When selling merchant services we sales professionals often encounter a variety of objections from potential clients. These objections typically stem from concerns about cost, complexity, and security, among other issues.
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Here are the Top 10 most common objections and some
insights into why they arise.
10. “The fees are too high.”
Insight: Business owners are often worried about the additional costs associated with merchant services. They may be comparing these fees to their current expenses or to perceived benefits.
Addressing These Objections: Cost Justification: Offering a surcharge or dual pricing option will emphasize the ROI by explaining how the benefits, cost savings, increased sales, improved customer experience, and enhanced security, can outweigh their concerns.
9. “I’m happy with my current provider.”
Insight: Change can be daunting, especially if the current system is familiar and functional. Businesses might not see a compelling reason to switch unless the new service clearly demonstrates superior value.
Addressing These Objections: Demonstrating Value: Provide clear, tangible benefits of your service compared to the current provider, including unique features and better terms.
8. “The system is too complicated.”
Insight: Fear of complex technology and a steep learning curve can deter businesses from adopting new systems. Owners and staff may be concerned about the time and effort required to learn and operate a new system.
Addressing These Objections: Simplification and Support: Highlight the user-friendly nature of your system and the comprehensive training and ongoing support you and your company offers.
7. “Switching providers is a hassle.”
Insight: The process of transitioning from one provider to another can seem disruptive and time-consuming. Business owners might worry about potential downtime and the impact on their operations.
Addressing These Objections: Streamlined Transition: Reassure them that you offer a seamless switching process, including data migration and minimal downtime.
6. “Security of customer data is a concern.”
Insight: With increasing incidences of data breaches, businesses are rightly concerned about the security of their customers’ sensitive information. They need reassurance that the new system will protect against fraud and data theft.
Addressing These Objections: Security Assurance: Stress your compliance with industry standards like PCI DSS and the use of advanced security measures like encryption and tokenization.
5. “It’s too expensive for a small business like mine.”
Insight: Small business owners might feel that advanced merchant services are only affordable or necessary for larger companies. They worry about the financial impact on their tight budgets.
Addressing These Objections: Affordable Options: Present scalable and flexible pricing plans that can cater to businesses of all sizes, including small businesses.
4. “What if there’s a problem with the system?”
Insight: The reliability of merchant services is crucial. Business owners fear that technical issues could lead to downtime, which would disrupt their operations and affect customer satisfaction.
Addressing These Objections: Reliability: Offer testimonials, case studies, and data on your system’s reliability and your company’s customer support.
3. “I don’t want to be locked into a long-term contract.”
Insight: Long-term commitments can be risky, especially if the business is unsure about the future benefits of the service. Flexibility is important to them.
Addressing These Objections: Flexible Contracts: Offer flexible contract options, including month-to-month agreements and trial periods, to reduce the perceived risk.
2. “The setup process will disrupt my business.”
Insight: Concerns about the initial implementation period are common. Business owners fear that the installation and training process might interfere with their day-to-day operations.
Addressing These Objections: Minimal Disruption: Ensure that the setup process is designed to minimize disruption, with options for installation and training during off-peak hours.
And the #1 Top 10 most common objections and some
insights into why they arise is …
1. “There are too many options; it’s overwhelming.”
Insight: The many hardware & software options available can be confusing. Business owners might struggle to differentiate between options and choose the one that best fits their needs.
Addressing These Objections: Personalized Consultation: Provide a consultation service to help businesses navigate their options and choose the best fit for their specific needs.
By understanding and addressing these common objections effectively, you can better position our services as a valuable and essential component of a prospects success. Let me know what tips you may have in dealing with objective behavior.
Have a great weekend,
David
Payment Lynx Daily 