Helpful Tips for Selling Merchant Services

Merchant services are one of the most important and fundamental products offered to businesses: you need them in order to do business, and they will always be around. That doesn't mean that selling merchant services can't be tough; it's a highly competitive industry with many offering very similar products.
There are some ways, though, that any company selling merchant services can stand out from the crowd and get ahead.
Sell a Full Suite of Services
A lot of companies approach selling merchant services as though it were very similar to selling a product – someone needs a credit card machine, so you sell them one. This is not only short-sighted but also increases your risks for not making sales; this is especially true when it comes to selling e-commerce merchant services. While some companies may tell you that they can get you up and running in just a few minutes, chances are good that the system they're using will only allow the basics. If your customer needs more than just credit card processing, these systems often can't handle it.
If you want to make sales in merchant services, it's important to approach it from a full-suite perspective. This means not only offering e-commerce and regular credit card processing but also a variety of other options, such as gift cards, loyalty programs, ACH payments and more. While you always have the option of turning customers away, it's better to try and see if you can help them, even if it means giving up some margin.
Staff Well
When you sell merchant services, your staff needs to know their stuff – not just about what you offer but how each piece works both independently and together. For example, if someone comes in looking for credit card processing, they need to know that it's not just about swiping a card but setting up an account, getting the equipment in place and signing the customer up. If they sell gift cards but don't know how they work, your company is likely to lose sales.
Don't make the mistake of thinking that anyone can sell these products; while some product knowledge is important, the industry also demands that your staff really knows how everything works both together and separately. You can best prepare them by having extensive training sessions with your team, at least twice a year.
Use Different Channels
One way to stand out in merchant services is to not use just one channel for selling them; this includes all the regular channels such as word-of-mouth, referrals and direct marketing campaigns, but also using webinars and social media. Each channel should be focused on a specific niche so that you can target your efforts and ensure your staff is spending its time wisely.
When it comes to e-commerce merchant services, for instance, many companies do best on social media, while cold calling and direct mail can be better for selling mobile credit card processing. As you start to expand your merchant services business outside of the US, look into what works best for each channel in different countries; this will help make sure that you're getting the most out of each effort.
Know When to Say No
The most successful companies in merchant services know when to walk away from a sale; it's important not to get obligated into something you can't provide, especially when it comes to e-commerce. If someone orders your product and then changes their mind later on, don't force them to take it; simply refund their money and move on.
On the other hand, if someone wants a service that you don't offer or they're asking for something outside of the terms of your service agreement, it's okay to say no as long as you have a legitimate reason. Simply saying no just because doesn't help you gain traction with the customer and can leave them wondering why you wouldn't want their business.