10 Tips for Merchant Services Sales Training
Want to become a merchant services agent but don’t know the basics of credit card processing sales training? Well, don’t fret; we have an excellent guide dedicated to helping you UP your selling game. Once you know how to start selling merchant accounts (–hyperlink to the article’ how to be a successful merchant services rep’ that I wrote previously-), you just need to learn how to sell your services to potential merchants, and you will be ready to make a good career out of merchant services sales rep business. Excited? Let’s dive right in:
10 Practical Tips for Credit Card Processing Sales Training:
1. Find a Professional Merchant Services Agent Program:
The fundamental and most crucial part of your merchant services sales training is finding a processor that you can have a long-term partnership with. Here are a few things to look for in a potential partner:
· Should provide reliable service to your merchants and should not charge unfair fees
· Should offer different benefits to the merchants like free signage or even some equipment
· Should have an excellent support system where you can quickly reach their sales reps if you have any questions or if there is an issue with the merchant that needs to be solved quickly
· Should offer you lucrative payment structure and bonuses
· Should offer you learning opportunities and various training materials so you can learn about the business and the product the best way
Knowing these things will help you find a partner that you can work with for the long term and grow your business without any problems in the future.
2. Keep ‘Em Coming:
You need to keep your sales funnel flowing with potential clients. This means that you always need to keep your eyes peeled for any new potential merchants that you might be able to convert.
New businesses keep opening up all the time. So look for any new or old businesses within your target areas, reach out to them, educate them, and just help them out in any way you can without asking for anything in return.
You can educate them about the basics of the credit card processing system, EMV laws, and how they can become PCI compliant, etc. Sooner or later, they will come to you or refer their merchant friends to you.
3. Keep an Eye Out for Big Players:
While you are doing your best to keep your sales funnel flowing with potential small merchants, you also need to keep an eye out for the big fish in the market. A big contract is always better than several small ones.
Now we are not discouraging you or telling you to avoid the small ones altogether because they will be your main source of earning. However, every once in a while, big players pop up in the market as well.
Maybe a giant business is opening up branches in 10 locations throughout the city or state, and they might need the credit card processing services and terminals for all of them? Well, you can surely help them with that, can’t you?
4. More Payment Options Means More Opportunities:
Another important part of the merchant services sales rep training is that you should provide your clients with more than one payment processing options. This means your payment processor should be connected with more than one credit card company like the North American Bancard agent program, which is connected with both First Data and Global Payments
And not just that, but the payment processor should also have multiple options for the transaction. They should not be limited to just over the counter POS terminal. Your merchants will be getting all kinds of customers who might not have a credit card at hand and may like to make payment via mobile app. So having a mobile payment option is also a plus as it would attract more merchants to work with you.
5. Provide Excellent Customer Service:
Whether it is a merchant sales services program or any other business, providing excellent customer support is one of the fundamental foundations that will keep your business flowing and your customers happy.
Since payment processing via terminals and other equipment is a bit tricky, your merchant would likely need you for the first few weeks or months before he gets the hang of it. Also, there can be some technical issues like the machine not accepting payments all of a sudden, or it might stop working.
So at that time, the merchant will contact you, and it is your job to nurture your relationship with him and solve the problems as soon as you can. Keep in mind that you don’t just need to solve the problem of your merchant, but you also need to do it in a timely manner.
They have a Business to run, and they have payments to accept, so they cannot afford to wait for you to solve their issues when you feel like it. Since you are relying on the residual income coming from the merchant, you cannot afford to make him unhappy and leave you for another service provider.
6. Work On Your Reputation:
Another core element of the credit card processing sales training is that you need to constantly work on improving your reputation in the eyes of merchants. People don’t really have a good perception of the sales reps as they think that all they want is to get their money.
You need to change their perspective about you and make them understand that you are not just after their money; you are there to build a long term relationship. And to do that, you should not persuade them.
You need to sell without selling. So whenever you are in the area of a specific merchant that you are trying to convert, just pop in, say ‘hi,’ ask if they need any help, and leave. You don’t have to pitch every time you visit them.
They know that you are selling merchant accounts, so if you build your reputation as someone who has an interest in genuinely helping them, then they would sooner or later discuss business with you.
7. Leverage the Cash Discount Program:
Some of the leading processors, like the North American Bancard Agent Program, offer the best cash discount program. It is designed to help the merchant avoid transaction fees and literally bring them from hundreds of dollars on a monthly basis to an absolute zero.
They do this by offsetting the transaction fee to the customers. An individual customer might not have a problem paying a small sum of the transaction fee. But if the merchant is paying the fee for every customer that slides credit card from the terminal, then the merchant is at a loss of a few hundred dollars every month.
If you tell him that you can make all of this go away, then who would ignore this opportunity? Therefore, work with the processor that offers a cash discount program and use it to strengthen your pitch.
8. Offer Free Terminal:
Another benefit of working with a leading merchant services agent program is that they usually offer free equipment to merchants like the POS terminals. You can couple this with the cash discount strategy and make your merchant’s jaw drop.
Plus, these offers strengthen your bond with the merchants because they are getting incredible value from you, which is literally unbeatable unless another processor comes with a better deal than a 0% transaction fee.
9. Follow Up At All Costs:
Your more time will be spent in following up with potential leads than nurturing your existing clients, and that’s because getting a merchant to convert requires a lot of time, patience, and effort.
So once you have made your initial pitch, don’t stop reaching out to them. You don’t necessarily have to bombard them with messages asking about your offer.
Just casually ask about it whenever you get a chance. Otherwise, most of the time, just try to strengthen your relationship by talking about things other than merchant services unless the potential client wants to.
10. Help Them Understand The Contract:
You need to be completely transparent when it comes to discussing contracts. Your client might see that signing a contract means being bound for some time and not finding any escape if something goes south.
By being honest about the contract, fee structures, and other conditions right off the bat, you will gain the merchant’s trust. This way, they will not feel very reluctant when signing the contract as they’ll know you will be there for them whenever they need any help.
Over to You:
The key part of any credit card processing sales training is to be supportive and helpful to potential clients. They are not getting the product, they are getting you, and the product is something that comes along.
People want someone they can trust and rely on, if you can provide them with this, they won’t take long to convert.