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Shaw Merchant Group
Wednesday, January 17 2024
6 Actionable Tips for Selling Point-of-Sale Systems

One of the most important pieces of equipment for any merchant is their point-of-sale system. As the location through which every transaction that the business takes in goes through, it is important that every merchant have access to a point-of-sale system that is robust, scalable, and has all the functionality that is needed. However, convincing a merchant that they need a POS isn’t the hard part--this is a known fact. Convincing a merchant that your POS is the right choice, however, can be very difficult. To help you get well on your way to selling point of sale systems as a merchant services agent and helping merchants realize the power of a good POS, we present to you 6 actionable tips that you can take into consideration and implement to help sell POS systems.

Why is finding the right POS system important for businesses?

If you have been working with merchants for long, then you already know how important POS systems are to businesses. With this knowledge, it is easy to understand why so much importance is placed on the process of selecting a POS system and utilizing it to its full potential. Each business is unique and while all businesses have the same basic need to facilitate payments, the best way to do so will vary by the business.

For merchants, finding the right POS system is absolutely essential because it will ultimately help to determine what a merchant can achieve with its POS system and whether they will have any limitations. In an ideal situation, the POS system that a merchant selects will not have any negative impact on their business and instead will serve as a reliable addition to their suite of technology that they use in their business on a daily basis.

Be an expert

If you are looking to convince a merchant that they need your POS system, then one of the first things that you will need to do is establish yourself as an expert and a person of authority when it comes to POS systems. This can be done in a variety of ways, but what a merchant really wants is to feel comfortable that you know what you are talking about and you know everything that there is to know about the POS system that you are offering.

If you are hoping to make a great impression on your prospective merchant, then make sure you familiarize yourself with your POS system as much as possible so that you can easily answer any questions that they have about your POS systems and their functionality. With the ability to answer any question that comes your way regarding your POS system, the merchant is far more likely to trust you and find you in a favorable light, which could lead to a purchase.

Nurture a relationship

The next very important part of the process if you want to have success with selling merchant services and POS systems is nurturing the relationship between the merchant and the agent. There are a variety of ways that this can be done, as well. You must remember that each merchant is unique and is going to require varying levels of customer service and support.

One of the first ways that you can nurture a relationship with a merchant is to get to know them and their business personally. Not only will this make them feel valued and heard, but it will also give you much more knowledge of their areas of need so that you can address them most completely, earn trust, and ensure that your POS system fits the needs and requirements of the merchant you are working with.

With these things in mind, your merchant should be kept happy and satisfied.

Address areas of need

If you truly want to satisfy your merchants and make sure that they are taken care of and are more willing to purchase from you again, then you need to make sure that you are meeting their needs. You should start each relationship with a full audit of what your merchant needs and make a plan for how you can address it.

With this fuel at your disposal, you can approach negotiations from a position of power and understanding to increase your chance of closing the sale and making your merchant confident that you can handle their needs effectively.

Stress versatility

There are a few properties that merchants look for automatically in a POS system. One of the most important of these is versatility. Many merchants deal with a wide variety of transactions, promotions, discounts, coupons, and other functionalities. With a POS system that provides all of these things, their business will be enabled to operate at its fullest potential. If you need to communicate all the benefits of your POS system, be sure to touch on all the versatility that it has to offer and how it can help the merchant achieve a wide range of goals.

Include services

If you want to entice your merchant to sign on with your POS, then there are a few things that you should be able to throw in without breaking the bank. For example, you could throw in maintenance and upgrades for free as an extra benefit to the POS system. This is just one example of a classic sales technique.

If you have a merchant that is on the fence about investing in a new POS system, be sure to make it known that there could be additional benefits to be had by signing on with your POS system.

Always follow through

In sales, you never want to promise or lead someone to believe something that might not come true. That is because as a merchant services representative, you want to be seen as someone that follows through on the promises and assurances that you make. Without your reputation for upholding the truth and following through on the promises that you make, you will find that it’s hard to keep a merchant signed on with your POS system.

Always be upfront about the capabilities of the POS system that you are selling as well as the potential limitations that it has. With this honesty in mind and a respect for the merchant, you are bound to have more success than if you were to try and hide the limitations of your POS system.

Posted by: Scott Shaw AT 04:23 am   |  Permalink   |  Email

How to Become a Credit Card Processor?

Becoming a credit card processor involves several steps. First, research the credit card processing industry and understand the regulations and requirements. Obtain the necessary licenses and certifications to operate legally as a credit card processor. Establish relationships with banks or payment processors to handle transactions. Develop a robust and secure processing platform to handle credit card transactions efficiently. Create pricing plans and fee structures for merchants. Build a sales and marketing strategy to attract merchants to use your processing services. Provide excellent customer service and support to retain clients and grow your business. By following these steps and staying informed about industry trends, you can successfully become a credit card processor.

Selling merchant services can be a lucrative and rewarding career for individuals in the sales industry. However, successfully selling merchant services requires a combination of strategic planning, effective communication, and relationship-building skills. Here are some key tips to help you successfully sell merchant services:

1. Understand the industry: Before you can successfully sell merchant services, it is important to have a solid understanding of the payments industry, including credit card processing, payment gateways, point-of-sale systems, and other relevant services. Stay informed about industry trends, regulations, and technological advancements to position yourself as a knowledgeable and trusted advisor to your clients.

2. Identify your target market: Define your target market and segment your prospects based on industry, business size, geographic location, and specific needs. Tailor your sales pitch and solutions to address the unique challenges and requirements of each segment, demonstrating how your merchant services can help businesses improve their payment processing efficiency and profitability.

3. Highlight key benefits: When selling merchant services, focus on highlighting the key benefits and value propositions of your offerings. Emphasize cost savings, secure payment processing, fast transaction speeds, reliable customer support, and seamless integration with other business systems. Show potential clients how your services can streamline their operations and enhance their bottom line.

4. Build trust and credibility: Establishing trust and credibility with your clients is essential for successful sales in the merchant services industry. Be transparent about pricing, fees, and contract terms, and address any concerns or objections with honesty and professionalism. Provide references, case studies, and testimonials from satisfied clients to showcase your track record of success.

5. Demonstrate expertise: Position yourself as an industry expert by staying up-to-date on the latest payment technologies, security standards, and regulatory requirements. Offer insights and recommendations based on your knowledge and experience to help clients make informed decisions about their payment processing needs. By demonstrating expertise, you can build credibility and confidence with potential clients.

6. Provide personalized solutions: Every business has unique payment processing needs, so it is important to provide personalized solutions tailored to each client's specific requirements. Conduct a thorough needs assessment to understand the client's current payment processing system, pain points, and goals, and recommend customized solutions that address their individual needs and preferences.

7. Follow up and follow through: Successful sales in the merchant services industry require diligent follow-up and follow-through. Stay in touch with prospects throughout the sales process, addressing any questions or concerns promptly and providing regular updates on the status of their account setup. After the sale, continue to provide ongoing support and communication to ensure client satisfaction and retention.

By implementing these key tips and strategies, you can increase your chances of success in selling merchant services and build a profitable sales career in the payments industry. Remember to focus on understanding your clients' needs, providing value-added solutions, and building trust and credibility to effectively sell merchant services and drive business growth.

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