Opportunities to learn and grow in payments
Often, when new sales recruits enter the payments industry, they aren't fully aware of the complexities involved in selling payment acceptance products to merchants. These individuals realize quickly there is much to learn about interchange rates, analyzing statements, compliance, and even overcoming objections.
With the right training, salespeople will gain enough knowledge to handle payment deals in a consultative manner. Eventually, they may even be ready to seek business from merchants with specialized payment needs involving security, online or overseas selling, and software integrations.
"In the payments industry, it's common for salespeople to follow an ongoing training plan," said Amanda Beam, Director, Partner Relations at Humboldt Merchant Services. "We are constantly running our sales partners through new trainings to ensure they are up to speed with new regulations, the latest practices, and any new solutions we are launching."
Step up your game (and your income)
According to Beam, training is fundamental to achieve sales success in the payments industry. More importantly, as a sales person begins to diversify and expand their portfolio, additional training provides the insights needed for branching into more lucrative sales arenas.
For example, HBMS focuses on boarding specialty merchant categories that need a higher level of attention for successful approval, boarding, and support. Industry trends show many sales professionals in payments tend to pass up opportunities to sell to specialty merchant categories, often due to a lack of knowledge about these accounts and the boarding requirements.
Beam encourages all payments sales professionals to explore a selling relationship with a specialty payment processor. She feels it's, "worth learning the extra details," and her team works closely with the HBMS recruiting team to help new sales partners learn how to board specialty accounts.
"When new partners come through, they are intimidated by perceived risk, so we walk them through the application and boarding process to help them understand and feel more comfortable about bringing new business forward," Beam stated.
According to Beam, while some accounts may appear to have a greater level of liability, there's a good chance it isn't the kind of risk that turns into a loss. For example, a merchant might be deemed specialty for reputation or longevity reasons, which may not pose a significant processing liability.
Beam also indicated many specialty merchant categories are still acceptable merchant types that just require special handling. "Each account falls into its own level of risk and all applications are reviewed on a case-by-case basis at HBMS to assure we're supporting everything we possibly can," she said.
Specialty account jump start
The HBMS comprehensive training program begins immediately after a sales partner is approved to sell for the company. Each representative receives a welcome kit, including the applications and addendums used for submitting new accounts. Beam also reaches out to recruits personally to extend a "Welcome to HBMS" greeting and schedule the first training.
"We like to keep a boutique feel and give our new recruits a personal touch," said Beam. "We do one-on-one training with all sales partners, and will even personalize the training around their office to give them the most value."
Beam lets the sales partner lead with what they need. "Many of our sales partners already know what they want or need clarification on, so we gauge each call and personalize the answers," she explained.
Trainings include everything from packaging the application properly, to the submission process, to what the turn-around expectations should be. In addition, the sales partner is taught to pair the right gateway with the account. Training on residuals, reporting, and navigating the HBMS Partner Portal is also provided.
"We're able to view our sales partner's portal screen at the same time they do and that makes our one-on-one training incredibly valuable," Beam continued. "With group trainings, you have to use fake information, but I can drill in and show sales recruits how to view the bank account and other profile information."
The portal includes application submission and status details, as well as the merchant's profile, approved volume, assigned gateway, and individual processing activity. The sales partner can also see residual activity and download training materials. An online application will also soon be available through the portal.
Beam also works with members from independent sales organizations as they submit their first few applications, to ensure they're comfortable with the process. "I want them to know I'm working for them as an inside advocate," she said. "Everybody wants the applications approved as quickly as possible, so it's a valuable step to ensure there are no hiccups."
For more information on becoming a HBMS sales partner and to learn more about the Humboldt thought-leading business model, please visit www.hbms.com or contact the team directly at 877-387-5642.