“You don’t know your going to get a NO until you ask, and if you don’t ask,You’ve given yourself the NO” – Jack Canfield
One of the first words we learn is “NO.”
Every toddler learns this important word early in life, normally right after “Mommy” and “Daddy,” Along with learning it early, it quickly becomes a child’s favorite word, as any parent will tell you.
When you sell merchant services, “no” is unfortunately a word that we hear far too often. It is an accepted part of sales, which is why you often hear that you have to have thick skin if you want to be successful.
In fact, most sales people understands that “no” is much better than “maybe.” After all, once you’ve been told “no,” you can move on to a potential “yes.” But the question remains, when is a “no” truly a “no” versus a “not now or later?”
A “not now” is still a potential merchant, but due to certain circumstances he can’t sign today. This doesn’t mean he won’t sign down the road, and is still an opportunity that must be managed correctly.
Before placing a merchant into the “not now” category, answer these 3 questions:
- Did I identify a reason other than cost savings to entice the merchant to change?
- Did the merchant have a system/terminal or any other hardware that would prevent him from signing?
- Is the merchant a fit for my portfolio, and conversely, am I a fit for him?
These questions will help you determine if you should or how often to contact the merchant in the future. For example, let’s say you found a merchant that is experiencing lack-luster service with his current processor. Granted he is experiencing a pain, but it is not great enough to cause him to move just yet. Chances are this issue will compound itself over time, so this makes him a perfect “not now” candidate.
*Remember, if the merchant is using a proprietary such as a POS or other software, he is a “no” unless he is willing to change his system.
Lastly, there must be a good fit between the merchant and your mix of products and services. This fit will increase the likelihood of a long-term, mutually satisfying relationship.
If the merchant has a need and the fit is good, and he is a “not now.” Schedule a repeat visit every 30 days, just to check on him drop off a couple rolls of paper or pens and see how he is doing. Treat it as a courtesy call. Ask the merchant how his business is going and then ask about his pain point and if it’s gotten any better. Let the merchant sell himself, for he will be the first to tell you about his problems related to that particular pain point.
You don’t have to wait the full 30 days though. If you come across a new solution that would be a great fit for a merchant, reach out to him right away. Just say that you came across the solution and thought of him.
There is one important thing to notice with this strategy. I didn’t mention “cost savings.” The truth is that if a merchant is willing to switch from one processing company to another simply to save money, he will sign with the next person who walks through his door promising the same thing. If he chooses not to sign on the first call solely because of cost savings, then he is a “no” and a lesson learned. Once you get to the point where the conversation is solely based on cost, your ability to identify pain points and leverage your solutions is gone.
If the merchant is a “no, put them in the later category and schedule follow-up calls 30-60 days out. Just stop in and check in. Eventually some will want the services you provide and price will not be the issue. Chase those merchants that are still in play and keep the pipeline full.
Remember, a “not now” is still an opportunity, providing you know how to recognize it and plan for the situation and a no is just a yes that hasn’t happened yet.
Do you have any tips for identifying merchants that fall into the “no” or “not now” category?
Happy selling,
David
Payment Lynx Daily 