How to Read a Statement Analysis - How to Read a Merchant Statement



As you might already realize, selling merchant services, such as credit card processing, can be extremely lucrative. Below are the steps that you can take to get into this fascinating business, starting with finding your first leads:

Step 1: Find Your Prospects - First, you need to start thinking about where your prospects are. What sort of businesses do you want to sell to, and where can you find them? Your best bet is probably to find businesses that are currently in need of merchant services, since it's much easier to persuade a merchant if he isn't already signed up with a competitor. You can find out what new businesses have opened up in your area by joining your local chamber of commerce or professional business associations. Being able to interface with business owners in person will give you a huge leg up over the competition. You might also try looking in your local newspaper for local stores that have just opened up.

Step 2: Make a Sales Pitch - Sometimes your ISO will provide you with a sales pitch, but you might be better off making one of your own that you adapt to your situation or niche. In general, though, just put yourself in the shoes of your prospect? What do they really want? Your sales pitch should revolve around that. If you don't know enough about your potential customer yet, ask him. Have him tell you about his sales, what kind of industry that he's in, and whether most of his transactions are done online or at his physical storefront. This will give you an idea of how to serve his unique needs. Ask your prospect if he'd like to customize his solution using your products, and then help him put his ideal credit card processing setup together. In this business, you'll want to ditch any high-pressure sales tactics when selling merchant services. Since you will have a long-term relationship, the prospect needs to feel comfortable that he got exactly what he wanted.

Step 3: Sell It - Once you have figured out what your prospect needs and taken the time to come up with a good solution, schedule a time for another meeting. It shouldn't take more than twenty minutes or so to pitch your idea. You might want to put a power point presentation together, or something similarly visual to get your point across. Be very clear in the language you use, by the way. Make sure that it's nothing too obscure that will confuse the merchant. Also, don't be overly detailed—the merchant is only really going to care about how the solution will serve his ends. Just focus on telling him how it's going to save him time and money.

Step 4: Close the Deal - If your prospect is ready to move forward, then get started as soon as possible. Don't put it off; make sure to work while the merchant's “buying temperature” is hot. Fill out the application for the service right then and there if you can.

Step 5: Stay Involved - Since you will be making residual income from this person, make sure that you build a relationship with them over the long-term. Don't just sell to them and disappear. Your residuals depend on their staying with your service, so customer retention is important. In addition, many of your future prospects will come through word-of-mouth from your current prospects if you do your job right. It's extremely important to have a good reputation because people will certainly hear about you through the grapevine, and you're going to want them to hear good things—your business depends on it.

Step 6: Keep Funneling Sales Through Your Pipeline - In this industry, things run a little slower than usual, since you're dealing with the complexities of another business. It is the nature of B2B sales, so you might be working to close a deal for weeks. This is why it's important to multi-task, and to always be working on more than one account at a time. Meet with as many merchants as is reasonable, and make sure to do your best revive any leads that seem to have cooled off and disappeared. Always be in the process of signing up new merchants, and don't let yourself idle for too long. This is the best way to build up a large volume of residuals over time.