The Payment Industry has new advancements in technology that frequently alter merchant expectations. As they continue to experience increased products and services to help grow their business, the market grows even more competitive. What are you doing that’s part of the trend, and how can you adjust your strategy to stand out from the crowd?

Expand from Merchant Processing 

Today’s merchants get incessant offers and calls to switch their processing. The same pitch is heard over and over again, promising lower rates. You may find yourself spending an unreasonable amount of time trying to obtain a statement from your prospect. When you finally create a proposal and show your prospect the amazing savings promised, they sometimes end up ghosting you. Well, what can you do now? The key is to have multiple selling points apart from guaranteeing lower rates.

Have Open and Honest Conversations with Prospects

Once you put in all the effort and the merchant decides to take your hard work back to their current processor it becomes laborious to peak their interest again. Having open and honest conversations with prospects help identify their needs before you exhaust resources. They may value payment security or operational efficiency more than a huge savings on fees.  What can you provide that their current processor can’t? Many merchants are looking for more than just payment acceptance. 

Managing Expectations Day One

Make an effort to manage expectations from the start of the relationship.  Pinpoint different product offerings that specifically resolve an issue the merchant may be experiencing. Openly discuss areas where you can add value and ease to their day to day operations. Keep in mind the end consumer and how their wants impact the merchant. Offering a better quality of service overall will help seal the deal. 

Are you ready to speak with a Payment Industry expert?