Sell Credit Card Processing Services to Merchants

Selling credit card processing services to merchants is highly profitable due to the residual income it creates. This article teaches you how to go about it, from effective prospecting, to post-closing follow up.

Steps

  1. Begin by creating a few reliable credit card processing lead sources. Similar to the sales environment of any other industry, the best lead sources are not always obvious. You must think creatively about where to find solid B2B leads.
    • Begin by creating a list of all the other services a new business owner needs in addition to credit card processing. Telephone and Internet service providers likely deal with new business owners before you will, so their customers would be great leads for you.
    • Join your local Chamber of Commerce and attend the weekly meetings. Contact professional associations and become a "preferred provider" of credit card processing services. Business owners like to do business face-to-face, so getting yourself immersed in several professional networks is critical to finding the best leads.
  2. If you are not provided with a sales pitch by your employer, you will need to design your own. To do this, put yourself in the shoes of the merchant. As a business owner, what would you look for in a credit card processing service? Sometimes, the best way for you to find out is to simply ask!
    • Take the time to ask all relevant questions about how the merchant runs his business. What is the merchant's average monthly sales volume? Where does he conduct his transactions, online or in person? Does he have any special needs? Be sure to take detailed notes on the conversation.
    • Finally, ask the merchant if he would like you to design a custom solution just for his business. If the answer is yes, compare the needs of the merchant against the services you have available, and build an intelligent solution for him. Remember, in B2B sales, each transaction is a consultative process. You will do better to convey a patient and caring disposition rather than the more conventional, high pressure sales approach.
  3. Pitch the merchant. If you have created an intelligent credit card processing solution for one of your prospects, the next step is to schedule an appointment. Ask for 15-20 minutes of the merchant's time to discuss your solution. Prior to the meeting, create various visual aids to help you position the product. You want to help the merchant imagine your solution as an actual part of his business, rather than a standalone service.
    • Also, be sure to avoid using any jargon that the merchant may not understand. It is always best to keep it simple, and never tell the merchant more than he needs to know. Instead, continually remind the merchant exactly how your solution satisfies his conception of an ideal credit card processing service. If you do all of this correctly, the merchant should be willing to move forward with the transaction.
  4. Close the account. If the merchant is impressed by your presentation, immediately provide him with a hard copy of the application and, if possible, work through it with him. This will prevent the possibility of the merchant setting aside the application and forgetting about it. Collect any other documentation you need from the merchant and provide him with a deadline by which you will have his service ready. Congratulations! You have closed your first credit card processing sale.
  5. Follow up with your client. Now that the merchant has become your client, be sure to maintain a positive relationship with him. This will serve two purposes. Primarily, strong client relationships help create strong client retention. Since you likely get paid residual commission on your accounts, you won't want to lose an account that you already worked to close, just because your client felt under-serviced. Additionally, your client will be more inclined to refer his friends to you if you go above and beyond his expectations. Build a reputation for exceptional service, and you will have merchants finding you, instead of the other way around.
  6. Build a "pipeline" of prospects. In the merchant services industry, it can take up to a full month just to close one account. That said, most successful credit card processing salespeople will have multiple deals in the works at any given point. This is called your pipeline. Make sure to keep it full by continually contacting new prospects, following up on leads that have become lukewarm, and tying up the loose ends in any lingering deals. Even if you begin closing several accounts, never let your pipeline dry up.

Tips

  • If you have a background in high pressure B2C sales, remember that the B2B process is more patient and consultative. You win deals by designing the right solution, not by saying the right lines or pressuring your prospect.
  • Business owners are very busy people. Don't be afraid to follow up with your prospects if you don't hear from them. Nine times out of ten they will be glad you did.
  • Carry a business card with you everywhere. When you go out to eat, get work done on your car, or shop at a local store, hand out your card to the business owner. Merchants like to do business with their customers and it creates a warm lead.

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