In the first part of this three part series, “How To Present Merchant Services to Your POS Prospects”, I covered different approaches to take when presenting merchant processing to your POS Prospects. In this series, Part Two, I will go over the steps I took to successfully offer merchant services to my POS clients that were using other processors. At the risk of sounding repetitive, the questions being asked are somewhat similar, but the delivery is much different.
PART TWO
CURRENT POS CLIENTS
A huge part of my success in the point-of-sale industry is the result of me being available when my merchants ran into issues. I never avoided a call or a problem, and I followed through every situation until it was resolved. As a result, I immediately gained the trust of my merchants. It also opened the doors for so many more opportunities, and the discussion of merchant processing was so much easier to have.
Here are some approaches I have taken when the topic of merchant processing comes up with my existing clients:
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Don’t just let them hear from you when there are problems. Check in on them. See how things are going. Eventually the topic of their business and expenses will come up. In a consultative way, work merchant services into the conversation. If they trust you and your team on the POS front, there is a good chance they are open to letting you take a look at their credit card statements.
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Sympathize with them regarding how many times they are harassed about merchant processing. As I mentioned above, they have probably been burned in the past by a lack or support or an excess of fees. If they know they can count on you for support, you have already won half the battle. Have a sample statement available so they can see how easy a BOLD statement is to read and that there are no hidden fees. Combined with the fact that they will now have one support number should mean an easy decision for them.
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If they are uncertain about their rates, talk to them about Flat Rate Pricing. Flat Rate Pricing takes the guesswork out of figuring out credit rates. It also allows them to budget their monthly expenses, unlike many pricing tiers offered by merchant processors. For more information on Flat Rate Pricing, feel free to email me at gliu@boldpay.io.
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If your merchant is still hesitant, remind them that it might be time to at least look at their statements to confirm they are getting a good deal. They don’t necessarily have to switch. An immediate red flag is if their merchant processor does not reach out to them on a regular basis. This more than likely means they are not staying informed on changes in interchange rates or industry regulations (such as the Durbin Amendment Act). You can also take a look at a recent piece written by our own Nichole Kazenske that covers overcoming the “Top 10 Objections When it Comes to Merchant Processing”.
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If they are just too busy, offer to reach out to their accountant to retrieve the statement for them. A lot of times merchants just do not have time in their busy schedule, and it goes a long way if someone were to do the legwork for them.
Remember, the discussion of merchant processing does not have to be awkward. Your merchants bought and continue to use your POS system for a reason, and it is the same reason they are willing to talk to you about merchant processing.
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