Ah, Labor Day… Yes. Growing up I always thought this was a holiday specifically for parents to celebrate the fact that us kids were going back to school the next day. Sure, in some parts of the country like here in Mississippi school started a few weeks ago, but looking at the holiday as whole, it has a valuable place in the payments world.
Labor Day is also known for its sales. For as long as I can remember, Labor Day weekend has been known for its great sales on everything from appliances and clothing to school supplies. Some I bet even bought a new dishwasher and grill this weekend… you know who you are.
No matter the purpose, the Labor Day sale has also been the traditional starting point for retail merchants to race toward Black Friday. Their sales volume will grow from Labor Day until the end of the holiday season.
When it comes to your credit card business, Labor Day also has a key significance. It is the forbearer to the holiday season. It is the warning sign that selling time is fast drawing to a close for good ole 2023.
When I first started in the payments world a veteran told me that Labor Day as a trigger. He felt it signified that time when you “fire all your bullets” and that “there is no need to hold back anything now.”
As such, he would work with reps to identify what bullets they had left to fire. He would critique their approach, and would help them maximize their efforts. His goal was to make the Tuesday following Labor Day the first day in their race to the finish. Are you gonna be ready for tomorrow?
His approach is still applicable today and can be done well if you answer the following questions.
1. What worked and what didn’t?
Now is the time to analyze your efforts year to date and answer these two questions. Before you know it the year will be coming to a close, so you need to concentrate on what worked and avoid what hasn’t. The time for experimentation has passed.
2. Is there a market in which I have been or can be more successful?
How can I maximize that market?
If you have identified and signed many merchants in a specific market type, you need to identify what you offered that made them chose you from the slew of credit card processing companies that are out there. You should then look to concentrate your efforts within this segment.
If you find that you have almost saturated this segment, identify a segment that is similar. For example, if you have found success in the auto repair industry, consider the other repair and support industries. Or if you have done well with dentists, consider chiropractors or the types of businesses that support the dental industry, like dental labs. All these mentioned by the way would benefit from our cash discount or surcharging programs.
3. Has your pitch become stale?
If you can recite what you say to a merchant without thinking, you also are likely to be reciting it without tone, inflection, or meaning. Remember, how you say something carries as much weight as what you say.
Tweak your presentation and approach it in a way that forces you to concentrate on what you say, and then listen to how the merchant responds. It may also help you if you shorten your pitch and listen more, and above all focus on what differentiates you from other credit card processing companies such as cash discount or surcharging. I heard a great pitch over the weekend that went like this.
” Hi I’m David with Payment Lynx I was stopping by today to if you had heard of the new laws that have passed with Visa and Mastercard?
It’s where your business is exempt from paying any credit card processing fees, thats 0% percent and 0% swipe!
Would you like me to show you how? Yes, Great, Grab one of your statements and I will show you how it works”
It’s that easy.
4. Have I asked my portfolio for referrals?
This may surprise you, but the number of salespeople who want to ask for referrals but forget to ask is staggering, I mean there’s money waiting on YOU, You just have to ask. There is no time like the present. Reach out to your base, as they are your best source for new accounts.
Come tomorrow, Tuesday, Just a few hours away. Make sure you hit the streets with urgency. Time is the most precious commodity we have, and it should not be wasted.
Instead focus on what has made your credit card processing business successful so far, and make sure you focus on doing the right things. Then you’ll be prepared for the race to the finish and will be able to finish the year strong.
Do you have any tips for how to finish the year on a high note that you’d like to share? If so, please call, text or email me.
Happy Selling,
David
Payment Lynx Daily 