Today I would like to talk about how to overcome the “I am with my local bank” objection. In my experience simply explaining how this process really works will help you win this sale or at least give you an opportunity to do the analysis. Here is an example conversation with a merchant and the pitch I use to overcome this objection:
Agent: Do you mind if I ask who you are using for your credit card processing needs?
Merchant: I use my local bank and I am very happy with them, they actually gave me a loan to start my business so I could never switch from them.
Agent: It is interesting you bring that up Bob because many of the customers I have now felt the same way about their local bank before I explained exactly how the process works. Here is what I have explained to dozens of merchants, your local bank doesn’t actually do credit card processing, they simply provide their business clients information as leads to a 3rd party processing company just like mine. The difference is that the bank also wants to get a cut of the profit, so the processing company usually prices these types of accounts very high because they figure they have to pay the bank and they know that the business owner will feel obligated not to switch because they feel it would be disloyalty to their bank. The reality is this, if you called the number on your statement, you wouldn’t speak to your local bank, you would speak to the processing company and even if you decided to switch processing companies you would not be cancelling on your bank, the folks at your local bank would just lose a small amount of profit sharing on your account but, they would probably not even know you had switched. Now I could be wrong and you might be getting a great rate but, I would like to test my theory by looking at a statement and showing you a price comparison. I’m sure you wouldn’t mind if I did a free analysis just so we will know how our pricing compares would you? I have even gone so far as to call the 800 number on the statement and put them on speaker and when the person answers they say, “Thank you for calling customer support can I have your merchant ID number?” I say, what company did I call? And they say, well this is (processing company)… I love the look on the merchant’s face when they realize what is really going on.
Hope this helps!
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Should You Quit Your Job to Sell Merchant Services?
Read next post: “Introduction to Credit Card Processing Sales” – Part 1
“Introduction to Credit Card Processing Sales” – Part 1