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Shaw Merchant Group
Thursday, February 15 2024
How to Succeed at Selling Merchant Services

Wondering how to become a merchant services agent and just crush it in the sales game? Well, it is both easy and challenging. It’s easy for those who know what they need to do to become a successful sales agent and difficult for those who are clueless.

So to help you have a pretty good idea of things, we have come up with this guide. It will help you up your merchant services game with just a few practical approaches. So with that said, let’s start:

Elements to Work on to Become a Successful Merchant Services Agent:

1. Decide Your Approach:

One of the most important parts of not just the ISO agent program, but any business, is that you have the groundwork laid out. When you become a merchant services agent, you will have to make a complete business plan and decide your approach before stepping out into the field. There are various aspects that you need to consider, and some of the main ones are:

  • What will be your target market? (Individual street-side stores or the ones in malls)
  • What will be your target industry? (High-risk industries like CBD or low risk like parking garages)
  • How will you make money? (Sell plans only or other things like terminals as well?)
  • How will you approach a customer? (Your pitch – most important)
  • How will you market your business? (Cold calling, internet marketing, word of mouth, anything else?)

Everyone wants to become a credit card processing agent because of the freedom this job grants; no more bosses micromanaging you! However, this also means that you are mostly on your own in the field. You need to come up with a strategy, decide your approach, take action, and keep refining the strategy based on results.

2. Spread the Word:

Sales business benefits a lot from social networking. The more contacts you have, the more clients you can expect from every direction. People in today’s world don’t blindly trust any business, which is why they ask their friends and family for referrals and usually end up trying out the referred business.

According to BigCommerce; 92% of people believe in suggestions coming from friends/family more than advertising. This shows how powerful referrals can be, which is why you need them! You will work on two types of referrals besides the general business contacts.

  • Commission Based: These will be the people you will pay a percentage of your commission for bringing you leads. They can be your relatives, friends, family members or someone you go to the gym with. The gist is, you will tell them to look out for any merchant in need of credit card processing facility, refer them to you, you will educate them, close the deal and share some of your commission with the referrer.
  • Merchant Based: These will be directly the merchants. You can visit different merchants in your vicinity, introduce yourself, ask them if they need any help with their credit card processor, and just help them without charging anything. You are actually selling without selling! When they see you are there for them when they need you, they will put trust in you, and sooner or later, either they will switch to your credit card processor or tell their ‘merchant-friends’ about you. Either way, it’s a win-win for you! Making yourself known in the community and increasing your exposure will reward you with sales and opportunities you wouldn’t have thought about.

3. Choose the Right Credit Card Processor:

Choosing the ISO agent partnership is the most careful thing to do. It can either make your merchant sales career or break it. Most of the ISO agent programs will promise to bring the moon for you if you bring sales, but not everyone will really live up to their promises. So to help you find the right program, we have outlined some tips below:

  • See if they are offering their customers free add-ons like POS terminal, and signage. These things make it easy for you to sell.
  • Do they have fair pricing? The processing fee and their monthly service fee should not be too high that discourage the merchants from taking the plan.
  • Do they offer a cash discount program? Here, the merchants can offset any processing fee directly to their customers and not pay anything.
  • Are they using the latest equipment and software? How smooth is their POS interface?
  • How good is their customer support for both merchants and agents? You want a processor that won’t leave you hanging when you need help.
  • Will they work in high-risk industries like CBD, Pharmacy, and Tobacco, etc.? You might not work in these industries now, but when your business grows, you will have to.

Check your contract with them, check your fee schedule, and see how much you will be paid in commission; it should be fair. Also, they should have various bonuses available for achieving good sales.

• You should not be bound to make X number of sales to continue receiving residual income from your previous client; they should be yours no matter what your sales numbers are.

• You should not be bound to only work with them until the contract ends, working with other processors simultaneously should be an option.

You also want to ensure that the ISO agent program you are working with offers amply training resources so you can better equip yourself with knowledge about the product.

Tip: Try exploring our ISO agent program; we fit this criteria and have been in the game for several years. You might find your a perfect match without having to comb through the market.

4. Be a Sponge and Absorb Knowledge:

Be it merchant services sales or any other business; knowledge is power, which is why you need to be the sponge. Absorb as much knowledge as you can about your business, the market, the customers, and, more importantly, the product.

Start by devouring the educational and training material provided by your ISO agent provider. Side note; Shaw Mrchant Group offers a wealth of resources for gaining knowledge and proper sales training.

Once you are done by company training material, take courses on platforms like Lynda, Udemy and Coursera, etc. Not only you need to learn about your market, product, and target audience, but you also need to know about the tactics of selling effectively.

5. Honesty is the Best Policy:

They say honesty is the first chapter in the book of wisdom, and I say you need to read this whole book. To become a merchant services agent who gets results and is loved by his customers, you need both honesty and wisdom.

You need to have wisdom allowing you to help your potential clients without asking anything in return as they will bring you good business once they trust you. You need to be an absolute truthful person so that merchants can rely on you for their credit card processing needs.

Once they do, they won’t go anywhere, and you’ll be getting continuous residual income. So being wise and honest will only add wings to your business, keep practicing both.

Practical Tips for Selling the Merchant Accounts:

  • Learn to Identify Prospects: Rule 101 in a sales agent’s notebook; drop the bad prospects, and focus on good ones. Let’s say you visit 10 prospects, 8 of them are not interested in talking to you, and some may even talk harshly, drop them. Focus on the remaining two who discussed their business with you or at least showed some respect.
  • Talk Less Listen More: You need to use your ears more than your tongue. Listen to the pain points of your potential clients, and only talk when you have a solution or a question. Let them feel that they can rant in front of you, and you will listen and solve their issues. Just let them talk themselves into sales!
  • Don’t Be Pushy: Do not make your prospects feel like they are being pushed or pressured into making a purchase from you; you might soon get banned from their store. Instead, just have patience, and keep visiting them from time to time. Don’t let them forget you, and once an opportunity comes up, you will be the first one in their minds.
  • Be Creative: You cannot sell by selling, this is not the 70’s, and everyone knows the old tactics of selling, so you need to be creative. Let me give you an example of creativity; there was this merchant that had a POS which didn’t support the processing program that the agent was selling. The agent gave him a free POS terminal as his company; (SMG allows it), sold the old one on eBay, and gave full money back to the merchant. You can imagine if the merchant converted or not!

Over to You:

To become a credit card processing agent, you will have to do a lot than just wearing a shoulder bag and using gel in your hair. You need to have a plan, a network of referrals, the right type of processor, a wealth of knowledge, and an honest approach. Only with these core elements, you can make it to the top.

Posted by: Shaw Merchant Group AT 12:04 pm   |  Permalink   |  Email
 

In today's competitive business landscape, becoming a successful merchant services sales representative can be a lucrative and rewarding career path. Merchant services sales representatives are responsible for selling payment processing solutions to businesses, helping them streamline their operations and improve their bottom line. In this article, we will explore the key steps and strategies that can help you become a successful merchant services sales representative.

1. Understand the Industry

Before you can become a successful merchant services sales representative, it's crucial to have a strong understanding of the industry. Merchant services refer to the financial services that enable businesses to accept credit and debit card payments from their customers. This includes payment processing, equipment leasing, and merchant account management.

Research the industry, learn about different payment processing methods, understand the various fees associated with payment processing, and familiarize yourself with the latest trends and technologies in the industry. This knowledge will help you build credibility with your clients and position yourself as a trusted advisor in the field of merchant services.

2. Develop Strong Sales Skills

To succeed as a merchant services sales representative, you need to have strong sales skills. This includes being able to identify potential leads, build relationships with clients, and close deals effectively. Develop your communication skills, learn how to listen actively to your clients' needs, and tailor your sales pitch to address their specific pain points and objectives.

Additionally, master the art of objection handling and negotiation. Be prepared to address common objections that clients may have, such as concerns about fees or contract terms, and be ready to negotiate terms that are favorable for both your client and your company.

3. Build a Strong Network

Networking is essential for success in the merchant services industry. Build a strong network of contacts within the industry, including business owners, vendors, and fellow sales representatives. Attend industry events, trade shows, and networking events to expand your network and stay informed about the latest industry trends.

Networking can also help you generate leads and referrals. By establishing relationships with other businesses and industry professionals, you can receive recommendations from satisfied clients and find new opportunities for sales.

4. Offer Value-Added Services

To differentiate yourself from the competition and attract more clients, consider offering value-added services in addition to payment processing solutions. This could include services such as fraud protection, data analytics, or customer loyalty programs. By offering additional services that help your clients streamline their operations and improve their customer experience, you can provide more value to your clients and increase your chances of closing sales.

5. Provide Excellent Customer Service

In the merchant services industry, customer service is key. Your clients rely on you to provide them with ongoing support and assistance, so it's important to be responsive, reliable, and knowledgeable. Be proactive in addressing any issues or concerns that your clients may have, and be available to provide guidance and assistance whenever needed.

By providing excellent customer service, you can build trust and loyalty with your clients, leading to long-term relationships and repeat business. Happy clients are also more likely to refer you to other businesses, helping you grow your sales pipeline.

6. Stay Informed About Regulatory Compliance

The merchant services industry is highly regulated, with strict compliance requirements that vary by region and industry. As a merchant services sales representative, it's important to stay informed about the latest regulatory changes and compliance requirements in order to ensure that your clients are in compliance with all applicable laws and regulations.

Stay up to date on industry news and updates, attend training sessions and webinars on compliance topics, and work closely with your company's compliance team to address any compliance issues that may arise. By demonstrating a strong commitment to compliance, you can build trust with your clients and position yourself as a reliable and trustworthy partner.

7. Set Goals and Track Your Progress

To achieve success as a merchant services sales representative, it's important to set clear goals and track your progress towards achieving them. Establish specific sales targets, such as a certain number of new clients or a revenue goal, and create a plan to reach these targets.

Track your sales activities, such as the number of prospecting calls made, client meetings held, and deals closed. Analyze your performance regularly and make adjustments to your sales strategy as needed. By setting goals and monitoring your progress, you can stay motivated and focused on achieving success in your merchant services sales career.

8. Invest in Training and Professional Development

Continuous learning and professional development are essential for success in the merchant services industry. Invest in training programs, certifications, and workshops to expand your knowledge and skills, and stay informed about the latest industry trends and best practices.

Consider pursuing certifications such as the Certified Payments Professional (CPP) designation, which demonstrates your expertise in the field of payment processing. Attend industry conferences and seminars to network with other professionals and learn from industry experts. By investing in training and professional development, you can position yourself as a knowledgeable and experienced sales representative and increase your chances of success in the industry.

9. Stay Persistent and Resilient

Success in the merchant services industry doesn't happen overnight. It requires persistence, resilience, and a willingness to overcome challenges and setbacks. Be prepared for rejection and setbacks, and don't get discouraged by a no from a potential client.

Stay focused on your goals, remain positive and optimistic, and keep pushing forward even when faced with obstacles. By staying persistent and resilient, you can overcome challenges and achieve success as a merchant services sales representative.

10. Build a Strong Reputation

In the merchant services industry, reputation is everything. Your reputation as a trustworthy and reliable sales representative can make or break your success in the industry. Build a strong reputation by delivering on your promises, providing excellent customer service, and maintaining high ethical standards in all your business dealings.

Seek out testimonials and reviews from satisfied clients to showcase your track record of success and build credibility with potential clients. By building a strong reputation as a reputable and reliable sales representative, you can attract more clients and grow your business in the merchant services industry.

In conclusion, becoming a successful merchant services sales representative requires a combination of industry knowledge, sales skills, networking, customer service, compliance, goal setting, continuous learning, persistence, and reputation building. By following the tips and strategies outlined in this article, you can set yourself up for success in the merchant services industry and achieve your sales goals. Good luck on your journey to becoming a successful merchant services sales representative!

In today’s digital age, online payments have become an integral part of how we conduct business. With the rise of e-commerce, more and more businesses are looking for reliable payment processing solutions to facilitate seamless transactions with their customers. This is where payment processing businesses come in, providing the infrastructure and technology needed to securely process payments online.

If you are considering starting a payment processing business, one option that may be particularly appealing is white label payment processing. White label payment processing allows you to offer payment processing services under your own brand, while leveraging the infrastructure and technology of a third-party provider. This can be a cost-effective and efficient way to start a payment processing business without having to build everything from scratch.

In this article, we will explore the ins and outs of starting a payment processing business with white label payment processing, including the benefits, challenges, and steps to get started.

The Benefits of White Label Payment Processing

There are several benefits to starting a payment processing business with white label payment processing. One of the biggest advantages is the ability to quickly enter the market without the need to build your own payment processing infrastructure. This can save you time and money, allowing you to focus on growing your business and acquiring customers.

Another benefit of white label payment processing is the flexibility it offers. With a white label solution, you can customize the payment processing experience to match your brand, including the design of payment pages, the integration of payment methods, and the reporting and analytics tools available to merchants. This can help you differentiate your business from competitors and provide a unique value proposition to your customers.

White label payment processing also allows you to benefit from the expertise and experience of the third-party provider. By partnering with a reputable payment processing provider, you can access their technology, security, compliance, and customer support capabilities, ensuring that your payment processing business operates smoothly and securely.

One final benefit of white label payment processing is the scalability it offers. As your business grows and you acquire more customers, you can easily scale up your payment processing infrastructure to accommodate increased transaction volumes. This can help you avoid downtime, maintain customer satisfaction, and continue to grow your business without limitations.

The Challenges of White Label Payment Processing

While there are many benefits to white label payment processing, there are also some challenges to consider. One of the main challenges is the potential lack of control over the technology and infrastructure used to process payments. Since you are relying on a third-party provider, you may have limited visibility and control over how payments are processed, which can be a concern for some businesses.

Another challenge of white label payment processing is the potential for hidden fees and costs. Some providers may charge additional fees for certain services or features, which can eat into your profits and impact your bottom line. It is important to carefully review the terms and pricing of any white label payment processing agreement to ensure that you are receiving fair and transparent pricing.

Finally, white label payment processing may also come with limitations on customization and branding. While you can customize certain aspects of the payment processing experience, you may be limited in how much you can tailor the technology and infrastructure to meet your specific needs. This can be a drawback for businesses looking for a fully customized and branded payment processing solution.

Steps to Starting a Payment Processing Business with White Label Payment Processing

If you are interested in starting a payment processing business with white label payment processing, here are some steps to get you started:

1. Research the Market: Before you start a payment processing business, it is important to research the market and understand the needs of businesses in your target industry. Consider the types of businesses that could benefit from your payment processing services, the payment methods they prefer, and the features and functionality they require.

2. Choose a White Label Provider: Once you have a clear understanding of the market, you can begin researching white label payment processing providers. Look for a provider that offers the features, functionality, security, and support you need to successfully operate your business. Consider factors such as pricing, integration options, compliance, and customer service when evaluating potential providers.

3. Customize Your Solution: Once you have chosen a white label provider, you can begin customizing your payment processing solution to match your brand and the needs of your customers. Work with the provider to design payment pages, integrate payment methods, and set up reporting and analytics tools that will help you manage your business effectively.

4. Develop a Marketing Strategy: To attract customers to your payment processing business, you will need to develop a marketing strategy that showcases the benefits of your services and drives leads to your website. Consider using digital marketing tactics such as search engine optimization, social media advertising, and content marketing to reach potential customers and convert them into paying clients.

5. Provide Exceptional Customer Service: In the competitive payment processing industry, providing exceptional customer service can set your business apart from competitors. Make sure to offer 24/7 support, clear communication, and prompt resolution of any issues or concerns that customers may have. By delivering a positive customer experience, you can build loyalty and retain customers for the long term.

6. Monitor and Optimize Performance: To ensure the success of your payment processing business, it is important to continuously monitor and optimize the performance of your solution. Track key metrics such as transaction volume, approval rates, chargeback rates, and customer satisfaction to identify areas for improvement and make data-driven decisions that drive growth.

Conclusion

Starting a payment processing business with white label payment processing can be a rewarding and lucrative venture. By leveraging the technology, infrastructure, and expertise of a third-party provider, you can quickly enter the market, customize your solution to match your brand, and scale your business as it grows. While there are challenges to consider, such as lack of control and potential fees, white label payment processing offers many benefits, including flexibility, expertise, and scalability.

By following the steps outlined in this article, you can successfully start a payment processing business with white label payment processing and build a thriving business that helps businesses securely process payments online. With the right strategy, dedication, and customer focus, you can differentiate your business, attract customers, and drive success in the competitive payment processing industry.

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