When we get a chance to meet with a business owner it’s tempting to jump straight into pitching our latest, greatest solution. But the truly successful sales professionals know that the secret to closing more deals and building lasting relationships lies elsewhere: in the art of the needs assessment.
It’s not just about what the merchant tells you they need, but about uncovering the underlying pain points they might not even recognize. By becoming a trusted advisor who identifies hidden inefficiencies and missed opportunities, you transform from a vendor to an indispensable partner.
From the Home Office in Two Egg, Florida, Here’s this Friday’s
Top 10 tips to Uncovering Merchant Pain Points They Didn’t Know They Had
10. The “Day in the Life” Drill-Down: Walking in Their Shoes
Don’t just ask about their payment processor; ask about their day. “Walk me through a typical morning,” or “What’s the biggest headache you face before noon?” By understanding their daily operational flow – from opening the doors to closing out sales – you’ll pinpoint where friction, delays, or manual workarounds are costing them time and money.
9. Decode the Data: What Their Current Statements Really Say
Most merchants glance at their processing statements and focus on the bottom line. You, however, need to be a detective. Look for:
- Hidden fees: Are there excessive batch fees, PCI non-compliance fees, or unexpected annual charges?
- Inconsistent rates: Are they paying different rates for different card types or transaction methods?
- Transaction volume vs. cost: Does their current structure make sense for their volume and average ticket size?
- Settlement times: Are funds hitting their account slowly?
These quantitative insights often highlight “silent” pain points.
8. The “Wish List” Probe: If They Had a Magic Wand…
After exploring their current state, gently pivot to their aspirations. “If you could change one thing about how you handle payments or run your business, what would it be?” Or, “What’s holding you back from achieving [specific business goal, e.g., faster checkout, better online sales]?” This opens the door to solutions they might not have considered were possible.
7. Competitor Intel: How Are They Measuring Up?
“How do your payment processes compare to [a well-known competitor in their industry]?” or “What do you admire about how [another business] handles their transactions?” This can reveal insecurities or aspirations related to customer experience, speed, or efficiency that their current system isn’t addressing.
6. The “Customer Journey” Mapping: From Browse to Buy
Think like their customer. “Describe a typical customer’s experience from the moment they decide to buy until the transaction is complete, both in-store and online.” Look for friction points: long lines, complicated online checkouts, limited payment options, or clunky return processes. These directly impact their revenue and customer satisfaction.
5. Security Scrutiny: Unpacking Their PCI/Fraud Fears
Many merchants view PCI compliance as a necessary evil. Dig deeper: “What concerns do you have about data breaches or fraud?” “How confident are you in your current system’s ability to protect cardholder data?” Their answers will reveal their level of risk awareness (or lack thereof) and potential vulnerabilities.
4. Future-Proofing Focus: What’s Next for Their Business?
“Where do you see your business in 3-5 years? Are you planning to expand, open new locations, launch e-commerce, or offer new services?” Their long-term vision directly impacts their payment needs. Their current system might be a bottleneck for future growth.
3. The “Time Sink” Audit: Where Do They Lose Precious Hours?
Time is money for small businesses. Ask: “What administrative tasks related to payments consume the most of your or your team’s time?” This could be manual reconciliation, endless customer service calls about billing issues, or complicated refund processes. Highlight how your solution can free up those valuable hours.
2. Unmasking “Good Enough”: Challenging the Status Quo
Often, merchants stick with what’s “good enough” rather than seeking what’s optimal. Challenge this gently: “What do you like least about your current provider?” or “If you were to change one thing about your current setup, what would it be, even if you don’t think it’s possible?” These questions push them beyond complacency and reveal latent dissatisfaction.
And the #1 Top 10 tips to Uncovering Merchant Pain Points They Didn’t Know They Had is …
1. Active Listening & Strategic Silence: Let Them Lead the Way
This is the golden rule. Ask your questions, then listen. Don’t interrupt, don’t jump to conclusions, and don’t immediately offer a solution. Allow for silence. Often, in that space, merchants will volunteer the most insightful pain points, frustrations, and desires. Your role isn’t just to ask, but to absorb and understand the true depth of their challenges.
By embracing these needs assessment techniques, you’ll shift from being a salesperson to a strategic partner. You won’t just be selling merchant services; you’ll be selling solutions to problems they didn’t even realize they had, building trust, and ultimately, closing more profitable deals.
Have a great weekend,
David
Payment Lynx Daily 