Which Questions to Ask Your Merchants to Close More Sales

Sunday, March 26 2023

If you are in merchant sales, you have probably already figured out that the main key in succeeding in merchant services sales is having a positive relationship with the merchants that you are selling to. This doesn’t differ that much from any other sales position. Having good, positive relationships with your merchants will almost always translate into success. However, merchant services sales are a bit unique in that most merchants already have a provider and are difficult to reach. In this industry, you need to find a way to stand out from the waves of competition that you’ll be facing.

One of the best ways to do this is by asking the right questions. Merchants want to know that you are actively trying to learn about their business and solve their problems, not just make your sale and move on. If you can show that you are interested in the challenges that they are facing and meet those challenges with a solution that you are able to provide, then you have a much greater chance of success in selling merchant services.

It’s important to remember that it’s more than just asking questions, though. To have success in selling payment processing services, you need to be able to follow up your questions with actionable solutions that will solve the problems that your merchant faces today. With these things in mind, let’s dive into what you should be asking when you meet with a merchant.

Ask Yes/No Questions

If you prefer to get to the point and address the problems head on, then one of the best strategies is to ask questions that have a yes or no answer. This provides you with direct negative or positive feedback right off the bat and allows you to address the problems in the most direct way possible. During this line of questioning, you want to get direct answers instead of getting off-track. Keep your merchant focused on the facts of what is in place now and you’ll have an easier time showing them how you can help. This is also a great time to get in your questions that you already know the answers to such as “wouldn’t it be nice if you could get more margin on your sales by switching merchant providers?”. This can lead them to a positive decision easier than you might think.

Identify The Challenges

Another step that you should take is ask questions that help you to identify the challenges that the business is facing. You should ask them about any current issues with their processing solutions to get an idea of how you can help improve the situation. If you truly want to connect with your merchants, then you need to empathize with their situation and provide them with an alternative solution. A failure to do this will lead to decreased success, as you won’t be connecting with your merchant as much. Always ask questions that lead to you useful knowledge and conclusions about what your merchant is going through and how you can help.

Learn About Their Current Solution

If you hope to draw your merchant away from their current solution, the best thing that you can do is gather intelligence on that solution. This means finding out the rates, weaknesses, and strengths of the competitor and doing an analysis on whether you can beat their current solution or not. However, this strategy cannot be used if you don’t find out the benefits and downfalls of their current provider. When you are asking questions to your merchant, be sure to ask these questions and learn more about who they currently work with.

Posted by: Shaw Merchant Group AT 10:34 am | Permalink | Email

Partner Program Details

Become a white label payment service provider today and take your business to the next level. If you are a sales-oriented individual with vast experience in the world of payment processing or you are a driven and motivated professional looking for a new challenge, the SMG white label program might be a great fit for you. With the highest paying commission structure in the industry, superior products, and sales support, our white label program will see to it that you are rewarded for your efforts.

For anyone with a sales background or a passion for the payments industry, SMG is the ideal white label ISO Program. There are dozens of reasons to become a white label payment processor with Shaw Merchant Group, but don’t just take our word for it. Here are some of the top reasons that we were given when we asked our white label participants why they chose us and why they continue to work with our highly lucrative program.

Sales Partner Portal

With our industry leading partner portal, you’ll have access to online enrollment, training sessions, marketing materials, and you’ll always be ahead of the game with the latest news and promotions.

Alerts

Stay up-to-date on merchant issues and their resolutions via automated emails and text messages that include a detailed ticket number describing what the merchant’s concern was and how it was resolved.

Registered DBA Program (White Label)

With our program, you’ll be able to market under your own brand, without paying costly fees! Your brand will be seen on the partner portal, marketing communications, merchant statements, and more.

Free Equipment for Your Merchants

Selling businesses on a new processing plan is much easier when you are able to effortlessly jump over the hurdle of the cost of the equipment. With this program, you can offer your clients free POS terminal equipment that they will need for their processing provider change. This lowers the barrier to switching and creates a higher conversion rate for you.

Lifetime Passive Income

You will recieve 50–70% of residual income based on the pay structure you select. You will share income on every available revenue stream. With SMG, you get a True Interchange Revenue Split. Unlike other merchant white label partner programs, there is no basis points off the top for BIN sponsorship or for what they call hidden losses. Our sales partners earn more residual income with our 50/50 partner program than you would with our competition who claim to offer a higher percentage because thier interchange cost (buy rate) is higher.

$20K Performance Bonus

We offer a performance-based fast start bonus that is payable for anyone that onboards more than the standard threshold of clients in the first 4 months. This program is designed to reward those experienced sales members that join our team and quickly learn how to sell this product. The bonus can reach up to $20,000, making it one of the most lucrative and competitive in the industry.

Profitability Based Bonuses

We will look at how much profit is generated on the account after they have been processing for one month and you earn 14 times of the total profit. Example: If we retain $100 in residuals in that month, the bonus would be 14 x $100 or $1,400. You would have already been paid $600, so we would pay you an additional $800 on that account. This bonus is capped at a max of $10,000 per merchant per location. With our dual pricing program it is easier than ever to earn huge bonuses with a 14x profitability bonus. This dual pricing model enables you to maximize your bonus at $10,000 on almost every merchant processing over $90k.

Dual Pricing Program

When you are selling merchant services, one of the best assets of any partner program is more rewards and incentive programs that save your client money. The Edge dual pricing program is one of the hottest new commodities in credit card processing, as it is designed to save the client thousands of dollars in credit card processing cost, instead passing on the fee to the consumer in a way that isn’t damaging to their own conversion rate and revenue. We offer this program to our clients and make it easy to understand and present for our sales partners.

Medical Benefits

With some sales jobs, you don’t even have the option for medical coverage. With the SMG white label program, you’ll have the resources that you need to provide healthcare coverage to you and your family at an affordable rate. We take care of our own, and when you are in our program you will have access to these benefits.