Let’s face it, “salesman” often conjures up a specific image: the slick used car salesman. You know the type – promises of “low mileage” that conveniently ignore the rust underneath, pressure tactics, and a handshake that feels more like a contract with the devil. Unfortunately, sometimes, the merchant services industry gets painted with that same brush.
We’ve all heard the horror stories: hidden fees, confusing contracts, leases, and promises of “guaranteed savings” that evaporate upon closer inspection. As merchant services professionals, we must acknowledge this perception and actively work to dismantle it. We need to ditch the “sleezy used car salesman” playbook and embrace a model built on trust, transparency, and genuine value.
Why the Comparison?
The parallels are clear:
- Complex Products: Both used cars and merchant services involve complex products with numerous variables (interest rates, fees, processing costs). This complexity can be exploited by unscrupulous individuals.
- Emphasis on “Deals”: The focus on “deals” and “savings” can overshadow the importance of understanding the customer’s actual needs.
- High-Pressure Tactics: The urgency to “close the deal” can lead to pressure tactics that leave customers feeling rushed and uninformed.
- Lack of Transparency: Hidden fees and unclear contract terms can erode trust and leave customers feeling betrayed.
Why We Must Be Better:
The stakes are higher in merchant services. We’re not just selling a car; we’re providing the tools that businesses rely on to operate. A merchant’s payment processing system is the lifeblood of their revenue stream. If we fail them, we’re not just losing a sale; we’re potentially jeopardizing their livelihood.
Here’s why we must strive for a higher standard:
- Building Trust is Paramount: Trust is the foundation of any successful business relationship. We need to be transparent about fees, contracts, and potential risks.
- Focus on Education: We’re not just salespeople; we’re consultants. Our role is to educate merchants about their options and help them make informed decisions.
- Long-Term Relationships: We’re not looking for a quick sale; we’re building long-term partnerships. We need to provide ongoing support and ensure our clients’ success.
- Ethical Practices: We must adhere to the highest ethical standards. This means being honest, fair, and putting our clients’ needs first.
- Value Proposition: We must sell the true value we bring. Not just the lowest rate, but the best solution for the business, including support, security, and tools.
How to Shift the Perception:
- Transparency is Key: Disclose all fees and contract terms upfront. Explain the complexities of payment processing in clear, understandable language.
- Listen to Your Clients: Understand their specific needs and tailor solutions accordingly. Don’t push a one-size-fits-all approach.
- Provide Ongoing Support: Be a reliable resource for your clients. Offer ongoing support and address any concerns promptly.
- Build a Reputation for Integrity: Strive to be known for your honesty and ethical practices. Let your reputation precede you.
- Embrace Technology: Use technology to provide clear and concise information. Digital contracts, transparent pricing, and online support can build trust.
- Education and Certification: Seek out and complete sales certifications that emphasize ethical sales practices.
We have the opportunity to redefine the perception of merchant services sales. Let’s move beyond the “sleezy used car salesman” stereotype and become trusted advisors who empower businesses to thrive. By prioritizing trust, transparency, and genuine value, we can build a more ethical and sustainable industry. Let’s trade in the pressure tactics for genuine partnerships, and replace the hidden fees with clear, honest communication. It’s time to tune up our approach and drive the industry forward with integrity.
Happy Selling,
David
Payment Lynx Daily 