Jul 17, 2017

When the Merchant Says “No” | The Agents Point of View

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.

Merchants looking for low-cost and reliable high risk payment processing for their online business should consider turning to a reputable payment processor and alternative online lender like eMerchantbroker.com. EMB is an award-winning payment processor that is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB. eMerchantbroker.com offers the best high risk merchant account in the industry.

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.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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