Updated: Nov 11, 2020
I can't tell you how many times I have been on the phone with merchants and they ask me after I pitched them:
Mr. Merchant: “Well, what’s your rate?”
I like to respond back with: "Great question Mr. Merchant, I wish my job was that easy to where I can just shout a number out to you over the phone. Unfortunately, it's not, because the rates that you pay depend on the cards that you take and how you take them."
Mr. Merchant: “The last guy that I spoke to was able to give me rates, why can't you?”
My reply: "Stay away from the merchant level salesperson who shoots you a rate when they have no idea what types of cards that you take, what your average ticket is, and whether a not you swiped or key the transactions in. It can be misleading."
If you’re a merchant level salesperson the best way to separate yourselves from the competition is to bring value to the business owner. We bring value and full transparency other than cost. If it’s all about cost that’s easy. It doesn’t take much talent to throw numbers around. How do you do that or get there? You ask questions. This is what sales is about.
Asking questions-Discovery Call
Business owners are busy running their business and don’t care about how great your company is. They only care about what’s in it for them. Once you learn how to treat your craft of selling like a professional or a consultant, is when you will see results. The best way to do this is after you get a merchant to send over their processing statement is to then set up a phone call with them to find out more about the business other than cost.
Once I get statements, I’ll then book the Discovery Call. Early in my sales days I would run into merchants who would act too busy to take my call to discuss anything and they just want you to send over numbers. When I would finally catch them, they would say they don’t have time to go over everything and want me to just send the proposal over. If the merchant doesn’t have time to discuss how he is processing and what it is he is looking for, it’s unlikely you will ever get him to take the time to sign an application.
In some cases, after doing this the merchant may take your proposal and give it back to the same provider that is overcharging him. This could have been prevented if you weren’t just competing on cost. Always ask for confidentiality during the discovery call that they will give you their word that they won't do that. 90 percent of the time they understand and will agree to giving you a fair shot.
This is what a consultant looks like and not a phone jockey. I can guarantee that if you start scheduling a discovery call to ask the merchant questions on what’s important to him as it relates to service, your closing percentage will go up and you will start to build quality relationships.
If you are in the industry and you’re reading this, please respond and let us know if you agree or disagree? I would like to know what I can do better to educate you and help you grow to become a professional salesperson.