Creating Momentum with Your Merchant Processing Business

Good morning everyone. So far this week we’ve discussed being accountable, disciplined and taking Inventory of our product offerings.
Today I want to look at the four ways you can create momentum. As you begin to build your POS/ Credit Card Processing business you will be inundated with tasks that do not create momentum.

These include installations, customer service, paperwork and other tasks that are essential to your business but do not create momentum.

There are only three tasks that create momentum: MOP

Your goal in scheduling is to maximize the amount of time you spend on these three tasks without neglecting the other tasks.  While all the other tasks tend to call out for your attention and will be completed simply because they are necessities, these three priority tasks must be scheduled and completed on purpose because they do not call out for your attention! Let me give you a few tips on how to maximize the amount of time you spend on these three important tasks and thus, create momentum in your business.

Use a Calendar and CRM to manage and schedule task and follow ups etc.

This sounds so basic, but ask yourself some questions:

What time tomorrow are you going to meet business owners for the first time?

What time tomorrow are you checking back with a prospect to pick up a processing statement?

What time tomorrow have you scheduled a meeting with a prospect to present a new cost comparison for the first time?

 If you have these events and no way to have them tracked or scheduled, you are not going to increase your momentum.  If you do have them in your schedule and CRM, your momentum will begin to snow ball.

These three “momentum” tasks are usually accomplished best from 9 a.m. to 5 p.m.  Therefore, you have only a couple hours in the morning to get your entire in-box of other tasks completed so you can start creating momentum at 9 a.m.  Don’t start your day at 8:30 a.m., rush around for 15 minutes, and then run out to do prospecting with 20 unanswered messages from merchants or your processor.  This will ruin your focus and interrupt your prospecting time.

Although I am all about multiple visits, you can get to a point where you are wasting time on a “non-buyer” when you could be creating momentum with a fresh new prospect.  My rule of thumb is to try to get a statement 3 times after which I leave my card and ask them to fax it to me when they are ready. I will still stop by and see them, I will just schedule them for a once a month visit.  Once I have the statement, I schedule a solid appointment over the phone to present.  If they don’t show up, I leave the cost comparison and stop by later in the week to see if they looked over it.  I also get an email address to send the cost analysis to them if they don’t show up.  And, of course, Once they have the cost analysis, I will wait as long as necessary to get a sale while not wasting time with a visit.

Learn to use the phone; it will save you a lot of time!  Many sales partners get this backwards.  They start by using the phone and then do face to face.  Use face to face to make the initial visit.  After you have their interest, use the phone to schedule your follow up visits.  I have often waited several months to close a sale if they are “checking with a partner or spouse” or “getting other bids.”  However, if I can’t close them when I make the presentation or after one follow up visit, I tell them to call me when they are ready.  Even though I assume I did not get the sale, I will keep emailing them helpful tips every day to keep them on the hook.  This allows me to let go and move on to new prospects.

If you want to create momentum in sales, you must set goals for yourself and track your progress.  I have found that it is much more productive to set goals based on the tasks above rather than “number of sales.”  You may have 2 sales on Monday because of work done the previous couple weeks.  If your goal is “2 sales per week,” you will have no motivation to work the rest of the week.  If you take the rest of the week off, it will kill your momentum and hurt your income for weeks to come.

It’s important to remember that this is your new career, work it as if your lively hood depends on it… because it does!

One last tip is to work closely with your sales coach and follow the training that is available to you. Never be afraid to ask or email questions, we are here to help you.

Here are a set of 5 goals you should set for yourself everyday:

I know this article will help you create momentum in your merchant services career!