One very common objection given to credit card processing sales people is, “I’m with my local bank.” In this episode I’ll show you the pathway for victory over this objection. Use the weapons of information and building trust to get on the path. You need to understand what the objection really means. Know how to open their understanding and answer their questions to stay on target for closing the sale.
Merchants are saying they trust their bank but don’t trust you when they give this objection. You must earn their trust. The bank also offers integrated services. They offer to give a business loan, do the business checking, bill pay, and merchant services. So, this is a compelling pitch.
> You should first express your understanding, “Susan, I certainly understand why you’re with your local bank. Many clients I have now used to be with their local bank. Tell me if I’m right, Susan – The main reason they were with their local bank [insert name if you can] is because they already trusted them. They also enjoyed a single point of contact, having business banking or business loan and merchant services at the same place. Is that the main reason you are using your local bank?” People love to be understood. Get prospects to agree to that question. Then they know you understand.
> Next, offer explanation to them. “Okay, let me explain a couple things just to help educate you about the industry in general. The local bank doesn’t actually do credit card processing. They contract with people like me. They basically sell their list of small business clients to another credit card processing company. Call the phone number on your credit card statement. The answer will not mention your bank name. You’ll hear a general response such as, ‘Thank you for calling the merchant services department.’ The bank is outsourcing to another processor like me who is making a cut of the profits. So, you are now dealing with a middle man. In dealing with a middle man, are your rates normally higher or lower?” [Every small business owner understands they are higher.] “That’s exactly right! Now the bank and the processor have to make a profit. So, you pay a higher rate.”
> Now address the issue of trust. “Mr. Jones, in closing, let me ask a favor of you. I’m not asking you to give me your business today. As I pointed out earlier, we don’t know each other. I understand you don’t trust me yet. However, I would like to come back with letters of recommendation from local business people. Then would you at least be willing for me to give you a free cost analysis?”
At this point you have answered the question of integrated services – the bank is outsourcing. And you’ve addressed the issue of trust by offering to bring letters of recommendation. This will keep you on target for making the sale. I hope these tips help you. Have a great day out in the field!