Merchants are diverse, with different business styles and processing needs. Not every sales rep is going to understand the needs of every merchant. Over time you will figure out what kind of businesses you enjoy dealing with. Restaurants might be higher volume, but you may have POS systems that are difficult to deal with. Petro merchants have gas pumps that complicate things. Some medical businesses require HIPPA compliance to do business with them. Many successful sales people in the payments industry came from the industries they now market to because they are so familiar with the ins and outs of that business type. Instead of chasing every unique opportunity, dive deeper into the area you’ve had success with and establish yourself as the expert payment processor provider in that business type. Your time is valuable, make sure you are spending it wisely and prospecting merchants with whom you know you will have a higher rate of success.
Good sales agents don’t necessarily need to have experience in the payments industry, but they do need to be able to talk to anyone at any time. This includes cold calling – which is a unique skill. While providing training for your current team will go a long way toward improved sales, hiring the right people to begin with gets you to the closer line faster. Here’s a few tips:
Since most agent positions are phone-based, you may want to conduct the initial interview over the phone to accurately assess phone etiquette and communication skills. By interviewing applicants over the phone, you’ll be able to determine whether a second interview is worth your time and assess the likelihood they’ll succeed in your work environment.
Of course, it doesn’t matter how great your agents are if you aren’t getting them viable leads to call. Drumming up your own leads and referrals are great, but it’s a lot of effort. For faster lead generation, hit the list suppliers for phone numbers. There are a lot of services from which to choose. Here are just a few:
You may be well known in your territory, but if someone searches for you online, what are they going to find? Establishing yourself online is important not only for generating leads, but to add authenticity and validation for your company. According to Forrester Research, 59% of merchants prefer to do research online prior to a commitment. If you don’t exist online, the chances of you closing the deal reduces significantly. Here are just a few ways to establish your online presence:
For more information and a deeper dive into how you can establish your online presence, watch our webinar.
Be sure to encourage referrals and give contacts a quick way to refer you – with referral cards or business cards. Make sure every merchant you close has a stack of cards to hang out to inquiring customers and don’t be afraid to offer a referral reward (it’s a lot cheaper than marketing)! Some examples of referral resources would be:
Don’t be afraid to think outside the box – ideally everyone you know could be a referral source, and you may be surprised at some of the sources you never knew you had.
Once you get the leads flowing in the door and have the right people to sell them, you may want to consider investing in a CRM (Customer Relationship Management System) CRM systems are a one-stop-shop to store and manage your contacts and be able to track and drive your sales pipeline. More advanced CRM systems come with built-in email programs and online advertising tracking software. Some to consider would be:
Don’t do all the work of hunting down merchants just to lose them to a lone wolf. You worked hard to build your merchant base, make sure you keep them happy and processing. Part of this is making sure they feel as important to you as you are to them. Giving your personal cell phone number and being available 24/7 will put you above and beyond what most offices offer. As you grow and build your book, you’re going to need help with customer support and technology troubleshooting. Getting the right personnel to back up your business is key when you start feeling the strain of a growing merchant base.
Lastly, run your business with integrity and be honest with your merchants through the sales process and beyond. It goes along way in building trust and loyalty.
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