Merchant services have become a necessity in recent times. They ensure that electronic payment transactions are handled. Thus, merchant services providers act as an intermediary between the merchant and the bank to help facilitate the transfer of funds from the customer’s account to the merchant’s account.
So What Are Merchant Services?
If you are new to Selling Merchant Services, it is important for you to fully understand what merchant services are to effectively sell them. Merchant services are also called credit card processing as they handle electronic payment transactions. They involve the collection of the merchant’s sales information, obtaining of authorization for conducting the transaction, receiving of funds from the bank that has issued the credit card as well as sending the merchant the payment.
Tips for Selling Merchant Service
Sometimes, selling Merchant Services can be quite tricky. However, that does not mean that you should worry. When you gain all the necessary knowledge about the career, you are more likely to make sales and convert businesses to use your services. If you have the pitch ready and leads to engage with, you need to follow the below tips for effectively selling merchant services.
- You Do Not Sell a Service But Yourself
When it comes to selling a service, you need to remind yourself that you are selling yourself and not the service. Since everyone already needs merchant services, you have customers who are willing to buy what you have to provide. However, they take an interest in you.
For instance, when you look at selling something as simple as water, you might think to yourself that everyone needs it. But, what makes people buy water from one company instead of the other? When you speak to a company about your merchant services, you do not need to try explaining credit card processing most of the time as chances are that the company would be aware of what it is. Instead, you should tell them what they want to hear and that is why the company needs your service.
- Lower Rates
When it comes to merchant services, you should avoid promising lower rates on credit card processing fees. You might be thinking that it goes against what you have heard about the industry. It is easy for you to fall into the trap of believing the commonly posted chatter on Google and Bing.
Remember, if you offer lower rates, your profits will also decrease which is something you should avoid. Just take a minute to think about it. Why would any business agree to pay more than what they are currently paying? This is where you come into place. It is your job as a payment technologist to convince the company to use your services.
- Keep Following Up
To get your prospects to take an interest, you need to follow up with them. Generally, infusion agents need to follow up with prospects about 4 to 5 times to successfully close the sale. It is common practice for an agent to follow up once a week. If the sales do not follow through, the agent should consider dialing thinks back and keeping in touch over an email once a month to keep reminding the prospect.
Once you have sent 2 to 3 follow-up emails, the prospect would be more likely to consider your offer. During this time, it is important to learn more about the competitors that might have approached the prospect.
- Tools/ Inventory
There is great potential for infusion agents to sell merchant services. Terminals, ethernet cables, terminal paper, phone cords, screwdriver, and power cords. Infusion agents need various tools/ items. It is common for small businesses to call multiple times. Many of the times when they call you, they would need help with internet issues, human error, and communication issues. To develop a good relationship with customers, infusion agents must keep different items with them. Keep in mind that third parties, banks, and ISOs tend to only respond over the phone and would deploy the terminal during the night. As an agent, you have to respond within minutes to resolve human errors, restore communications, and replace faculty terminals. This type of service is crucial for small businesses. Tech support is part of the job. When you offer businesses with complementary tech support, they are more likely to accept your proposal.
- Cold Calling
When it comes to selling merchant services, you have to keep finding new prospects and putting them into the pipeline. Endless cold calling is the norm. It is important to make cold calls daily. An advantage you have these days is the national media coverage. It is all over social media, TV, radio, and the internet. Now, it is the perfect time to make some money from credit card processing and cold calling efforts are the best way to do so.
- Big Deals
Remember, everyone always wants to land the biggest deal when looking for merchant services. Businesses want a company that has many franchise locations, is a national chain and offers regional bank relationships. EMV updates have allowed for these big deals to exist in the world of today. Securing payments is the way to go. It is a good idea to write small business deals that cover residual payments and commissions for improving their cash flow. Since big deals take much longer to close, you need to look around for more opportunities. You need to go after the biggest businesses while also maintaining small business clients. It is crucial to be open to both big businesses and small businesses. However, you should always aim for landing that huge contract. Look for companies that have many outlets and plan on opening more outlets. Never be afraid of reaching out to the top dog.
The tips shared in this post will help you become the best infusion agent. From selling yourself to looking for big fish, the tips mentioned above will allow you to make more money.