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Thursday, June 11 2020
Which Questions to Ask Your Merchants to Close More Sales

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 merchant 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 processing 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 01:34 am   |  Permalink   |  Email
Tuesday, June 02 2020
Selling Credit Card Processing Products and Services

Anybody that knows anything about business or has spent time with business owners knows that one of the most underappreciated, but necessary services for merchants is credit card processing. Credit card processing is a service that allows businesses to process credit card payments and ensure that their business can accept payments for their goods and services. Without a reliable credit card processing service and merchant services partner, it would be very difficult for any business to succeed or get the most out of their payment solution.

Though this is an undisputed fact, it doesn’t mean that it’s easy for merchants to find payment processors. In fact, the process can be quite complicated and difficult without the guidance of a professional to explain the benefits of a merchant services provider and what value you will be able to pass on to your customers through your payment processor solution. That’s where a credit card processing agent comes in.

A credit card processing agent is responsible for selling credit card processing services to businesses and finding them the right solution to fit their needs. Though every merchant needs a credit card processing partner, it can still be quite competitive out there if you want to succeed as a credit card processing agent. These helpful tips and pieces of information will help you to know everything that you need to know about selling credit card processing services and being successful in the merchant services industry.

Why choose to sell credit card processing?

If you are a motivated sales professional, you might be wondering why you should choose credit card processing services to sell out of all the possibilities that are available to you. If you want to enjoy all of the benefits of a high income in sales but also the potential for freedom and residual passive income, then merchant services and specifically credit card processing sales might be for you. Here are some of the benefits that you can expect when you start working in selling credit card processing.

Income Potential

The first and foremost benefit that draws so many agents to the world of selling credit card processing services is the high-income potential that comes along with a sales position in credit card processing. Not only are upfront commissions high in the credit card processing industry, but you can also earn a lasting income through residuals. This income becomes completely passive after the initial sale and can help you to build a very steady stream of income that lasts a lifetime. If you want to maximize your earnings potential in sales and in merchant services, then selling credit card processing is a great way to achieve that objective.

Flexibility

One of the best parts about working in sales with credit card processing is that you can have the flexibility that you have always wanted. When you work selling credit card processing, you will either operate under a franchise or independently. Either way, it's a great way to earn a living if you want to have a balance between home and work and move around your schedule as you see fit. The flexibility that a career selling credit card processing has to offer is unmatched and can mean that the business is highly desirable.

Help Businesses

If you have a passion for helping businesses succeed and find the solutions that they need to move their businesses forward and a particular talent for pairing businesses with the solutions that they are best suited for, then credit card processing sales might be a great fit for you. When you are selling credit card processing services, you will be immersed in conversations with business owners that have a wide range of needs. Speaking with them to find solutions that meet these needs will be a large part of your daily responsibilities. It can be quite rewarding to help a business owner overcome the challenges that they face and finally take charge of their business’ payment solution.

Steps to becoming a credit card processing agent

If you want to become a credit card processing agent, there are a few simple steps that you will need to take in order to do so. Here are the three basic steps that you will need to follow if you want to pursue a career in selling credit card processing.

Plan

The first step in the journey of anyone that hopes to become a credit card processing agent is to plan out how you will conduct business and what the foundation of your services will be. You must decide whether you are going to operate as a franchise under the umbrella of a large merchant services company or if you are going to operate independently. If you are going to be a franchised merchant services provider, then you will need to select a merchant services provider that meets your needs and puts you in the best position to succeed.

Apply

Once you have found your partner to provide merchant services, you will have to prepare an application that shows that you are well-suited to being an agent for selling credit card processing services. This step usually involves supplying the franchising company with all the relevant information that they will need such as tax information, identification, bank statements, and other information that they need to process your application and show them that you are dedicated to succeeding while selling credit card processing services.

Marketing

Now that you have been approved under the umbrella of a larger company that gives you the tools that you need to succeed, you can start marketing your business. Once you have done this, you are now a professional in the credit card processing industry! You can advertise your services, close deals with clients, and start to enjoy all of the benefits that come along with selling credit card processing services. To succeed in merchant services or credit card processing, you must follow these steps and take advantage of the resources that are made available.

Posted by: Scott Shaw AT 09:07 pm   |  Permalink   |  Email
Monday, May 18 2020
Selling Merchant Services: The Do's and Don't's

If you are in sales, you may have heard about what a lucrative and enjoyable industry selling merchant services can be. Merchant services are always going to be in demand because businesses will always need to accept payments. While the payment methods may change, the need for a professional and reliable company to facilitate those payments will never waver. In addition, merchant services packages are often lucrative deals that definitely can pay out in a big way.

 

However, just like any other industry, there are things that you should do and things that you shouldn’t do when it comes to merchant services. If you want to have success with merchant services or you are considering selling merchant services, then you should consult with this list of do’s and don’t’s to get a better feel for the merchant services industry and whether you would be a good fit as a merchant services salesman.

 

What are merchant services?

Before you dive into the possibility of selling merchant services, it’s a good idea that you know what merchant services are and why they are so integral to our economy on multiple levels. Merchant services are the services that are critical to merchants both large and small to allow them to process payments of all kinds. This can also include short-term lending, software solutions, and anything else that can help merchants be more efficient and functional.

 

As a merchant services salesman, you would be responsible for selling these services to your merchants.

What does a merchant services agent do?

An agent is a person that is responsible for working with businesses to find them the right fit when it comes to their POS software or payment processing solutions. An agent operates another organization such as an ISP or larger program that provides a commission for sales that a merchant services agent makes.

 

Commissions vary, but this is an industry with a lot of opportunities for bonuses and higher income. Given those circumstances, merchant services is one of the industries with the highest potential income when it comes to sales. If you’re looking to increase your earnings potential and work in a reputable industry, then merchant services could very well be the industry that you are looking for.

 

Top tips for selling merchant services

Whether you are new to merchant services or a seasoned professional, we could all use some help with selling merchant services from time to time. If you want to get the most out of your merchant services career, then follow these simple tips to get you started and increase your conversion rate when working with merchants.

Be cautious when offering lower rates

When you are selling merchant services, one of the tactics that you might want to use on a regular basis is offering lower rates to help close the deal with your merchant. While this might be effective a high percentage of the time, you’re going to want to be very careful when using this tactic. The reason is because in merchant services, there is not a lot of margin to play with. Costs are already pretty low for the services being rendered, and as an agent you are really only seeing a small portion of what is earned from that merchant. When you offer drastically reduced prices, it makes it harder to make the account that you opened up very profitable at all.

 

Opening up a merchant account is not as simple as signing a piece of paper. There is customer service, account management, equipment installation and maintenance, and other things that must be done to maintain the account. As such, even a small dip in rates could harm the bottom line quite drastically. You obviously have some wiggle room when negotiating rates with larger companies that you want to close the deal with, but for smaller businesses it’s often folly to lower rates by that much. If you open up many of these deals with smaller companies, all you might end up with is a portfolio of high-maintenance, low (or negative) margin merchant accounts.

Always follow up

In the merchant services industry, following up is one of the most important thing that you can do if you want to close more sales and be more successful as a merchant services agent. Business owners are often wary of switching payment systems, but if you provide merchants with a friendly face that they can turn to when they have questions or need help, they can open up to you and be more willing to take the leap of faith to your services.

 

The best way to build credibility and prove that you are trustworthy to a merchant is to reach out to them to see if they have any questions or concerns about your solutions. A simple question like this could lead to a flourishing partnership and more sales.

 

Carry the necessary equipment

When you are out in the field meeting with merchants, you must be sure that you have enough equipment. While being a merchant services agent doesn’t sound like a profession that would require a lot of tools or equipment, it is actually very important when you are in the field to carry basics such as tape measures, wrenches, screwdrivers, etc. This is because a full assessment of the current solution that your merchant is using will often require some tools so that you can access the hardware and layout of the solution. With this knowledge in hand, you can advise them on a solution that you offer that might be more suited to your needs.

Use your phone

If you want to be successful in sales, then one of the most important skills that you can learn is cold-calling. While not always the most fun activity to do, cold-calling is a very important part of the success process when selling merchant services. Cold-calling gives you an opportunity to speak to the clients that you’ll be selling services to. If you are comfortable cold-calling, then you will greatly increase your chances of establishing meaningful connections with your clients and building trust right off the bat.

 

Posted by: Scott Shaw AT 08:43 pm   |  Permalink   |  Email
Saturday, May 16 2020
Selling Merchant Accounts From Home: Earning a Stable Income by Helping Businesses

Have you ever gone out shopping in your community? Have you ever shopped online at the webstore of one of your favorite local businesses? If the answer is yes, then you’ve been on the other end of a credit card processing solution. You took your credit card or debit card, entered the checkout process, and completed your payment easily and quickly. Every business needs a reliable payments solution--it’s how they accept payments for the goods and services that they render. However, it sounds much simpler than it is. Finding a payments solution that meets the needs of their business can be challenging. You can help your local businesses solve this problem by starting a business of your own--selling merchant accounts from home.

 

What does being a merchant account salesperson mean?

If you’re going to sell merchants accounts, you first want to know what exactly that means and what it is going to involve. Merchant accounts are services rendered to merchants that are essential to the business to operate such as payment processing and facilitation. As a merchant account salesperson, you will be the person in charge of identifying businesses that aren’t quite getting as much as they would like to out of their existing processing solution or new businesses that are looking for a reliable partner to start with. You would be speaking with these businesses, presenting them with options, and signing them to merchant services contracts.

 

While the literal definition is one thing, what you will be doing as a merchant salesperson is expanded far beyond that. Yes, you would be selling merchant accounts to businesses, but the process of making that happen includes much more. As a merchant services sales professional, you will meet with businesses to have a long-form conversation whether in person or on the phone to determine what they need out of a payment processing provider and how you can meet those needs.

 

As a merchant services salesperson, you will be critical support staff to businesses all over that need reliable merchant services such as processing and POS systems. In many ways, you would be essential to one of the most important sectors in our economy--small businesses. If you are passionate about helping small businesses and coming up with creative solutions to solve the problems of business owners, then this could be a great career path for you.

 

Benefits of being a merchant account salesperson

There are many benefits to becoming a merchant account salesperson, and there are definitely reasons for why it is considered one of the most desirable positions to do from home. If you want to become an account salesperson, then you can expect to enjoy these benefits as a result.

Earn from home

Perhaps the greatest thing about being in merchant services sales is that  you can earn an income from home. Many people dream about earning a living from home, but very few are able to achieve it. There are scams out there that promise this flexibility, but our program is a very legitimate opportunity to earn a full-time living from home or earn some side money as a representative. When you are able to work from home and earn an income, many opportunities for life improvement open up. All in all, working from home as a merchant account salesperson makes for a very desirable living.

Have flexibility in your schedule

If you value flexibility in your schedule and having more free time to enjoy with friends and family, then being a merchant account salesperson might be the right option for you. Because you will be earning an income on a commission basis, there is no supervisor to tell you when to work or for how long. This means that while you should be providing basic support and communication to your merchants, you can take a vacation as needed or switch around your hours as you see fit. It’s the ideal situation for anyone that wants to have maximum flexibility in their life and achieve the ideal work-home balance.

High earnings potential

The main reason that so many people find merchant services sales to be such a desirable industry is because the earnings potential is high. The amount of money that you earn in merchant services sales is entirely dependent on how you perform as a salesperson, so the sky's the limit when it comes to your earnings. In addition to regular commissions that you earn from sales, there are also frequent opportunities for performance-based bonuses that you can use to increase your income.

Help your local businesses

One of the main benefits of working as a merchant services salesperson is that with the solutions that we have to offer, you’ll be able to help your local businesses. For anyone that is passionate about small and local businesses, this is a great career choice. When you work as a merchant services salesperson, you’ll be able to work closely with businesses in your area and around the country to find solutions to the problems that they face on an everyday basis. With the help and services that you are able to provide to your clients, you’ll help them function with more efficiency, increased profit, and better customer service. Enhancing your local economy and businesses is truly a passion worth exploring.

No sales experience required

While being a salesperson might be new and intimidating to you, you should know that becoming a merchant services salesperson requires no prior experience and can be done by anyone that has a passion for helping businesses find the solutions that they need. With our training modules and comprehensive suite of solutions, you’ll have everything you need to learn about this industry and thrive while on the job.

 

Are most merchant account salespeople successful?

If you are thinking of making the leap into merchant services sales, you might be wondering if most people enjoy success. While not everyone enjoys success in sales or is cut out for sales, those that work hard and are determined to help local businesses find the ideal payment solution for them have a higher chance of success than those that are just in it for the income. If you want to have success in merchant sales, you should be ready to make a strong effort and be persistent.

 

Posted by: Scott Shaw AT 06:40 am   |  Permalink   |  Email
 

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    © Shaw Merchant Group, LLC. Our goal is to gather accurate, updated information and assist you in your research. We recommended that you check with your service provider or financial institution directly and get independent financial advice before making any commitments or business decisions. 

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    All merchant related services and products are referred to North American Bancard for first right of refusal. All information generated on this site is shared with NAB. North American Bancard is a registered ISO of Wells Fargo Bank N.A., Walnut Creek CA, of BMO Harris N.A., Chicage, IL and The Bancorp, Philadelphia, PA.