When it comes to selling merchant services, the landscape can be quite competitive. With many options on the market for your customers, it’s critical to take the time to focus on how you can differentiate yourself as a solution provider. While it might sound intimidating, in today’s blog post we will share seven tips on selling merchant services, designed to make your journey simple – and successful.
7 Easy Tips on Selling Merchant Services:
1. Provide a Total Solution
One of the best ways to differentiate as a merchant services provider is to not just offer one piece of the payment puzzle, but to provide a total solution. Customers want a one-stop shop, and offering a complete solution that provides value, including credit card processing through a merchant account and a full portfolio of necessary point of sale (POS) hardware, is a great way to create happy, sticky customers.
2. Be a Trusted Advisor
Although this blog post contains tips on selling merchant services, one of the most important things you can do sometimes is to not sell. What does this mean? Simply put, strive to be your customer’s trusted advisor, rather than just a salesperson. The foundation of being a trusted advisor is built on listening: listening to your customer’s needs and acting as a consultant to offer ideas and solutions, rather than just pushing products. Some other traits of trusted advisors include:
- Putting your customer’s needs first, not your own; always think of their challenges and priorities before your own
- Always asking questions to understand more about your customer’s specific situation – “tell me more!”
- Providing a variety of solution options, so that they can decide on the best choice for themselves
- Embracing the fact that you don’t always know the answer and build the confidence to admit that – doing so will demonstrate honesty and trustworthiness
3. Be Available
This next tip may sound obvious, but it still deserves to be said: be available for your customer! Often times, many businesses will sign up with ISO agents and then find themselves never hearing from the agent again after the contract has been signed. Don’t fall into this pattern! Make a conscious effort to touch base with your customers and be that trusted advisor who is always looking out for their best interests.
4. Offer Affordable Options
Besides offering a total solution, acting as a trusted advisor, and being available on a regular basis, another thing that your customers are sure to value is affordable pricing. A low cost is always a priority, especially during uncertain times. Reduce the cost of entry into your solution by offering a SaaS (Solution as a Service) model which features low monthly payments. This operating expense (OPEX) model versus a capital expense (CAPEX) model means that rather than a business needing to spend a larger lump sum for a solution, it can instead spend a lower amount as needed each month. This model helps businesses receive the best possible solution in an affordable way.
5. Be Transparent
Who doesn’t value transparency? It’s important to feel like you are dealing with an honest and ethical provider. Your customers also value transparency, so be sure to be understandable in every way possible. It’s especially important to make your transaction fees crystal clear and remember to be competitive with your revenue share. Being honest and laying these numbers out on the table will earn you trust as you sell merchant services.
6. Provide a Straightforward Timeline
Time is money, and to a business, money is a top priority. Be sure to prioritize your customer’s time by providing a straightforward go-to-market timeline. When providing this timeline, also remember to include the expected ease and speedy of any integrations that will be required.
7. Offer Omnichannel Capabilities
Today’s businesses require today’s payment options. Gone are the days when simple, piecemeal merchant services could suffice. If possible, be sure to offer an omnichannel solution, meaning a variety of card acceptance methods, along with a fully integrated solution. Acting as a one-stop shop and offering an omnichannel solution can lead to creating a sticky customer that is less likely to be tempted away by a competitor.
