Selling credit card processing services to merchants is highly profitable due to residual income. This article teaches you how to know about it, follow effective post-closing, from effective prospecting.
Start by making some reliable credit card processing lead sources. Like any other industry’s sales environment, the best lead sources are not always obvious. You should think constructively about where to get solid B2B leads.
In addition to credit card processing, start by creating a list of all other services for the requirement of a new business owner. Telephone and Internet service providers will probably deal with new business owners, so their customers will be very good for you.
Join your local Chamber of Commerce and participate in weekly meetings. Contact professional organizations and become the “preferred provider” of credit card processing services. Business owners like to engage business face-to-face, so dipping themselves into many professional networks is important for finding the best leads.
If you are not provided a sales pitch by your employer, then you have to make your own design. To do this, put yourself in the business shoes. As a business owner, what will you look like in the credit card processing service? Sometimes, just the best way to find out is to ask!
Take the time to ask all the relevant questions about how a trader runs his business. What is the average monthly sales volume of the trader? Where does he do his transaction, online or individually? Do they have any special requirements? Be sure to take detailed notes on the conversation.
Finally, ask the dealer whether he wants to design a custom solution for your business. If the answer is yes, then compare the merchant’s needs against the services available to you, and build an intelligent solution for it. Remember, in B2B sales, each transaction is a consultative process. You will do better to express the condition of a patient and care rather than a more traditional, high pressure sales approach.
Pitch the dealer. If you have created an intelligent credit card processing solution for one of your possibilities, then the next step is to schedule an appointment. Ask the trader for 15-20 minutes to discuss your solution. Before the meeting, create different visual aids to help get the product in position. Instead of a standalone service, you want to help the trader to visualize your solution as a real part of your business.
Also, avoid using any jargon that the dealer can not understand. It is best to always keep it simple, and never let the dealer know more than that, as much as knowing it. Instead, constantly remind the trader how your solution satisfies his concept of an ideal credit card processing service. If you do all this correctly, the trader should be ready to move forward with the transaction.
Close account. If the merchant is influenced by your presentation, then immediately provide the hard copy of the application and if possible, then work with it. This will stop the possibility of the dealer to separate from the application and forget about it. Gather any other documents you need from a businessman and provide a time limit by which you will be ready for his service. congratulation! You have stopped selling your first credit card processing.
Follow with your customer. Now when the merchant has become your customer, be sure to maintain a positive relationship with him. It will serve two purposes. Mainly, strong customer relationships help strengthen customer retention. Since you are likely to pay residual commission in your accounts, you will not want to lose the account that you had already worked to shut down, just because your customer is under-served. In addition, if you are above and above expectations, then your customer will be more interested in sending your friends to you. Create a reputation for exceptional service, and you have to find traders instead of the other way around.
Create a “pipeline” of possibilities. In the merchant services industry, only one account can take up to a month to close. That said, most successful credit card processing salespeople will have many deals at work at any point of time. This is called your pipeline. Humming, and after binding the loose ends in any lilling deals, continuously contact the new prospects and make sure to keep it completed. Even if you start closing many accounts, do not let your pipeline dry out.