I spend 99% of my time training agents how to sell anyone. However, it is important to understand your market and answer the questions, “Who should I...
How to Sell Merchant Services
I have spent the last several years training hundreds of agents how to sell merchant services. In today’s article I would like to condense the core principles of my training in two main points. 1. Sell according to stages. Too many agents walk into a business with the intention of getting a sale rather than […]
I have spent the last several years training hundreds of agents how to sell merchant services. In today’s article I would like to condense the core principles of my training in two main points.
1. Sell according to stages. Too many agents walk into a business with the intention of getting a sale rather than the intention of meeting a business owner. Therefore, they come across too strong and make the prospect feel uncomfortable. Focus on one stage at a time. You can accomplish multiple stages in one visit, but make sure the conversation follows the following path:
- Meet the Business Owner
- Obtain a Processing Statement
- Complete an Analysis as quickly as possible
- Present the Analysis (Cost Savings Summary) to the merchant
- Close the Deal / Go through the Paperwork
- Install the Terminal as quickly as possibleIf you follow these stages one by one and track your results accordingly, you will be successful as long as you are putting in the time.
2. Use each customer as a mini lead engine. Treat each customer like he or she represents $1,000 per month in income for you, and within two or three years this will be the case. I believe the biggest area of lost opportunity for agents is in the area of networking locally. Here are a few tips to get the most out of each client:
- Do the installation quickly with no hassle. Your relationship doesn’t start when you meet, in this industry your real relationship starts when you show up to install the terminal. Whether you install over the phone or in person, your ability to do a quick, painless installation will set the tone for your future relationship.
- Provide incredible, amazing, proactive service! Again, look at each new client as if he or she represents $1,000 per month in profit for you. You should call or stop by at least once per month for the first six months.
- Get the customer’s email address and send a LinkedIn invite, even if they are not on LinkedIn. For more information about this, read “Using LinkedIn to Generate Leads.”
- Search for the customer on Facebook and Twitter. Send a friend request or follow if it’s an active account.
- Ask this question, “Bob, one of the tough things for me is walking into businesses without knowing for whom to ask. Do you know the names of any business owners in the area?” This question is much more effective than asking for a reference and will get you more leads.
- Your goal should be to close one deal every sixty days from each active account. Just walk in to the business about which Bob told you and drop his name as a reference.
- You should only use the owner’s personal introduction (i.e. “Can you give Bill a call and let him know I will be stopping by?”) once ever six months. So use it wisely. Find a large, multi-location or influential company with which this owner is connected, could be a supplier or friend. I hope these tips help you close more deals! The longer I am in this industry training sales agents, the more I believe you can make a huge profit…as long as you have the right sales partner (me, of course! LOL) and follow a step by step plan to achieve your goals.
Send me an email with any questions.
James Shepherd firstname.lastname@example.org
Read the previous post: Closing Techniques – Responding to Yes, No and Maybe
Read the next post: Understanding Your Residual Split