Month: April 2023

Today, I’m sharing 10 ways to improve your selling skills in just 30 days. These are practical things you can start doing right now.

In true David Letterman fashion,

from the home office in Terramuggus, Connecticut, here are the Top 10 TOP 10 Ways to Improving Your Selling Skills in Just 30 Days,

10. Discipline

You have to be disciplined in how you use your time and what you spend your effort on. You cannot allow yourself to be caught up in the shiny objects. You have to be disciplined to know exactly what you are going to achieve, and then be actively achieving it. Do not waste your effort; if salespeople would simply be more disciplined in how to use their time, it is amazing how much more successful they would be.

9. Consistency

This means consistency with your prospects. You cannot sit there and call some prospects once, then not call them back for six months or even a year. You have to have a consistent sales process that you are using more than anything. More than anything, I always hear people say, 

“Well, I don’t have a good plan.”

 Me: “Well, what’s your plan?”

 Them: “I don’t have a plan.”

 Well, that’s your problem! I almost say this: It does not matter what your plan is, just be consistent with it. Just be consistent. When you are consistent with your prospecting, it is astonishing how much more disciplined you are – you see how these two things really fit together?

8. Learn From Your Existing Customers

I want you to learn from your existing customers. You see, your existing customers are full of a lot of knowledge.

I want you to learn from them and be reaching out to them, even if your sales process is one where – after you sell a customer – you don’t have any more engagement. I want you to reach back out because you are going to learn from them. They are going to help tell you, show you and guide you.

7. Less is More

It’s not about having 10,000 prospects. It’s not about having 1,000 prospects. It’s really about having fewer prospects that I can spend more time on. Less is more in everything I do. I don’t need 10,000 scripts. I don’t need 10,000 emails sent out. I need four or five because less becomes more. What happens when you adopt this mindset is you become more efficient and more effective in how you use your time.

6. Tight Customer List

Here’s the thing: You do not have time to chase every opportunity out there.

If the opportunity, lead or prospect that you see does not line up with what you believe is going to be potentially profitable to you, then do not. Go. After. It.

Stay tight; I see too many salespeople just start flashing lights when they get into trouble, turning to whatever they can to try to get attention or try to fight. No, stay tight. I would much rather you have 20 prospects you are reaching out to though a consistent process with a very tight message than to be sitting there trying to chase 100, 200, 300 prospects you only reach every couple of months.

Nope, that does not work. Keep a tight customer list.

5. Be Accountable

Be accountable and show up. You have to be accountable to yourself and I want you to be accountable to somebody else. This means, very simply, you need an accountability partner who is going to help hold you accountable for your goals. This means you are sharing with them what your goals are and vice versa.

You know what’s interesting about this? As you coach them, it’s going to help you. A rising tide lifts all boats.

I want you to be accountable now, both to yourself and to your customers. When they say something, you have got to follow up with them. You have to remain engaged with them. Again, I see too many times where salespeople have an opportunity and never call. Them. Back. They never re-engage. I see more salespeople losing business because they failed to follow up on a lead fast enough.

4. Simplify

Do not make it overly complicated. We can screw up a two-car funeral pretty good.

What I want you to do is simplify your message – simplify what it is that you sell because…if it isn’t simple in your mind, how is it going to be simple to your prospects? It’s not.

Too many salespeople get desperate and want to go out and sell every tool in the toolbox. You can’t. I am going to lead with one specific tool, and I am going to zero in on it.

When you simplify, it’s surprising how much faster you’re able to move. Speed comes into play here. Now, of the 10 things I’m discussing with you today, your speed is not one of them. But what I have found is when you make it a point to do the 10 things I am walking through, you will find yourself operating much more efficiently. 

3. Grow Your Mind

You can never allow yourself to stop growing. This means you have to be saying, “How and what am I learning about my industry?”

“How and what am I learning about my customers?”

What are you doing? You have to be continuously growing. You have to take 15 minutes a day – it might be digging into a book or maybe an article pertaining to your industry. No matter what, you have to be continuously and intentionally growing your mind.

What happens? Not only do you gain more knowledge, but you also gain a tremendous amount more confidence. And, when you’re more confident, it’s amazing how much better you listen.

2. Attitude

Nothing fuels your energy more than your attitude.

If you have a bad attitude, you won’t have the energy. If you have a bad attitude, it’s noticeable how it comes across in your phone calls, your emails, on and on. When you have a bad attitude, you don’t listen as much. Your attitude drives a lot more than you would think.

And the #1 Way to Improving Your Selling Skills in Just 30 Days is …

1. Don’t Stop

Do not stop. I see too many salespeople get a little bit into the process and think, “Well, we’re not getting the traction,” and they step away. Everyone has heard the stories of salespeople giving up too early, and that is exactly what happens. If you want to be successful, don’t stop!

If you go through and do the previous nine things that I have been talking about and lastly, do not stop, I guarantee you will be more successful with your selling in 30 days or less.

Have a great weekend,

David 

As technology and business trends continue to evolve, so do the needs of business owners and consumers. And let’s face it, the pandemic was a key indicator that keeping up with the Joneses and offering customers multiple payment options is a sound business strategy. It’s essential for businesses of all sizes for the direct impact on revenue, customer satisfaction and being flexible with your customers when it matters most.

Additionally, payment processing trends affect the security and compliance of payment transactions. Therefore, keeping up with payment trends ensures that businesses can provide secure payment options while complying with ever-changing industry standards and regulations.

By adopting the payment processing technology we summarize below, businesses can provide customers with a seamless payment experience and give their business the tools it needs to be competitive and boost efficiency.

Top Payment Trends to Follow:

1. Embedded Payments
2. Buy Now Pay Later
3. Subscription-Based Payments
4. Real-time Payments
5. Dual Pricing and Surcharging

Trend 1: Embedded Payments

Embedded payments, also known as integrated payments, have taken the payments industry by storm, and for good reason. So, what exactly are embedded payments and how do they work?

At their core, embedded payments are payment processing solutions that are integrated directly into a SaaS platform’s software, application, or website. This means that customers using the software can complete a payment without ever leaving the product or service they are using. Keeping it simple, think of a time when you ordered a pizza through a food delivery app like GrubHub. The payment process is embedded within the app itself, streamlining your experience rather than being redirected to a separate payment platform.

Another way to think about this is when you hand your card to the cashier in an automotive repair shop that uses software to manage appointments and provide estimates in the shop or via email. With embedded payments, shop owners can manage all aspects of their business and collect payments at the time of service or with features like text-to-pay all within the software. Even better, embedded payments help businesses say goodbye to reconciling nightmares and double entry as transactions are reported within the software.

The benefits are clear. Embedded payments can enhance the customer experience by providing a seamless and secure payment process within the software solution. This can help build customer trust and loyalty. Additionally, embedded payments can simplify payment processing, reduce errors and operational costs, and improve cash flow by helping customers get paid faster. Overall, embedded payments help businesses boost efficiency and revenue while enhancing the customer experience.

Trend 2: Buy Now Pay Later (BNPL)

Buy Now Pay Later (BNPL) is a payment option that allows consumers to make purchases and defer payment until a later date. BNPL providers offer customers an interest-free loan to make purchases, with the option to pay the balance off in installments over a set period of time. Customers can typically choose the number and frequency of installments that work for them, which can help make larger purchases more manageable. 

Next time you are shopping online, take a look before checking out and think about how these options might look in different retail settings.

BNPL providers typically partner with retailers to offer their services at the point of sale, making it a convenient option for consumers to make payments on their own terms. This solution has become increasingly popular particularly for younger consumers who may prefer to avoid credit cards and traditional loans.

Offering Buy Now Pay Later to your customers can provide a number of advantages for both your business and your customers. By allowing customers to spread out payments over time, you can attract customers who may not have been able to make a purchase otherwise. For businesses, offering BNPL can increase sales and revenue by reducing cart abandonment rates and providing an attractive payment option for customers.

Trend 3: Subscription-based Payments

Subscription-based payments have become increasingly popular in recent years, particularly in the realm of digital services and products. The convenience and predictability of subscription payments make them an attractive option for consumers who want to avoid hefty payments up front or lengthy contracts. 

For businesses, subscription-based payments provide a predictable revenue stream, which can be highly valuable for SaaS companies and other subscription-based businesses. Mainly, it helps businesses reduce the need for costly marketing and customer acquisition efforts by having monthly retainers with existing customers.

The trend towards subscription-based payments has only accelerated in the wake of the pandemic, as more consumers shift to online services and entertainment. As such, businesses that offer subscription-based payment options can take advantage of this growing trend and benefit from a predictable revenue stream and increased customer loyalty.

Trend 4: Real-time Payments (RTP)

Real-time Payments (RTPs) are in line with the expectations of how the world should process payments. No more waiting for deposits to hit or checks to clear. RTPs refer to an electronic payment system that enables immediate and instantaneous transactions between two parties. The most well-known examples of Real-time Payments in the United States are The Clearing House’s RTP network and FedNow, the Federal Reserve’s anticipated real-time solution projected to launch in 2023.

Unlike traditional payment methods that can take several days to complete, real-time payments allow for near-instantaneous transfer of funds. This is made possible by a network that connects banks and other financial institutions, allowing them to communicate and transfer funds in real-time. 

With real-time payments, you can make and receive payments 24/7, 365 days a year, without any delays or interruptions. This makes it a convenient and efficient payment processing option for businesses and individuals.

From a speed perspective, the benefits of RTPs are clear. Payments are sent and received faster than ever before, giving small business owners exactly what they need, immediate cash flow. While speed is a primary benefit, the biggest impact is the reduction in money that’s locked up in the various stages of payment processing. The guarantee that funds clear instantly improves liquidity for small businesses and paints a clear picture of their finances in real-time.  

Real-time payments also reduce the risk of fraud and errors, as funds are transferred within seconds. With a reduced number of transactions that require manual attention, i.e., a failed payment, businesses can also reduce costly, time-consuming reconciliation issues.

Trend 5: Dual Pricing and Surcharging

Dual Pricing and surcharging are two pricing strategies that can help businesses offset the cost of accepting credit cards by sharing processing costs with the end consumer. 

What is Dual Pricing ?

Dual Pricing or cash discount program is a method of offering a discount to customers who pay with cash, while customers paying with credit card pay the advertised rate. The advertised rate has a built in amount to help account for the processing cost. 

What is Surcharging?

Surcharging involves adding a fee to the total purchase price for customers who pay with a credit card, while offering the lower advertised price to those who pay with cash. Surcharging is legal in most states in the U.S., while cash discounting is legal nationwide.

These methods can be used to encourage customers to pay with cash, which can help businesses offset the cost of credit card processing. However, it’s important to note that these methods come with legal and regulatory considerations that should be carefully evaluated before implementing them.

For businesses, these pricing strategies generate real savings and help put money back into the business that can be reinvested elsewhere. This can be especially beneficial for small businesses that operate on tight budgets. 

If you are interested in implementing a cash discount or surcharging program, can support all business types with our industry leading cash discount and surcharging programs.

In conclusion…

Payment processing technology is constantly evolving, and staying on top of the latest trends is crucial for businesses to remain competitive. The top 5 payment processing trends to follow in 2023 and beyond include embedded payments, Buy Now Pay Later, Subscription-based Payments, Real-time Payments, and Dual pricing and Surcharging Programs.

These trends are not only shaping the future of payments but are also transforming the way businesses operate and interact with their customers. As we move forward, it’s important for business owners to embrace these trends and partner with a processing company who can help implement them to enhance customer experiences, increase efficiency, and drive revenue growth.

Let me know what trends your currently offering.

Happy Selling,

David

Over the years, what I have found, that whatever you make a priority, you can make a success.
It has nothing to do with not having enough time. We all have the same amount of time each day. It’s all about what you make a priority. The bottom line is that you make the time for what you must have.
We all have heard that in order to succeed, you must have goals. The reality is that it goes way beyond that. Your goals have to be specific and they have to be absolute. If you truly have the desire to have great success, you must turn the “wants” into “musts”. If it’s an absolute “must”, then you will find the time to make it happen. If you need to sacrifice for something you must have, you will make that sacrifice.

Whatever the goal is, if it’s not a priority, the full commitment will not be made and you will never achieve it.

When you make it a priority, your attitude turns into “I will do whatever it takes for me to succeed.”

Now of course, I’m also speaking about doing it with integrity. Whatever you must do, you will do. If that means getting up at four in the morning and giving 100% every day, if it’s a priority for you, that’s what you will do. Success takes commitment and sacrifice.
Let’s get real now. Your life today represents all the things that you have made a priority. Unfortunately, most people settle for average.

They basically have made survival a priority. As long as they are getting by, paying the bills and doing the minimum, that’s their priority.If you’re OK with that, that’s not a problem. I truly believe that life is worth more than just being average. Make a commitment to choose not to live average anymore. Choose to do much more. Commit to being excellent.

Get rid of all excuses that are holding you back. Don’t worry about lack of education or lack of talent. Hard work will always beat talent. It’s all about how bad you want it.

The other day, I heard a young person say that you can’t make it in America anymore. I immediately told her to not buy into that lie.

There are amazing opportunities everywhere you look. If you truly believe that you can reach success and you believe in yourself, opportunities are staring at you right in your face.

All you have to do is make the commitment and go for it. Choose to make your dreams and goals a priority. Take advantage of the opportunities that come your way.
Whatever you make a priority in life, you can make a success! How about you, what are your priorities? What are your “musts”? You do have the time to achieve these priorities. Why?

Because, you will make time for the things that are a priority to you. Write out your priorities today, and next to them write out “I MUST………….” Put together a plan and then go for it. If it’s a priority, you will make it happen. Make your life a priority. Make your success a priority. Make living a healthy lifestyle a priority. Make the decision to be awesome at what you do a priority. Now is the time to get your priorities in order.

Happy Selling!

David

This is all about having a purpose. When you truly have a purpose in your life, it encourages you to make those sacrifices and put in the effort that’s needed in order to have your dreams come true.

Those that have dreams, and they are willing to pay the price to make them come true, will achieve happiness.Far too many people are afraid to dream. There are others who dream, but they do not dream big enough.

Dreams do not cost anything. Unfortunately, I’ve seen way too many people allow others to knock down their dreams. You must remember that you were designed for greatness, and there is an amazing plan for your life. It’s up to you to take that step of faith and make the commitment. Remember this though, it’s not enough just to have a dream. You have to dream big and take massive action in order for that dream to come true.

There are no shortcuts to great success. There is no such thing as an overnight success. For everyone that has become successful, they will all tell you that they paid the price. They made the commitment to dedicating the time to learn what was necessary and to do the things that needed to be done. You will often hear that when people have success, they are just lucky. Here is what I have found…. The harder you work, the luckier you will become.

Luck is when preparation meets opportunity.

Make that full commitment to have your dreams come true. In order to have the success you desire, understand that the price of success must be paid in full and paid in advance. Nothing is free. If you want to have big success, you must pay the price. Hard work over a period of time is the price we must pay for success. You truly can accomplish anything if you are willing to pay the price.Finally, let me encourage you that, while you are paying the price for success, you also enjoy the journey. It’s a wonderful ride. There will be bumps and bruises along the way. You will have challenges, difficulties, and obstacles throughout your journey, but always remember why you began in the first place.

There are dreams inside of you and it’s time to make these big dreams come true. The past is behind you. It’s time to move forward and work towards your amazing goals. It will be difficult, but it will definitely be worth it. Unless you pay the price for success, you will not know it’s worth.

I promise you this that you will appreciate your accomplishments because of your dedication and commitment.

Happy Selling,

David

Here are three quick tips to help you start your week off on the right foot as a Merchant Services professionals.

Set Measurable goals:

Before you start your week, set some goals that you can measure and decide how you will measure them. When I started out, I just carried a note pad with me.  I made a list of names of all the new business owners I met.  Then I circled them if I got a statement and put a check mark next the ones I sold.  This is an easy way to see your progress each week.

In the merchant services industry you should have three goals:

-How many new business owners will I meet this week?
-How many statements will I obtain?
-How many deals will I close this week?

*Also, you might decide to spend some time building your online presence, joining a local business owners group, or some other activity which doesn’t take a lot of your time but will help your business long term.

Be Your Own Boss:

When people say they want to be their own boss, this seldom means they actually want to boss themselves.  Usually this statement means “I don’t want anyone to be my boss.”  If you really want to be your own boss, do these three things which every boss does:
-Have a set work schedule.  Make sure your friends and family know you still have a boss to whom you report…YOU!
-Have times each week when you “meet with yourself” to go over your progress towards your goals.
-Have a budget for business expenses and stick to it!

Decide to Stop Deciding:

Too many agents make succeeding impossible because they are constantly deciding whether or not they will remain committed to their business.  Make a long term commitment, and then stop deciding.  Stop asking these questions:
-Should I be looking for another job?
-Should I consider switching to another processor?
-Am I really a good sales person?
-Do I know enough about this business to get started?

Take some time right now to nail these things down and decide when you will allow yourself to reconsider them.  If you do this, your mind will be clear of doubt and ready to focus on the week ahead!

I hope these short tips motivate you to have a great week!

David

Sales is a profession unlike any other. It’s the front line for all businesses across the world and keeps the economy humming along. There are close to 16 million salespeople in the United States, and they all have a lot in common. 

From the Home Office in SLICKPOO, IDAHO

Here are The Top 10 other things that only a salesperson would understand:

10. The end of the month

There is nothing quite like the end of the month (or the end of the quarter) while working in sales. Not only is everyone going crazy trying to get as many deals in before deadline, but miracles can happen and complicated or difficult deals that never would have been done get closed. Everyone wants to get paid, so management pushes salespeople, and salespeople push their customers and make things happen while everyone goes just a little bit insane.

9. Bad leads

Some leads are just awful. In fact, there are many people who would argue that the vast majority of leads are really bad and there is only a small percentage that are actually effective. Obviously, there are many salespeople who don’t even get leads and have to generate their own business, but even they know what a horrible lead is. Disconnected phone numbers, unqualified customers, people who have no need for the product, people who scream at you to never call them again or ask how you managed to get their phone number. Sometimes the famous sales phrase “The leads are weak,” is 100% true.

8. The thrill of closing a deal

There are very few things in life that can be as exhilarating as closing a deal, especially when it’s a big or important one. Sales is full of ups and downs and the highs can feel absolutely incredible. Any experienced sales rep knows that a bad day can turn into an incredible one with just one deal. One of the biggest differences between a salaried job and a sales job is the opportunity to experience the direct rush of sales success.

7. Being in a slump

A sales slump is awful because not only do you feel off your game and have a hard time keeping a positive attitude while going through failure after failure, but you’re also faced with the terrifying prospect of not getting paid, or worse, losing your job. Some managers can make a slump even worse, especially if they have a bad management style. Everyone has their own methods to get out of a slump, and we at Payment Lynx can help you get out of one by recommending which actions to take, but even the absolute best salespeople in the world will go through a slump at some point in their careers.

6. Resilience

Psychological resilience is defined as an individual’s ability to properly adapt to stress and adversity. What most people don’t quite understand about sales is just how many times you have to hear a “no” before you get to hear a “yes.” Only the truly resilient will excel in sales, and only those who can brush off rejection and push through it will live extraordinary lives that their friends could only dream of. Shark Tank star and real estate mogul Barbara Corcoran once said that the difference between salespeople making $40,000 a year and those making $8 million a year is how long they spend feeling sorry for themselves after a failure.

5. Changes to the comp plan

Salespeople are one of the only professions who have to experiences changes to the way they get paid multiple times a year. Compensation plans get changed by upper management regularly, and it’s not usually to the benefit of the sales staff. Everyone’s been through it; management calls you in and tells you that the changes will help you make more money, and you and your co-workers grumble about how they keep changing it and paying you less and less. The only thing that’s guaranteed about your pay plan when you work in sales is that it will always keep changing.

4. Going from hero to zero

In sales, the phrase “what have you done for me lately?” signifies the fact that you’re only as good as your last deal. As soon as your month or quarter ends, you’re back to the bottom of the board along with everyone else. The most successful sales reps find their way to the top of the board time and time again, while everyone else fights their way through, but everyone starts out the same when the clock strikes midnight.

3. Empty promises

There is no one who is more skeptical of what people tell them than a seasoned salesperson. Usually when a salesperson is new to the job and a customer tells them that they are going to move forward with the purchase and will call them back tomorrow and get everything started, the salesperson gets excited because he or she believes them. But after a few months on the job, they know better. Customers constantly make promises that they don’t intend to keep, and any seasoned salesperson has learned to never count on a customer to get back to them, no matter how convincing they are.

2. Distrust

Unfortunately, being distrusted is something that just comes with the territory in sales. The general public tends to paint salespeople, especially merchant salespeople with a broad brush thanks to the actions of a select few that give the rest of us a bad name. But don’t let it get you down, just understand that it’s a reflexive reaction that you need to do a little bit of work to overcome. Be direct, listen to your customers, and do what you say you’re going to do and you’ll earn their trust.

And the Number 1 Thing only a salesperson would understand is…

1. Staying motivated

Unlike a salaried job, in sales if you don’t close, you don’t eat. This means that no matter what problems you have going on in your personal life, you absolutely have to stay energized and motivated if you want to succeed. Everyone has their own ways to stay motivated. Some people drink a ton of coffee, some people have pictures of their goals or families for motivation, and some are driven by that chip on their shoulder that only they can see. 

I hope these blogs help motivate you to stay focused and get out in the field.

Have a great weekend,

David

IF…

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Equals…

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Then…

K * N * O * W * L * E * D * G * E

11 + 14 + 15 + 23 + 12 + 5 + 4 + 7 + 5              =       96%

H *A *R *D * W * O * R * K

8 + 1 + 18 + 4 + 23 + 15 + 18 + 11                =       98%

Both are important, but fall just short of 100%

But…

A * T * T * I  * T * U * D * E

                   1 + 20 + 20 + 9 +20 +21 + 4 + 5    =     100%

“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude”….

Thomas Jefferson