The Payments Playground – Industrial Parks and Office Buildings
So many of you have never even walked into an office building, industrial park, or factory. These places are a payments playground, an untapped mine of sales opportunity. There are probably hundreds of businesses within a few miles of your office where no one has ever pitched merchant services. Nobody is even trying to […]
So many of you have never even walked into an office building, industrial park, or factory. These places are a payments playground, an untapped mine of sales opportunity. There are probably hundreds of businesses within a few miles of your office where no one has ever pitched merchant services. Nobody is even trying to sell them! Learn more about this well-kept secret opportunity in today’s episode.
I have a company with employees. And we accept credit cards. We take a lot of credit card payments for instantquotetool.com. [By-the-way, if you haven’t signed up for your free trial, do that today!] If I owned a pizza shop, there would be frequent phone calls and visiting reps offering to sell me merchant services. Guess how many times a credit card processing sales rep has knocked on our door in seven years? Guess how many times I’ve been called about credit card processing? Zero! Industrial parks and office buildings have become payments playgrounds. There’s no competition; they are paying a ridiculous amount of money.
Here is my favorite example of this opportunity. About two or three years ago I was training a new sub agent locally. We were walking from business to business. The next building didn’t look promising. It was a factory looking place with some cabinets visible. It didn’t look like a place which would even take credit cards. But we decided to walk in anyway. Always walk in! Surprisingly, there was a big showroom of ceiling fans, faucets, and all manner of kitchen supplies. We discovered they sell direct to consumer and deal with other companies, too. I opened with, “Hey, I’m here to talk about payment processing. I don’t know who you guys use or who to talk to.” They pointed me upstairs to the corporate office. I learned of seven locations each doing about $100,000 a month. They were super interested right away. I heard, “Yes, we want to get a rate quote. We spend so much money on that. Sometimes we shop around online, but we never find what we want.” They had never had any calls or any proposals for merchant services.
When becoming involved in business to business, you will hear the terms tier 2 or tier 3 processing. These are important terms with which to become familiar. They refer to a business who does business with another business or government entity. One example is my client who does auto repair on postal service vehicles. When dealing with government agencies, the payment is with a government credit card. More data and purchase order information is needed, so the business gets a lower interchange rate. You can save a lot of money on some of these businesses by becoming aware of such technicalities.
I encourage you to check in your local market for factories, industrial parks, and office buildings. There will be new things for you to learn as you benefit from this payments playground. They will need such things as ecommerce and gateways. Explore and benefit from this well-kept secret opportunity in our industry!