Author: David Matney

Let’s talk Father’s Day. You know, that day where we pretend we know what to get the guy who already has everything… including, apparently, an endless supply of dad jokes. Speaking of dad jokes, have you heard of comedian Ali Siddiq on dads? He says, “Dads be like, ‘Back in my day…’ Yeah, back in your day, you had to walk uphill both ways to school, in the snow, barefoot! Now, shut up and enjoy this gift card!” Or, “My dad always said, ‘Money doesn’t grow on trees.’ I’m like, ‘Yeah, but it sure looks good in my wallet!'”

But seriously, Father’s Day is more than just grilling and awkward gifts. It’s a celebration of the guys who shaped us, supported us, and, let’s be honest, probably taught us how to change a tire. And for you merchant services salespeople out there, it’s a golden opportunity! Think about all those last-minute gift purchases, those brunch bills, those online store surges – every transaction is a testament to the power of a strong payment system. So, while you’re celebrating your own dad, keep in mind the dads out there powering small businesses.

From the Home office in Dad, Wyoming

Here are the Friday’s Top 10 Facts about Father’s Day

10. A Floral Tribute: Did you know that the official flower for Father’s Day is the rose? Red roses honor living fathers, while white roses remember those who have passed. (And for you sales folks, remember, flowers are a great point of sale opportunity!)

9. Worldwide Celebrations: Father’s Day isn’t just an American thing! It’s celebrated in various forms around the globe, with different dates and traditions. (Global businesses? Think international payment processing!)

8. The Tie That Binds… Or Doesn’t: The classic Father’s Day gift? The necktie! Though, let’s be honest, many dads probably have a drawer full they never wear. (But gift cards? Always a hit. Make sure those businesses can process them smoothly!)

7. A Presidential Proclamation: As mentioned earlier, it wasn’t until 1972 that President Richard Nixon officially declared the third Sunday of June as Father’s Day.

6. The “Father of Father’s Day”: Sonora Smart Dodd, from Spokane, Washington, is credited with founding Father’s Day in 1910, inspired by a Mother’s Day sermon.

5. A Long Road to Recognition: It took over 50 years for Father’s Day to become a national holiday, facing resistance and even ridicule along the way. (Persistence pays off, merchant services pros! Keep pushing!)

4. Early Attempts: Before Dodd, there were other efforts to establish a day to honor fathers, but none gained widespread traction.

3. The Mining Disaster Connection: One of the earliest documented attempts to honor fathers was in 1908, after a mining disaster in West Virginia killed hundreds of men, many of them fathers.

2. The First Celebration: The first official Father’s Day celebration was held on June 19, 1910, in Spokane, Washington.

And the # 1 Top 10 Facts about Father’s Day is …

1. The Economic Impact: Father’s Day is a major retail event, with billions spent on gifts, dining, and experiences. (And every dollar spent is a potential sale for your merchant clients! Close those deals!)

This Father’s Day, remember that behind every gift, every meal, every online purchase, there’s a business making it happen. Our work empowers those businesses to thrive. We’re not just selling payment solutions; we are facilitating connections, enabling celebrations, and supporting the backbone of our economy. So, go out there, close those deals, and help make this Father’s Day a success for your merchants! And maybe, just maybe, treat your own dad to something special, too. You’ve earned it!

Have a great Father’s day weekend,

David

The other night I couldn’t sleep, like many of us, I turned to the flickering glow of the television, scrolling through channels until I landed on “Up in the Air,” the George Clooney film.

This movie “Up in the Air” paints a picture of a life on the road, a constant traveler whose job is to deliver bad news – firing people. He’s a master of detachment, living out of a suitcase, accumulating frequent flyer miles, and avoiding any real emotional connection. Watching him navigate this isolated existence, you can’t help but wonder: are we, as independent merchant services sales pros, sometimes living a similar life?

We’re often on the go, meeting with business owners, closing deals in coffee shops, restaurants and managing our own schedules. We relish the freedom, but it can also be isolating. We build our own “systems,” like Bingham’s travel routines, and become experts at navigating our own territories. But what happens when we lose sight of the bigger picture, the human element?

The movie highlights the fragility of job security and the emotional toll of change. For us, change is constant. New technologies, fluctuating market trends, and evolving client needs – we’re always adapting. But are we adapting effectively?

Now, let’s address that statistic: “The #1 reason people get fired from a job is unsatisfactory performance.” What does that even mean?

For a traditional employee, it might mean:

• Missing deadlines: Not meeting quotas or project timelines.
• Poor quality work: Delivering subpar results.
• Lack of initiative: Not going above and beyond.
• Negative attitude: Creating a toxic work environment.
• Lack of improvement: Not responding to feedback or training.

But for us, as independent sales professionals, the definition shifts. We don’t have a boss breathing down our necks, but the market is our ultimate evaluator. “Unsatisfactory performance” translates to:

• Consistently low sales numbers: Failing to meet our own revenue goals.
• High churn rate: Losing clients due to poor service or lack of follow-up.
• Lack of product knowledge: Not staying updated on the latest merchant services solutions.
• Ineffective prospecting: Not generating enough quality leads.
• Poor relationship management: Failing to build rapport with clients.
• Not adapting to industry changes: Ignoring new tech or competition.

Essentially, “unsatisfactory performance” for us means failing to run our businesses effectively. There’s no HR department to fire us, but the market will simply render us obsolete.

Would We Be Fired?

In a traditional sense, no. We’re our own bosses. But in the grand scheme of our careers, yes. If we consistently underperform, our income will dwindle, and we’ll eventually be “fired” by the market.

Top Performer or Weakest Link?

Let’s ask ourselves if I had a traditional boss, would I be the top performer or the weakest link? As someone who understands the need for self motivation, and the changing landscape of merchant services, I would strive to be a top performer.

Here’s how we, as merchant services sales pros, can aim for top-performer status:

• Become a product expert: Know the ins and outs of every solution you offer.
• Build genuine relationships: Focus on client needs and provide exceptional service.
• Embrace technology: Utilize CRM tools and other resources to streamline your workflow.
• Continuously improve: Seek out training, attend industry events, and learn from your mistakes.
• Network effectively: Build connections with other professionals and potential clients.
• Set and achieve ambitious goals: Push yourself beyond your comfort zone.
• Adapt to change: Stay ahead of industry trends and be willing to pivot your strategy.
• Provide value beyond the sale: Become a trusted advisor.

“Up in the Air” reminds us that even in a world of constant motion, human connection and adaptability are crucial. As independent sales professionals, we need to build sustainable businesses, not just fleeting transactions. We need to be more than just “closers”; we need to be trusted advisors and long-term partners. We need to avoid the “unsatisfactory performance” trap by constantly evolving and providing real value to our clients.

Happy Selling,

David

Alright, you beautiful, complicated, misunderstood sales people, The last couple Wednesday’s we looked at the Secret of My Success and Real Genius now let’s ditch the detention vibes and embrace the power of connection, just like our favorite Breakfast Club crew.

You’re not just selling products or services; you’re selling solutions, building relationships, and understanding the human element in every deal. So, grab your metaphorical sandwich (or Pixy Stix, no judgment), and let’s break down how to channel our inner Bender, Claire, Brian, Andrew, and Allison to crush our sales goals.

The Breakfast Club Sales: Breaking Down Walls, Building Bridges

Remember that Saturday detention? Five completely different personalities, forced to spend a day together, only to discover they had more in common than they ever imagined. In the sales world, this translates to understanding that every prospect, every client, is a unique individual with their own story.

1. Channel Your Inner Bender: Challenge the Status Quo

Bender wasn’t afraid to ruffle feathers. He questioned authority and challenged the norm. In your sales world, this translates to:

• Don’t be afraid to ask tough questions. Dig deep to understand your client’s pain points.
• Challenge assumptions. Don’t just accept “no” for an answer. Find creative solutions.
• Be authentic. People respond to genuine passion and honesty.

2. Embrace Your Inner Claire: Connect on a Personal Level

Claire understood the power of connection. She saw beyond the surface and built genuine relationships. In your sales world, this translates to:

• Listen actively. Pay attention to your client’s needs and concerns.
• Build rapport. Find common ground and connect on a personal level.
• Show empathy. Understand their perspective and address their concerns with genuine care.

3. Unleash Your Inner Brian: Be Prepared and Knowledgeable

Brian was the brains of the operation. He was prepared, knowledgeable, and always ready to offer a solution. In your sales world, this translates to:

• Do your research. Know your product, your market, and your competition.
• Be a problem solver. Offer solutions that address your client’s specific needs.
• Be reliable. Follow through on your promises and build trust.

4. Tap Into Your Inner Andrew: Embrace Teamwork and Collaboration

Andrew learned the value of teamwork and collaboration. In your sales world, this translates to:

• Work together with your team. Share knowledge and support each other.
• Build strong relationships with other departments. Collaboration leads to success.
• Celebrate team wins. Recognize and appreciate the contributions of everyone involved.

5. Embrace Your Inner Allison: Find Your Unique Voice

Allison was the enigmatic artist, the quiet observer. She had a unique perspective and wasn’t afraid to express it. In your sales world, this translates to:

• Find your unique selling proposition. What makes you different?
• Develop your own style. Be authentic and let your personality shine.
• Embrace your creativity. Find innovative ways to connect with your clients.

“We’re all pretty bizarre. Some of us are just better at hiding it, that’s all.”

Remember, just like the Breakfast Club, we’re all individuals with our own strengths and weaknesses. The key to sales success is to embrace our individuality, connect with others, and work together to achieve our goals.

So, go out there, break down those walls, build those bridges, and remember, you’re all “princes of simple perception” in your own right. Now go close some deals.

Happy Selling,

David

We’ve all been there. The solid pitch, the promises of better service, rates and cutting-edge technology. When you’re on the receiving end of a merchant services sales pitch, it can feel like navigating a sea of subjective claims. But beneath the surface of persuasive language lies a world of objective behavior – actions and signals that can tell you far more than any sales script we can use.

As someone on the selling side of merchant services, understanding and observing this objective behavior is crucial. It allows you to move beyond simply reciting features and benefits and instead connect with the merchant’s actual needs and concerns. It’s about reading the room, not just reading your notes.

So, how can you, as a merchant services professional, hone your ability to see objective behavior and use it to your advantage? Let’s dive in:

1. The Power of Body Language:

• Engagement vs. Disinterest: Are they leaning in, making eye contact, and nodding? Or are they fidgeting, glancing at their phone, and offering short, closed-off responses? A merchant actively engaged in the conversation is signaling genuine interest, while disinterest might indicate a lack of immediate need or a feeling that their time isn’t being valued.
• Openness vs. Defensiveness: Crossed arms, a furrowed brow, and a rigid posture can suggest skepticism or past negative experiences. Conversely, relaxed shoulders and open gestures often indicate a willingness to listen and consider your предложения.
• Enthusiasm vs. Hesitation: A genuine smile, positive affirmations (“that sounds interesting”), and proactive questions point towards enthusiasm. Hesitation might manifest as long pauses before answering, vague responses, or a reluctance to commit to next steps.

Your Action: Pay close attention to these non-verbal cues. If you sense disinterest or defensiveness, pivot your approach. Ask open-ended questions to uncover their concerns or challenges. If you see enthusiasm, build on that momentum and focus on the benefits that resonate most.

2. Listening Beyond the Words:

• Focus on Pain Points: What are they actually complaining about? Are they frustrated with high fees, outdated equipment, poor customer support, or clunky reporting? Their emphasis on specific issues reveals their priorities and where you can offer the most value.
• Decision-Making Process: Who else is involved in the decision? Are they asking for input from a business partner or manager? Understanding the decision-making process helps you tailor your communication and ensure you’re addressing the concerns of all stakeholders.
• Urgency and Timeline: Are they looking to switch providers immediately, or is this something they’re exploring for the future? Their timeline will influence your sales strategy and the level of detail they require.

Your Action: Practice active listening. Ask clarifying questions, summarize their points to ensure understanding, and acknowledge their frustrations. By truly hearing their needs, you can position your solutions as direct answers to their problems.

3. Observing Their Environment and Operations:

• Current Setup: Take note of their existing point-of-sale system, payment terminals, and any signage related to payment methods. This gives you concrete information about their current infrastructure and potential areas for improvement.
• Customer Interaction: Observe how they interact with their customers regarding payments. Are there any bottlenecks, complaints, or inefficiencies you can identify? This provides real-world context for the benefits of your solutions.
• Business Volume and Traffic: While you might not get exact numbers, observing the flow of customers can give you a sense of their transaction volume and the potential impact of your services.

Your Action: Use your observations to tailor your pitch. Instead of generic statements, you can say, “I noticed you’re still using an older terminal. Our updated systems offer faster processing and contactless payments, which could significantly improve your customer experience, especially during peak hours.”

4. Analyzing Their Questions and Concerns:

• Specific Inquiries: The types of questions they ask reveal their priorities. Are they focused on pricing, security, integration with existing software, or customer support? Address these specific concerns directly and provide clear, concise answers.
• Objections as Opportunities: Don’t view objections as roadblocks. Instead, see them as opportunities to understand their hesitations and provide further clarification or alternative solutions. A merchant concerned about integration costs might be open to a solution with a phased implementation.

Your Action: Be prepared to answer a wide range of questions and address potential objections with confidence and transparency. Use data and case studies to support your claims and build trust.

Moving Beyond Subjectivity:

By focusing on these objective behaviors, you can move beyond a generic sales pitch and create a more personalized and impactful experience for the merchant. It’s about becoming a keen observer, a thoughtful listener, and a problem-solver who understands their unique needs.

Ultimately, selling merchant services isn’t just about the features you offer; it’s about understanding the merchant’s world and demonstrating how your solutions can objectively improve their business. By tuning into their actions and unspoken cues, you can build stronger relationships, increase your closing rate, and establish yourself as a trusted partner.

So, the next time you’re in a sales meeting, remember to look beyond the words and truly see the objective behavior that speaks volumes.

Happy Selling,

David

A resilient mindset is an important part of consistent success. A resilient mindset focuses on growth. When an individual is resilient, nothing gets in their way. They understand they will face encounters and obstacles are all part of the success journey.

When we think of someone that is resilient, we often refer to them as somebody that bounced back. Resilience allows us to withstand life’s challenges and find the strength and the resolve to get back up again.

Being resilient means facing difficulties head on instead of getting into a negative mindset and using unhealthy coping strategies. Those that have resilience are filled with strength, which helps them handle stress and hardship.

Resilient people are able to draw upon their strength and recover from the challenges of life. Resilience understands that life is full of challenges. While we may not be able to avoid some of these problems, it’s important to remain flexible and willing to adapt to change.

Some of the main characteristics of an individual who is resilient are self-control and problem-solving skills. Resilient people are also aware of different situations along with their emotional responses and the behavior of those around them.

It’s important to understand that you are going to face difficulties, and some may be major along the journey. I often think of these obstacles as tests. These tests are going to find out if you really are committed to achieving our dreams.

It is also very imperative that you have strong mentors and social connections. When you are dealing with these problems, it’s important to have people that can give you support and encouragement along the way. Talking about the challenges will be a positive way to gain perspective and to come up with new solutions.

The successful people who possess a great deal of resilience have an incredible network of friends, coworkers and mentors that keep them uplifted and socially connected.

Start making a commitment today to build a resilience mentality. Develop a sense of positive thinking always, which will help you to stay encouraged when challenges come. Continue to create new goals and work towards them each day.

It takes time to develop a stronger sense of resilience. The key is to keep working on the skills. Over time, what ends up happening is that eventually resilience will be part of your overall mindset.

We are all under construction. Growth and progress are all part of the journey. Start developing this resilience mentality and allow yourself to go to levels beyond your imagination.

This is your time! You deserve this! Opportunity is knocking!

Now go out and make it happen!

Happy Selling,

David

You can increase your sales performance significantly just by practicing time management.  Time is one of our only resources in short supply.

Today I’m going to share some strategies for how you can get control of your time. 

From the Home Office in WHY, ARIZONA

Here are this Friday’s Top 10 Ways to Plan Each Day

10. Plan your day. “Tomorrow begins today.” 

If you wake up in the morning and you haven’t planned the day out, specifically what you’re going to do, guess what? You’re going to waste. 

9. Build your plan, work your plan. 

You’ve taken the time to build your plan the night before, then that day you actually work it.  You own the day. Don’t let the day own you.

8. Know your numbers. 

This doesn’t mean your quota. This number is the key metric that you need to hit every day to achieve success in your job. An example could be the number of calls you need to make, the number of emails you need to send, or conversations you have to have.

Know your metrics, and that if you hit them, you will be successful. 

7. Practice the 10:00 AM rule. 

Take your smartphone and you set the alarm for 10:00 AM. 

If I can accomplish something significant by 10:00 AM, I will have made it a great day. On the other hand, if I wait and I’m about to do something significant—make that big call, work on that important proposal—in the afternoon…chances are you won’t get to it. You’ll wind up pushing it off to the next day. 

Get it done and get it done before 10:00 AM. This way, even if the day goes poorly, you will have had a good day. 

6. Block your time and honor your calendar. 

You block time on your calendar for the prospecting calls, the meetings you’re going to have, but you should also block time with yourself,

5. Schedule meetings with yourself. 

That’s the white space in your calendar. It’s very important that you schedule meetings with yourself so that you have time during the day to update your CRM system, respond to emails, etc.

4. Reward yourself. 

Take credit when you accomplish a significant task or activity by turning off work and pursuing something else. 

I do this all the time. If I’ve accomplished something significant, I’m going to take 10 minutes and just stop. I’m going to go check ESPN.com or I’m going to go do something I want to do to reward myself. It helps me feel a sense of accomplishment and it gets me back in a groove when it’s time to work again. 

3. Celebrate the activities and assess your actions at the end of each day. 

I want you to stop and celebrate your day. I want you to congratulate yourself on the most significant thing you did all day. You may have had a terrible day, but maybe you had one phone call go well. Congratulate yourself. 

Then you say, what is it I need to do differently? What is it that I need to change? This is going to help you with Number 1, so you can plan what you’ll do differently tomorrow. 

2. Stay focused on your objectives.

Before each action you do, ask yourself, is it going to move me closer to achieving my goals? The key is not to be busy. The key is to be productive. I’m productive when I’m moving myself closer to achieving my goals. 

And the #1 Way to Plan Each Day is …

1. Be obsessed with your routine. 

Be obsessed with boredom. The most successful, highly productive salespeople I know are extremely routine-oriented, and they do it with vigor every day. Their success is because they do it every day. 

It’s like going to the gym. You can’t think you’ll get physically fit by only going once every couple of weeks. You’ve got to go regularly.

There are many ways to make the most of your day. While it is up to you how you choose to organize your time, these are just a few examples of great ways to ensure that you make the most of each day.

Have a great weekend,

David

You might be scratching your head right now. Chicken sexers? What is it? Merchant services? What in the world could these two seemingly different worlds possibly have in common?

Stay with me, because the fascinating, highly specialized skill of a chicken sexer holds some surprisingly insightful lessons for anyone looking to excel in the realm of sales, particularly in something as nuanced as merchant services.

What is it? In the mid-20th century, Japan rose to prominence as a global leader in the poultry industry, and at the heart of this success were their highly skilled chicken sexers. These weren’t just individuals who could differentiate male and female chicks only a day old; they were masters of their craft, achieving astonishing levels of speed and accuracy that were, and still are, legendary. What made them truly remarkable was their speed. Highly skilled Japanese chicken sexers could often sex thousands of chicks per hour with an accuracy rate exceeding 99%. This level of efficiency was crucial for the burgeoning poultry industry, allowing for the rapid sorting of chicks for egg production (females) and meat production (males).

Now, let’s pivot to the world of sales & merchant services. What exactly am I talking about? In essence, merchant services encompass all the tools and services that allow businesses to accept electronic payments – think credit and debit card processing, point-of-sale systems, online payment gateways, and more. Selling these services isn’t just about pushing a product; it’s about understanding a business’s unique needs, identifying pain points, and offering tailored solutions that can significantly impact their bottom line.

So, where’s the connection to our feathered friends? It lies in the core skills and mindset required for success in both fields:

1. The Power of Keen Observation and Detail:

Just like a chicken sexer meticulously examines minute physical cues to determine a chick’s sex, a successful merchant services salesperson must possess a sharp eye for detail when assessing a business. They need to observe their current payment processing setup, understand their transaction volumes, identify potential inefficiencies, and recognize opportunities for cost savings or improved customer experience. It’s not about a superficial glance; it’s about a deep dive into the specifics.

2. The Importance of Specialized Knowledge:

Chicken sexing isn’t a general skill; it’s a highly specialized one. Similarly, selling merchant services is complex and ever-evolving. Regulations change, new technologies emerge, and different industries have unique processing needs. A successful salesperson needs to be more than just a talker; they need to be a knowledgeable consultant who understands the intricacies of payment processing, security protocols, and compliance standards. They need to speak the language of interchange fees, PCI compliance, and ISV technology integrations with confidence and clarity.

3. The Art of Pattern Recognition:

Experienced chicken sexers develop an intuitive sense for identifying patterns and subtle variations that indicate a chick’s sex. In sales, particularly in merchant services, pattern recognition is equally crucial. By understanding different business types, their typical transaction patterns, and common pain points, a salesperson can quickly identify potential needs and tailor their approach effectively. They can anticipate challenges and proactively offer solutions.

4. The Value of Precision and Accuracy:

In the poultry industry, accuracy in sexing chicks directly impacts profitability. Similarly, in merchant services, providing accurate information and tailored solutions is paramount to building trust and long-term relationships with clients. Misrepresenting fees or offering unsuitable solutions can lead to dissatisfaction and churn. Precision and accuracy in understanding a client’s needs and presenting the right services are non-negotiable.

5. The Need for Continuous Learning and Adaptation:

The techniques for chicken sexing may evolve over time, and the poultry industry itself adapts to new demands. Likewise, the landscape of merchant services is constantly shifting. New payment methods emerge, security threats evolve, and customer expectations change. A successful salesperson must be a continuous learner, staying updated on the latest industry trends and adapting their strategies accordingly.

Applying the “Chicken Sexer Mindset” to Merchant Services Sales:

So, how can you channel your inner chicken sexer when selling merchant services?

• Become a Diligent Observer: Don’t just listen to what a business owner says; observe their operations, their current payment setup, and their customer interactions.
• Invest in Deep Knowledge: Go beyond the basic features of your offerings. Understand the nuances of different payment processors, the implications of various fee structures, and the latest security standards.
• Develop Your Pattern Recognition: Learn about different industries and their unique merchant service needs. Understand common challenges and tailor your solutions proactively.
• Prioritize Accuracy and Transparency: Always provide clear, accurate information about fees, contracts, and the benefits of your services. Build trust through honesty and transparency.
• Embrace Continuous Learning: Stay curious and keep up with the latest developments in the payment processing industry. Attend webinars, read industry publications, and seek out opportunities to expand your knowledge.

While the connection between chicken sexing and selling merchant services might seem quirky at first glance, it highlights the universal principles of keen observation, specialized knowledge, pattern recognition, precision, and continuous learning that are essential for success in any field that requires understanding and serving specific needs.

So, the next time you encounter a seemingly niche profession, remember that the underlying skills might hold valuable lessons for your own endeavors, even in the ever changing world of merchant services.

Happy Selling,

David

Last Wednesday we looked at the secret of My Success this week we look at another 80’s movie, Real Genius. Today we discuss about turning those cold calls into golden opportunities, just like Mitch and Chris turned lasers into popcorn machines. You’re not just selling merchant services; you’re selling the future of business, one swipe at a time. And if you’re feeling a little overwhelmed, remember: “They’re just people, they put their pants on one leg at a time.”

Real Genius Sales: Laser Focus, Popcorn Profits!

Remember “Real Genius”? Those whiz kids at Pacific Tech didn’t just build lasers; they built solutions. They saw a problem (dorm room snacking) and revolutionized it (popcorn!). You’re doing the same thing. Businesses have pain points, and you’re the genius with the solution.

1. Channel Your Inner Mitch Taylor: Think Outside the Box!

Mitch didn’t stick to the textbook. He experimented, innovated, and found a way to make a laser dance. In your world, that means:

• Don’t just recite features. Understand your client’s business, their challenges, and tailor your pitch to their specific needs.
• Get creative with your demos. Show them how your services can streamline their operations, boost their sales, and make their lives easier.
• Embrace the “I was thinking” moments. Don’t be afraid to brainstorm new ideas and propose unconventional solutions.

2. Embrace the Chris Knight Spirit: Be Fearlessly Confident!

Chris was a rebel with a cause. He knew his stuff, and he wasn’t afraid to challenge the status quo. You should be too:

• Know your product inside and out. Confidence comes from expertise. When you know your stuff, you can handle any objection.
• Don’t be intimidated by the big players. You have the tools and the talent to compete.
• “You’ve got to learn to relax.” Sales can be stressful, but remember to take a breath, stay positive, and enjoy the process.

3. The Lazlo Hollyfeld Hustle: Find Your Niche!

Lazlo lived in the tunnels, but he was a genius in his own right. He knew his passion and pursued it relentlessly. In your sales world:

• Identify your ideal client. Who are you best at serving? Focus your energy on those prospects.
• Specialize if you can. Become the go-to expert for a specific industry or type of business.
• Master the art of follow-up. Persistence pays off. Don’t be afraid to keep in touch and build relationships.

4. The Iverson Principle: “You’re a genius, Chris!”

Surround yourself with a supportive team. Learn from your colleagues, celebrate your wins, and don’t be afraid to ask for help. Remember that even the most talented people need support.

5. The Popcorn Laser Payoff: Reap the Rewards!

Just like Mitch and Chris saw their invention light up the night (and pop a lot of corn), you’ll see the results of your hard work. Closed deals, happy clients, and a growing commission check.

Remember, you’re not just selling merchant services. You’re empowering businesses to thrive. You’re a real genius!

So, go out there, make some calls, and turn those lasers into popcorn machines! And if you get a chance, throw a little popcorn into the air, for good measure.

“What’s the matter, Iverson? Don’t you like popcorn?”

Happy Selling,

David

Last month we explored strategies to tackle Square, and it seems I’ve hit a nerve! Many of you pointed out that QuickBooks, with its integrated Intuit processing, presents a similar challenge for merchants—and for merchant services sales professionals. You’re hearing that the fees are a pain point, the integration is a double-edged sword, and the perceived simplicity masks some costly realities.

So, this one’s for you: armed with the insights you shared, this single blog post equips you with the knowledge and strategies to confidently address these concerns and position your solutions as the clear advantage.

Understanding the Intuit Landscape:

Before diving into your sales approach, it’s crucial to understand why Intuit is often the incumbent and the common pain points associated with their processing:

• Familiarity and Integration: Many small businesses already use Intuit’s QuickBooks for accounting, making their integrated payment processing seem like the easiest option. This convenience can overshadow the cost implications.
• Perceived Simplicity: Intuit often markets their processing as straightforward, which can appeal to business owners who are less familiar with payment processing complexities.
• Lack of Transparency: While seemingly simple, Intuit’s fee structures can sometimes be less transparent than dedicated merchant service providers, leading to unexpected costs.
• Potential for Higher Overall Costs: Due to their integrated nature and potentially less competitive rates, merchants can end up paying more in the long run compared to tailored solutions.
• Limited Flexibility and Customization: Intuit’s processing options might lack the flexibility and customization that specific business types or growth stages require.

To give you a clearer picture, here’s a summary of Intuit’s pricing:

• Online Transactions: 2.99% for cards and digital wallets.
• ACH Payments: 1%
• In-Person Payments: 2.5%
• Keyed-in Transactions: 3.5%

It’s important to note that these rates can vary based on the specific QuickBooks product or service the merchant is using.

Intuit Hardware

Intuit offers hardware to facilitate in-person transactions:

• QuickBooks Card Reader: This mobile card reader connects via Bluetooth to a phone or tablet and allows merchants to accept tap, insert, and swipe payments. The reader is compatible with Apple Pay and Google Pay.
  • Price: $49
• QuickBooks Charging Stand: This accessory provides a convenient base for the QuickBooks card reader.
  • Price: $39
• QuickBooks Card Reader with Charging Stand: A bundle that includes both the card reader and the charging stand.
  • Price: $79

It’s important to note that while Intuit provides this hardware, its functionality is primarily tied to QuickBooks Payments.

Your Arsenal: Strategies to Overcome the Intuit Fee Objection:

Now, let’s arm you with effective strategies to navigate these conversations and demonstrate the value of your merchant services:

1. Acknowledge and Empathize, Then Educate:

• Don’t bash Intuit: Start by acknowledging the merchant’s familiarity with Intuit and the perceived convenience of integration. Phrases like, “I understand many businesses start with Intuit due to their accounting software,” can build rapport.
• Gently probe for pain points: Ask open-ended questions to uncover their experience with Intuit’s processing fees. Examples:
  • “How has your experience been with their processing fees? For example, are the online transaction fees of 2.99% impacting your profitability?”
  • “Have you ever reviewed your processing statements to understand the different charges beyond the basic percentages?”
  • “Are you confident you’re getting the most competitive rates for your business type and volume, or are you paying a flat rate regardless of the card type?”
• Educate on the nuances of processing fees: Explain that not all processing is created equal. Highlight the different components of interchange, assessments, and processor markups, and how these can vary significantly between providers. For instance, explain how Intuit’s simplified pricing, while easy to understand, might not be the most cost-effective compared to a more granular approach that optimizes for different card types.

2. Highlight Transparency and Cost Savings:

• Show, don’t just tell: Offer a free, no-obligation cost analysis comparing their current Intuit processing fees (e.g., 2.5% for in-person) with your proposed solution. This tangible comparison is powerful.
• Break down your pricing: Clearly explain your fee structure, emphasizing transparency and how your rates are tailored to their business. Highlight any potential savings on interchange optimization, specific transaction types, or volume discounts.
• Focus on the long-term cost: Emphasize that while Intuit might seem simple initially, the cumulative effect of potentially higher fees (especially as their business grows) can significantly impact their bottom line over time. For example, show them how your solution could save them money on high-volume transactions or specific card types compared to Intuit’s flat-rate approach.

3. Emphasize Value Beyond Price:

• Integration is still possible: Reassure them that seamless integration with QuickBooks and other accounting software is still achievable through various integrations and APIs. Highlight your experience in facilitating these connections.
• Superior Customer Support: Contrast your dedicated, expert support with potentially more generalized support from a large software company. Emphasize personalized service and quick resolution of issues.
• Advanced Features and Flexibility: Showcase the additional features and flexibility your solutions offer that Intuit might lack (e.g., specific industry solutions, advanced reporting, multi-channel processing, international payments).
• Scalability for Growth: Position your services as a long-term partner that can scale with their business needs, offering solutions that adapt as they grow.
• Security and Compliance: Highlight your robust security measures and PCI compliance support, assuring them of the safety of their transactions and customer data.

4. Address the “Switching Hassle” Objection:

• Simplify the transition: Clearly outline the onboarding process, emphasizing how you will handle the majority of the setup and make the switch as seamless as possible.
• Offer support during the transition: Assure them of ongoing support during and after the switch to address any questions or concerns.
• Highlight the long-term benefits outweighing the short-term effort: Frame the switch as an investment in their business’s financial health and future growth.

5. Tailor Your Approach:

• Understand their business: Research their industry, transaction volume, and specific needs to tailor your pitch and highlight the most relevant benefits.
• Listen actively: Pay close attention to their concerns and address them directly and thoughtfully.
• Be persistent and follow up: Don’t be discouraged by initial hesitation. Follow up professionally and provide additional information or address any lingering questions.

Overcoming the Intuit hurdle isn’t about badmouthing their services. It’s about confidently showcasing the tangible value your merchant services offer in terms of transparency, cost savings, superior support, advanced features, and long-term partnership. By understanding the common perceptions and pain points associated with Intuit, and by effectively articulating your unique advantages, you can successfully guide merchants towards a solution that truly benefits their bottom line and empowers their growth.

Start the conversation today. Your expertise can unlock significant savings and better solutions for businesses currently relying on Intuit.

The link to the Square Series is below.

Part 1 – Square Peg, Round Hole: Why Your Prospects Needs More Than Square

Part 2 Decoding Square’s Fees: Your Secret Weapon to Win More Deals 

Part 3 – Beyond the Square Ecosystem: Offering Real Solutions, Not Just Bundled Tools

Friday’s Top 10 Ways to Conquer Square

Happy Selling,

David