There is a fairly simple rhythm of activity that should be conducted strategically every single day in order to reach the goal of making sales consistently in Merchant Services. Each activity must be treated as a separate stage in the sales process with its own sub-activities to move the sale to the next stage. Every stage has its own reward. 
Daily Activity #1– Prospecting & Qualified Lead Generation
In the Prospecting & Qualified Lead Generation Stage the only goal is to generate as many qualified leads as possible. There are two things that make these leads”count” at this stage:
- The leads must meet the qualification criteria you have previously determined
- You are able to accumulate qualified leads in quantity every day.
If you achieved these two things in this stage the reward is you are building your lead inventory which is the reward in this first stage of the sales cycle.
Daily Activity #2 – Scheduling Appointments / Picking up Statements
At this stage there is only one goal:
- Pick up or view two current merchant processing statements a day.
The practice of picking up a copy of two current statements, that reflect processing in the last 60-90 days, this will provide you with important details about your prospect’s business in your next stage of the selling cycle.
Submit these statements to your statement-analysis department for a detailed review or as I have mentioned before use Clientvie. (It’s FREE for 30 days) At this stage, some agents like to do a quick analysis on the spot. Sometimes the merchant will not allow you to take a copy of their statement off premises but usually will allow you to scan it with your phone. (use TurboScan app)
In the case of doing one on the spot be prepared with a tool like Clientvine to do an on-the-spot analysis which will lead you right into your presentation.
Before you proceed into your presentation, make sure that you are talking to all decision-makers, and that there is adequate time for your presentation to be given and evaluated.
In some cases, when prospecting, you will have to schedule an appointment at a future date when all decision makers can be present, and there is plenty of time for the presentation and evaluation. Although you may prefer to do a one-stop-close, it is in your interest to make sure that all decision makers are present, and there is time to give your presentation and allow the decision makers to evaluate your offer. Without both of these criteria you may be wasting valuable time.
Daily Activity #3 – Preparation / Statement Analysis
The preparation / statement analysis stage is important because the information gathered from current statements will reveal valuable information to customize your presentation even if you are offering cash discounting.
This will help you build relevant value in the eyes of the merchant on why they should choose you and your company to provide credit card processing for their business.
I have discovered that there is a lot more valuable information than just a straight across comparison of rates. If you will take the time to learn what information to gather from the analysis, and how to work it into your presentation, it will increase your ability to close in the next stage of the selling cycle.
Daily Activity #4 – Closing Deals / Boarding the merchants
This stage is the one that most sales professionals have their eye on throughout the sales process. However, skipping through, or weak execution in stages 1 – 3 will create unpredictable results at this stage. You can dramatically increase the reward / pay off in this stage if you have given adequate attention to the three preceding stages of your sales cycle.
One common mistake that I see with merchant services sales reps is that they have not properly qualified their lead in stage one. By the time they get to what should be stage four, when they are attempting to close a deal and board a merchant, they may discover that the processor considers this particular business to be high risk and will not underwrite; or, they may discover that there are other decision makers involved in the final decision and they cannot close without coming back at a future date to hopefully present to the additional decision-makers.
In this stage you will focus on building relevant value for your offer based on the information gathered in stage three. You should anticipate common objections to your offer and work the responses into your presentation before the objections are raised.
Close with an offer of how they would like to get started, not if they would like to get started.
Daily Activity #5 – Delivering “Rave Review, Referral Getting” Follow Up
Once the merchant application is approved
- schedule the delivery and installation of the terminal or POS. Of course with the POS there will need to be time for the programming of the inventory or menu. Terminals are usually shipped overnight or two day delivery. Don’t try to do the installation during your new merchants busiest time of the day. Find out from the merchant when the ideal time is for installation, without letting them put off the installation too long.
- follow up the next day to be sure that the first day’s settlement went through without a problem. Just a quick phone call or pop in if your out and about.
- schedule to talk with them about their first statement and PCI. Schedule time to walk them through the Self Assessment Questionnaire for PCI Compliance. Do this within the first 30-40 days after the merchant has been boarded, and annually for as long as the SAQ is required and the merchant is processing within your portfolio. Trust me, other sales agents seldom do any of this at all.
These are the very minimum boarding activities you should do to support your merchant.
There are other things that you can do to stay in touch with the merchant to let them know you’re available when they need you. And, of course, always a good opportunity to let them know you have time for their referrals.
- Drop off receipt paper or order it from the processor for them,
- Drop by point of sale tools such as signature mat, table tents, pens, and a variety of things available through Discover Signage with the card brand logos on the item – available to you for free to supply your merchant.
- Send weekly, bi weekly or monthly emails with basic information that helps them understand their processing service better. Services like mailchimp which is free or Constant contact are good to use.
- Send monthly post card or greeting card – This is a fun and friendly way to stay in touch; something that I call my “Ultimate Referral Program”. Postable and Send out cards are good resources for this.
Let’s Wrap it up – Putting it all together
Initially you will be doing all of these activities yourself. However, once you get a rhythm and start making regular sales, look for qualified team members to whom you can delegate some of these activities. Your primary role should be to generate new business. Your support team should be trained help you with installs maintaining current business and encourage referrals.
Happy Selling,
David
Payment Lynx Daily 