Thinking Like a Business Owner When Selling Merchant Services

Good Tuesday morning everyone. The merchant services industry is in the middle of a transition period. Twenty years ago merchant services sales was dominated by
the stand-alone, dial-up terminal. Ten years ago the PC configured as a cash register with a magnetic stripe reader was the fastest growing solution for small merchants. Today, the cloud-based touch screen POS payment system with EMV, empowered by broad-band Internet access, is the norm as multiple mobile and static platforms are enabled to become the entry point for transactions of all types. Integration to other databases and applications is becoming a minimum requirement for any payment system. This impacts the sales process in a more complicated,interconnected payments world.

First, one size does not fit all.

There are many individual factors in a business, even in a franchise that is meant to be exactly like every other business of its type. Flexibility and integration are the essence of fit. Be ready to discuss how our solutions will fit the client. Weather it is the Elite II POS our Echo Tablet POS solutions integrated with the Five Star loyalty system and our Perkwave loyalty app. Always reinforce we have the solutions to fit their needs.

Training expense is a fact of modern business life. You had better be thinking about ways you can let the owner smell the steak sizzling while you’re doing your demo. A selling moment is also a teachable moment, so use it to show the merchant the power of our solution. If you have addressed significant needs, re-training will not be seen as an expense but as salvation for a business that is suffering.

So do our prospects and merchants. It’s very important that you develop a relationship with your prospect, and that you demonstrate real value. Face it, they really don’t need any more friends. What they need most is someone who has it on the ball, has the clarity to address their needs, who can see through the clutter of daily process and make the underlying structural problems go away.

The bottom line is that we have to understand our prospect’s unique needs and be ready to deliver valuable solutions with the right answers up front.

We may only get one maybe two chances to understand what the prospect needs, so we have to be ready with the right questions. We have to be able to zero in on the priorities and requirements so we can recommend the right solutions.

Don’t think this is going to go down like an episode of Oprah. You with the insightful questions – the prospect baring his soul. You’re going to be lucky if you get one or two of these key questions addressed and considered in one conversation with the owner. So how do you begin this type of conversation?

 First, make sure you ask if the owner has a few minutes to talk about the business. This is just common business courtesy and it’s a question that every busy person appreciates being asked. If they say yes, you’re moving forward. If they don’t have time now, suggest a couple of alternative times to check back with them and ask which they prefer.

 Second, give them one comment that frames the discussion: “Mr. Prospect, I work with hundreds of retail owners and I implement payment systems that minimize their cost and maximize utility. To do this I like to know about what’s working for my merchants.” Then go right to an initial question based on what you see of her situation: “There’s a Dress Barn half a mile to the west and a TJ Maxx less than a mile to the north.  Or you can use two different restaurants and ask how does your store excel against that competition?”

Third; after they have answered that general question, you can explore more specific areas where you have specific solutions, such as gift cards, customer loyalty or cash advance programs.
Whatever you do, always be aware of their body language, their taking the conversation in a different direction or their possible frustration with your approach. If you’re not sensitive to these cues, you may fail to make a connection and actually alienate them in the process. Whenever I sense this, I withdraw slightly and give them room to vent or back away. For example, I will do a virtual step back by saying: “I hope you don’t mind my asking about this phase of your business. I’m a business owner, too, and if I’m able to understand, I may be able to help.” Keep the connection open and the conversation going.

Opening a good dialog, taking it in the right direction, starting the process of bringing significant value to the prospect or merchant – these are the real art forms of consultative selling. To drive this process forward you have to think like the business owner. You have to understand their world and yours; you have to make money as well. Focus on what their priorities are and deliver value to the real issues that matter to them and your profits will soar!