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Table of Contents

Lead Story

The convergence of traditional and alternative payments

News

Industry Update

Effect of proposed debit regs on ISOs

Fed's proposed interchange cap dings AmEx

Merchant sues U.S. Bank for alleged data breach cover-up

EMS gives back during holidays

Features

Research Rundown

Selling Prepaid

Prepaid in brief

PPS' CEO sees changing landscape ahead

How Fed draft rules might affect prepaid

Views

Payment prognostications for 2011

Brandes Elitch
CrossCheck Inc.

Who owns the merchants?

Sarah Weston
Jaffe, Raitt, Heuer & Weiss PC

Education

Street SmartsSM:
Will leasing make a comeback? - Part 1

Ken Musante
Eureka Payments LLC

Risk management and PCI

Tim Cranny
Panoptic Security Inc.

Evaluating the value (and cost) of training

Jeff Fortney
Clearent LLC

Marketing resolutions for the New Year

Peggy Bekavac Olson
Strategic Marketing

Company Profile

ISTS Worldwide Inc.

New Products

Robust gateway for e-commerce

CCS ePay
Charge Card Systems Inc.

Inspiration

Bring in the year with steely resolve

Departments

10 Years ago in
The Green Sheet

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

January 10, 2011  •  Issue 11:01:01

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Evaluating the value (and cost) of training

By Jeff Fortney

The most difficult thing to do as a salesperson is to set time aside to gain knowledge. Time costs money, and time taken away from selling is very expensive. Yet the complexity of the payments world creates a Catch-22: there is much to learn, but the cost of your time spent learning can seem too great.

The question then is how does a successful merchant level salesperson (MLS) balance the need to sell and the need to learn? To become a successful MLS, you must understand what you need to learn and the true value of the training.

Knowledge is not always king. Indeed, some knowledge can be truly dangerous, as in cases where information is adapted to address a specific question or need for which it was not intended. As a result, the adapted information often worsens the situation, rather than resolving it. It's like trying to put a round peg into a square hole.

Before scheduling any training, ask these questions:

Now, even if you have just answered all the primary questions in a positive way, you must justify the expense of the training and the cost of your time spent.

Time is often difficult to measure in terms of value, especially in the sales world. You can measure your time by the number of calls you could make during that time frame or by the number of sales generated by those calls. Even this approach can be difficult because every minute truly has a different value.

The simplest way to justify the time is to schedule your training during times when you cannot makes sales to your customer base. For example, if you target restaurants, you would want to schedule your training during their lunch rush, a time when they are typically least receptive to sales calls. If your portfolio includes retail stores, you would want to schedule your training before 10:30 a.m.

You could have used the recent holiday season - a very busy time for most retailers - to best advantage by scheduling a relevant and valuable training session that would benefit you in 2011. But again, when considering any training, make sure it's knowledge you actually need and will use frequently.

Jeff Fortney is Director of Business Development with Clearent LLC. He has more than 12 years' experience in the payments industry. Contact him at jeff@clearent.com or 972-618-7340.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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