. That’s not to say that you should keep them on the phone without regard to their needs. You should ask questions and start conversations that lead the merchant to simultaneously stay on the phone longer and learn more about the services that you have to offer. When you are conducting phone sales with a merchant, be sure to do your best to have a lengthy conversation with them so that they can become more familiar with you and start thinking of you as a business partner instead of a salesman.
When you are interacting with a merchant on the phone, it’s best to keep the asks small. By that, we mean that you shouldn’t go for the big sale right away. When conducting phone sales, it is best to take it in baby steps instead of trying to sell them on your most comprehensive solution that you have to offer. For instance, you should explain the benefits of an affordable and smaller-scale service first to allow them to see the benefit before going into the other options that you have to offer.
When you do make a sale, your next task is to get them through the paperwork and make sure that they remain a merchant under your account. To do that, you should provide superior service and walk them through the paperwork process as a team instead of leaving them to fend for themselves. This cooperation and the help that you are able to provide them will lead to a long and productive relationship between merchant and agent.