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:
- “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.
- “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.
- “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.
- “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.
- “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
Payment Lynx Daily 