As businesses continue to grow, there is an increasing need for merchant processors. When it comes to picking a service, it is very important to make sure that you, as the sales partner, to not only focus on selling the product but also in providing solutions to businesses. Unlike FlashBanc, many merchant processors are just good enough at servicing their merchants to satisfy their needs. Being ‘good enough’ creates a problem when you want to flip one of their merchants to a better service such as the one FlashBanc provides.
Why is this important?
This is where solution selling presents, well, a solution. A processor that is ‘good enough’ also has a problem, because what they are not good at can cause an issue for their merchants. If that issue is a considerable concern for a merchant, then said merchant may switch to someone who can satisfy that concern. This is where you, the sales partner, will magically appear and bring a solution to that issue.
Well, where do I start?
Find out about your lead’s pain points. That is, find out where they have a problem with their current processor. They may take issue with slow equipment, their terminals being wired, or even a lack of communication or support. This is what you will design your approach around. You will provide them with the solution to this pain point. Perhaps they don’t know that they have a problem. Perhaps they don’t think the problem is much of an issue. This will be your opportunity to make them aware. That being said…
Before you approach them with your solution, you need to plan your approach. How is it affecting them? Slow equipment can mean less transactions during a busy period. If they aren’t getting support when a terminal is down, then they will be unable to sell their own product or service. Find out how to present your position as a solution, not as a product or service. You are trying to help the merchant solve their problem. Quantify the issue in the form of increased or lost profits. Moving a merchant away from wired terminals and toward wireless terminals allows them to better service their customers and thereby increase their profits. A lack of customer support may be a slight inconvenience on a small issue, but could be critical in the event of a major issue. That major issue could become a substantial loss. By discovering the impact of the issue, you can quantify the problem and make it easier for them to see.
How do I present it?
Ask them about their issue, and discover how much they know about it. Do they understand the full scope of it, or are they only seeing the surface? If they aren’t seeing the whole picture, enlighten them. Shine a light on just how bad the problem is, but keep it accurate. Don’t oversell the issue or they may distrust you, but make sure they are properly informed. If they do understand the issue, ask them if they also understand the impact it has on them. If they don’t, again, bring it to light. Then ask them how they feel about the potential loss of business. Then tell them about your solution. Do not just tell them about it, tell them how it solves their problem in their terms. Discuss the return on investment, the costs, and the potential gains. Finally, after you have informed them of the problem, the solution, and the effects of the solution, you can begin closing the account.
In addition, you can check out our website here to find other solutions such as merchant cash solutions, cash advance solutions, and any other merchant services. We are here for you and all your needs. FlashBanc wants you to perform at your best as one of our agents in the field when selling our solutions.