Month: June 2024

In our daily prospecting life of selling merchant services, the phrase “I’m happy with our current provider” is a commonly heard . It’s understandable why businesses might default to this response; after all, change can be daunting, and if things seem to be working fine, why rock the boat? However, this sentiment often belies a deeper issue: complacency.

While loyalty to a service provider is commendable, it’s essential for businesses to periodically reassess their relationships to ensure they’re receiving the best possible value and support. In the dynamic landscape of merchant services, where technology evolves rapidly and competition is fierce, resting on one’s laurels can lead to missed opportunities and potential pitfalls. Here are some common rebuttals to the assertion that one is content with their current provider:

1. “But Are You Truly Getting the Best Rates?”: One of the primary reasons for businesses to explore alternative merchant service providers is to ensure they’re getting the most competitive rates available. While your current provider may have offered a good deal when you first signed on, rates can fluctuate over time, and what was once competitive may now be less so. By shopping around, you can discover if there are better rates or more favorable terms available elsewhere. This makes for an excellent opportunity to offer a dual pricing program. Offering unlimited processing for one low price is a BIG draw to getting a business to switch to your services.
2. “What About Additional Services and Features?”: Beyond rates, it’s crucial to consider what additional services and features your current provider offers compared to competitors. Are there innovative payment solutions, robust analytics tools, or personalized customer support options that could benefit your business? Sticking with the status quo may mean missing out on advancements that could streamline operations and enhance the customer experience.
3. “Have You Considered Customer Service and Support?”: The level of customer service and support provided by a merchant service provider can make a significant difference in your day-to-day operations. While you may have had positive experiences thus far, it’s worth investigating whether other providers offer more responsive support, quicker issue resolution, or proactive account management. In the event of technical difficulties or payment processing issues, having reliable support can be invaluable.
4. “Is Your Provider Keeping Pace with Technology?”: Technology is constantly evolving in the realm of payment processing, with advancements such as contactless payments, mobile wallets, and omnichannel integration becoming increasingly prevalent. If your current provider isn’t keeping pace with these developments, you could be missing out on opportunities to improve efficiency and adapt to changing consumer preferences. Exploring alternative providers may reveal solutions better aligned with your technological needs.
5. “What about Contract Terms and Flexibility?”: Finally, it’s essential to review the terms of your contract with your current provider. Are there hidden fees, long-term commitments, or restrictive terms that could be inhibiting your flexibility or scalability? Many businesses find themselves locked into contracts that no longer serve their needs, making it challenging to pivot or negotiate better terms. Exploring alternative providers could uncover more flexible arrangements better suited to your business objectives.

Here is a sample script I have used.

Prospect:  “We use ABC company, and we are happy with them.”
Me:  “Now is that a local company or one of the big corporate processors?  Do they have someone local who services your account?”
Prospect:  “I think it is a big company.”
Me:  “Let me ask you one question, and I will let you go.  Let’s say you were purchasing ABC (something of which the prospect’s business type would purchase a lot) from Sam’s and were happy with the product.  However, a local vendor came in and said, ‘I think I can get you a better price for the same quality product as you are currently purchasing at Sam’s.’   Would you at least let that vendor give you an estimate to support our local small business community?”
Prospect:  “Yes, I would.”
Me:  “That is all I am asking for today.  You are using a big processing company, but I am a local business owner.  I actually think I can beat their price and provide you with better service since I am local.  Would you at least allow me to give you a free cost comparison?”

While professing contentment with one’s current merchant service provider may seem like the path of least resistance, it’s essential for us to challenge to challenge their status quo and periodically have them reassess their options. By considering factors such as rates, services, local support, technology, and contract terms, you can ensure they’re making informed decisions that align with their objectives and drive continued success. So the next time someone says to you, “I’m happy with our current provider,” help them consider whether there might be room for improvement. After all, complacency is the enemy of progress.

Happy Selling,

David

I have spent a lot of time over the years answering sales partner questions about overcoming objections.  Off the top of my head, I could probably list twenty common objections heard when selling merchant services and two or three ways to rebuttal each objection.  However, today I am going to single out the one objection that costs sales people more money than any other and give three steps to overcome this sales killer.

What is the worst objection when selling merchant services?  

Without a doubt the “secret objections” you never hear are the worst.  

Sales people are so consumed with making sure prospects like them that they often leave a mountain of “secret objections” in the mind of prospects.  These objections kill the sale every time.  How do you know if prospects have lots of “secret objections”?  If you can identify with any of the statements below, you are probably losing sales due to secret objections:

• “Although I feel like most of the business owners to whom I talk really like me, I just can’t seem to close the sale.”
• “Often when I get to the point of closing, I don’t feel like the prospect is ready. Therefore, I frequently just walk away, giving the prospect time to think over my cost comparison.”
• “I never feel like I am in control of the sales process.  I don’t feel like there is much I can do about whether or not the merchant is going to buy; that is up to the merchant.”
• “My market is really tough; I don’t think anyone could sell merchant services here.  Everyone just gives me short objections like, ‘I am n
  ot interested.’ or ‘I am happy with my current service.’ Then I have no choice but to walk out and move on to the next store.”

If you feel out-of-control or powerless to change the mind of your prospects, it is because there are specific objections about which you are unaware.  These objections prohibit you from making any progress.  So let me help you understand the problem.  Then I guarantee you will increase your sales numbers in a big way if you implement the three solutions given below!

The problem here IS NOT –

• what you are saying.
• what the prospect is saying.
• your market.
• all the “mean” small business owners you keep running into.

The problem IS simply a lack of information.  You don’t know the merchants’ true concerns, and the merchants don’t know what you would do to address their concerns.   If you know what is truly bothering the business owners and if the business owners truly know what you would be willing to do for them to address those concerns, you would close almost every prospect.

Following are three steps to overcoming “secret objections”:

1. Ask for the information.  Then…. ask for it again and again and again.  For those of you who identified with the statements above about business owners liking you, this first step will be the most difficult.  Somehow you have convinced yourself that these business owners really like you and that your relationship could be damaged if you actually do business with them.  You need to WAKE UP from this fairy tale!

Are business owners who haven’t bought from you having you over to their house for a BBQ?  Are they referring business to you?  NO!!!  You know why?  Because they are not your friends; the value of your relationship with them is a big fat zero!  Until you create a working relationship where goods and services are being exchanged, you do not have a valuable business relationship.

Imagine you are in a business where the owner with whom you “feel like” you “connected” says, “Thanks for stopping in, Bob.  I am sure you will do great in this market, but we are happy with our current service.  So we are not interested.”  Don’t walk away and let him or her off the hook that easily.  Instead, ask for the information:

“Sue, first of all thank you for taking time to speak with me today.  It really is a pleasure to meet you.  That being said, you know I would never be successful in business if I didn’t dig a little deeper.  Why are you satisfied with your current provider?  Many times I find business owners tolerate their credit card processor but are not truly satisfied with them.  Have they done anything to really impress you, or are you just saying you don’t want to deal with the hassle of switching again?”

A statement like this is bound to get you some good information!  Is there a chance the business owner will think you are pushy and “like” you a little less?  Of course there is!  Welcome to sales!  You have to ask for the information over and over again.  Think of it like digging for treasure.  You have to keep digging to get the information you need, so you can respond and provide business owners with the information they need.  Once you both have all the information, your odds of closing the deal go through the roof!

2. Rebuttal every objection.  There is no objection that I will not try to rebuttal at least once.  One of my best accounts came after a business owner told me his college friend did the processing for him.  If I was concerned about this guy “liking” me, I would have said the same thing every other rep had said to this guy for years every time he used that objection – “That’s great! I would never want to interfere with a personal friendship. Have a great day.”

Instead, here was my reply, “That’s great.  I don’t know the nature of your friendship and certainly don’t want to get into that.  But if I was able to save you several hundred dollars per month, would you be interested?”  It turns out he didn’t have a college friend who was involved in credit card processing.  He just made that up to scare away sales people.  Once I had the right information, and he knew what I could offer, he signed on the spot.  Eventually he switched seven locations over to me.

Now is time for many of you to wake up and realize you are in sales!  That means your job is providing necessary information to your prospects in order for them to make an informed purchasing decision.  Obviously, the last thing in the world a small business owner wants to do with his or her day is sit listening to you pontificate about electronic payment processing.  This is an inherent struggle.  You have to work hard to collect the information you need.  Then you must enhance your presentation skills to get business owners the information they need in response.

3. Close the sale.  Nothing will bring secret objections to the surface faster than closing the sale.  This cycle of asking for information and then providing information MUST always end with a closing statement.  Many of you have no idea what the real objection is because you never close hard enough to find out.  A typical conversation with a prospect who becomes a customer will include three or four closing statements that don’t lead to a “yes” or “no.” Instead, they lead to a half-hearted “no” like, “I would be interested, but I am in a contract.”  or “That does sound interesting, but my bank does my processing; I don’t want to upset them.”  Now you have the information you need. Give a rebuttal, present your information, and close again.

After spending countless hours on the phone with sales people who can’t seem to make a sale, I personally believe this simple three-step process which is at the core of sales is being missed by the below average sales reps.  They have a fundamentally flawed view about what sales is.  Their thinking views sales as a social transaction like adding a new follower on twitter or simply providing the relevant information while allowing the prospect to decide whether to move forward.  Sales is a business transaction based on value.  Yes, the prospect needs to like you and trust you.  But if you can’t get prospects to like and trust you, then you are in the wrong business.  Most sales people struggling to succeed are actually very well-liked by prospects.  The issue is in failing to dig for the information they need or not knowing what to say when they get the objection.  Worse yet is when they accomplish both of these first two steps but fail to close the sale! 

As a result, thousands of sales are lost each and every day by sales people around the world.  Don’t become a statistic of bad performance; decide to be a success by following this simple three-step process.

Happy Selling,

David