Merchant Services: Selling value instead of rates
This sales tip is aimed a sales people who sell payment solutions yet the idea relate to many other sales people too.
Have you heard this before:
'Businesses taking online or in-store card payments look for a payments provider that offers the lowest transaction rates and charges. It is all about price!'
And when sales people approach a potential customer, they believe the only way to get a follow up meeting or sale is to quote the lowest possible rates (and perhaps even below those)
My experience is businesses seek a payments provider that offers them best value for money. Smart negotiators may give the sales person the impression it is all about rates, yet they have requirements beyond pricing.
It is the sales person's job to strike a relationship that allows for these requirements to be articulated.
Here are just some of these possible requirements other than price:
Reduced settlement days
Improved authorisation rates
State of the art fraud detection and prevention
Foreign currency capability
Amex, JCB acceptance
Alternative payments acceptance
One contact for account management
The larger the prospective merchant, the more important it is to agree an initial meeting to fully understand these requirements.
Smaller merchants maybe more price driven yet their other requirements may become more evident when asking about their growth plans.
Merchant Services sales people are payment experts. They would sell themselves short by selling rates instead of value.
If you want your Sales teams to sell value instead of rates, feel free to contact me. 07738010170 or look here for more information