Outright rejection from a merchant is a common sales-agent experience. Getting through the initial rebuff to having a conversation with a merchant requires enough practice, skills, and preparation from the part of agents.
According to the president of one of the companies in the field, you can stand out from the crowd by focusing on things no one is paying attention to. As he notes, he always tried to find his own path. While everyone was busy selling restaurant and retail, he was selling business-to-business, while everyone was selling terminals, he was selling POS integration. While everyone was selling a better rate, he was selling better interchange qualifying.
To do this, you should have in-depth knowledge of the merchant’s business and how payments fit into it. According to the founder of one of the firms in the industry, training plays a crucial role in developing this niche expertise.
As he notes, knowing how to make the sales pitch isn’t enough; you should also know how the industry works, what role payments play in the merchant’s everyday work life, what alternative payment types exist and their relative costs, and why payments processors do this or another thing and collect the information they need.
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Next, it’s important to listen to the merchant, as the director of sales at one of the companies in the field says. If you listen to the merchant, you’ll be able to figure out what is valuable for them and what pain points they have. You’ll reveal that price isn’t their main motivation to making a change.
Also, sales agents should know how their own company operates, as the president of one of the companies in the field notes. You should look through the lenses of your company when giving advice.
What is more, it’s important to make lots of sales calls as a means to hone sales skills. The cold call, no matter it’s made in person or on the phone, is a quick way to improve those skills. It’s vital to strike up a conversation at different places, including a merchant’s shop or an airport lounge.
Moreover, your biggest challenge may be associated with a merchant’s negative view of payment-processing salespeople. So, you should know as much about a prospective merchant as possible. Such knowledge is of vital importance when it comes to overcoming a rebuff.
Next, you should approach the merchant on his/her terms.
Finally, sales agents must be able to establish a relationship with the merchant based on trust. For this, you should find a common language for your conversation, a connection.