Selling Merchant Services

4 valuable steps ISO agents can take to increase their client base  

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Selling Merchant Services

Nov 21, 2018

Selling Merchant Services

4 valuable steps ISO agents can take to increase their client base

Change your mindset: you aren’t just selling a service, you’re selling yourself. Independent sales agents must have a variety of skills to be successful. In part, that’s because you don’t need to convince a business owner that they need credit card processing – most of the time, you need to convince them to switch to a new credit card processor.

The best way to do this is to focus on why they need you, just as much as your specific product. You need to be part marketing maven, part tech guru, and part conversation master. You want them to trust in your product, and to trust that you’ll be able to help them when they need it.

Here are 4 ways sales agents can emphasize their consultation skills as part of a sale.

  1. Preparation prevents poor performance. The best sales agents know the importance of preparation and the impact it has on potential clients. Before any introduction, there’s no excuse not to know the basics – you must know the business’s name, the name of the person you’ll be meeting, and the general needs of businesses in the industry. Knowing their background and mission can go a long way.

    If you aren’t familiar with their industry, going the extra mile in your research sets you apart from the competition. Come armed with questions to ask the merchant – questions that show real knowledge and interest, not simple “yes” or “no” questions. 
  1. Knowledge is power. No matter how long you’ve been a sales agent, it’s imperative to stay informed about your industry. From eCommerce to mobile payments to security, the payments industry is always changing, so you can’t rest on your laurels. If you don’t know the current state of the industry, you won’t be able to sell – 99% of merchants are not looking to switch their processing provider, so you’d better have a good explanation for why your offering is better.

    Use your expertise to convince merchants that they should begin thinking about other payment processing options, whether or not they choose yours. Great conversation starters that get people thinking include, PCI compliance or EMV regulations. These topics show that you’re not just a salesperson, you’re a payments expert, and they will truly benefit from a business relationship with you. 
  1. Winners never quit and quitters never win. It’s always important to follow-up with potential clients. After first meeting them, email them a couple times within a 1 to 2-month timeframe. Ask follow-up questions to understand their thoughts about their current processing situation and see if anything has changed.

    Even if they don’t choose you or decide against making any changes, following up with prospects will give you great insight into how you can improve your skills the next time you’re in the field. And you never know how a prospect’s thinking will change in the long-term.
  1. Make new friends – but keep the old. Take the time to catch up with your existing client base. Stop by for a quick visit, call them or send them a quick email. Review merchant statements with them and explain exactly what they’re paying for. Remind them that you are here for them and it’s your job to assist in any way possible. These simple interactions help maintain relationships. Once you’re comfortable enough, ask for referrals. It’s much easier to close a deal if you were referred to them by someone you know.

Remember, selling merchant services can be hard, but it’s important to be confident in yourself. With every sales interaction, make sure all parties walk away with something positive to say about you.

Whether you’re new to the industry or looking to take your business to the next level, TSYS’s ISO & Agent Program is designed to help you succeed. Get started now.

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