Selling merchant accounts can be a highly profitable career path if you know how to bring in paying clients. If you are just beginning to sell merchant accounts this can be an even greater challenge because you will be focusing a lot more on trying to convince already established businesses to switch to your credit card processing system. Though it is challenging it is not impossible to be successful at selling merchant accounts if you can effectively create a sense of urgency for the business owners.
Create A Sense of Urgency:
You will be visiting a number of business owners on a daily basis and out of all the businesses you walk into you may only speak to the business owner in less than a fourth these instances. Out of the business owners you do speak with less than half of those will turn out to lead to qualifying contacts. Qualifying contacts are the business owner’s who agree that they need to review their credit card processing method and are interested in moving forward in the process with you and your services. The most effective way to convert more business owners in to qualifying contacts is in you opening pitch to them. Though your ultimate goal is to get the business owners to use you for their processing needs you will be able to do this more successfully if you first let them become aware that they should review the services they are currently using. When you contact business owners you need to eliminate the assumption that they are already in the market or interested in switching the credit card processing system they currently use. This is often a common mistake among independent service agents where they think that the business owner is already interested in switching when in most cases they have not put any thought at all into switching. The best way to create a sense of urgency into these business owners is simply making them aware of the things they most likely are not putting any thought into.
By pointing out to business owners that there are changes that have been made to the processing guidelines because of the changing technology and how credit card payment are being made. Most business owners tend to think that systems will just take care of themselves. With smartphones and mobile payments becoming a common trend there are probably a number of changes to the processing system that business owner are just not aware of and this can be what gets them to start considering you as a potential provider.
You can also try to give them a competitive bid for using your service and talking about some of their concerns or issues they feel may arise with the system they have in place or that you provide. Again this is a way for you to make them aware of changes that have occurred due to technological advancements and how you use these changes to better their business profits.
Give them an additional incentives for making a decision on the processing system with a limited time frame. Offering a special bonus deal that is only taking place for a short amount of time can be a great way to get the business owners thoughts into a more fast paced mindset. Your goal is to keep the momentum going throughout the conversation you have with the business owner. Once you know you have sparked their interest and you feel they may be considering switching their services lay the deal on top of them so they know they get an additional bonus if they switch to your processing service by a certain time. These special offers can be cash back rewards or free system processors or terminals.
Selling merchant accounts can be a highly profitable business but in order to be successful you need to be able to create a sense of urgency for the business owners. Your goal in the first meeting is not to convince them to use your services specifically but to get them into to thinking they need to re-address their credit card processing services. Once this can be achieved you have a better chance of converting these business owners into one of your merchant accounts.