If you’re thinking about selling merchant services, there are a few things you should know. First, it’s important to understand the basics of merchant services. This includes understanding what merchant services are, how they work, and what types of businesses use them.
Second, you need to have a good sales pitch. You’ll need to convince potential clients that merchant serviceds are right for their business, and that your company is the best option. Finally, you’ll need to be able to close the deal and get the client to sign on the dotted line.
With that in mind, let’s take a closer look at each of these three key points.
What are Merchant Services?
Merchant services are simply the process of accepting credit and debit card payments from customers. This can be done in person, online, or over the phone. In order to do this, businesses need to have a merchant account with a bank or other financial institution. Merchant accounts allow businesses to accept credit and debit cards as payment for goods and services.
How do Merchant Services Work?
When a customer pays for something using a credit or debit card, the business will send an authorization request to the card issuer. The card issuer will then approve or decline the transaction. If the transaction is approved, the funds will be transferred from the customer’s account to the merchant’s account. The merchant will then be able to use those funds to pay for inventory, expenses, or other costs.
What Types of Businesses Use Merchant Services?
Any type of business can use merchant services, but there are some businesses that are more likely to use them than others. For example, businesses that sell physical goods online or over the phone are more likely to use merchant services than businesses that only sell products in person. Businesses that have a lot of customers who pay with credit or debit cards are also more likely to use merchant services.
Now that you understand the basics of merchant services, let’s take a look at how to sell them.
The Sales Pitch
The first step in selling merchant services is to have a good sales pitch. You’ll need to convince potential clients that merchant services are right for their business, and that your company is the best option. When you’re making your sales pitch, there are a few things you should keep in mind.
First, focus on the benefits of merchant services. Make sure you highlight the ways that merchant services can help businesses save money, make more sales, or improve their customer service.
Second, focus on your company’s strengths. If your company has low fees, great customer service, or a long history in the industry, make sure to mention those things.
Finally, be prepared to answer any questions the potential client may have. Make sure you know the ins and outs of merchant services so you can effectively sell them.
Closing the Deal
Once you’ve made your sales pitch and answered any questions the potential client has, it’s time to close the deal. This is where you’ll need to get the client to sign on the dotted line.
The best way to close a deal is to offer a discount. For example, you could offer to waive the setup fee or give a percentage off of the total cost of the merchant services. You could also offer a free trial period. This will show the potential client that you’re confident in your product and that you’re willing to stand by it.
Once you’ve made your offer, it’s time to seal the deal. Get the client to sign the contract and make sure they understand the terms and conditions. Once the contract is signed, you’ll be on your way to providing merchant services to a new client.
Selling merchant services can be a great way to earn commission, but it’s not always easy. You’ll need to have a good sales pitch, be prepared to answer any questions, and be willing to offer discounts. If you can do all of those things, you’ll be well on your way to closing deals and making money.