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Table of Contents

Lead Story

The economy in recovery

News

Industry Update

Senators, coalition say whoa! to Durbin Amendment

House hears how Dodd-Frank may affect small businesses

Square gaining momentum despite security concerns

Is 2011 a transitional year for financial services?

Features

New card fee rules could swell ranks of America's unbanked

Patti Murphy
Inside Microfinance

ISOMetrics:
Gen Y purchasing preference

Selling Prepaid

Prepaid in brief

Expo features pivotal moments in prepaid

'Sea change' in banking to benefit prepaid

Views

VeriFone, Square and the market

Patti Murphy
The Takoma Grop

Sell electronic payments to sectors that shy away from them

Tim Brinkman
ChargeSmart

Education

Street SmartsSM:
Finding opportunity in an altered business environment

Ken Musante
Eureka Payments LLC

Are you missing the mobile payment train?

Nicholas Cucci
Network Merchants Inc.

IRS filing fees: Revenue and contractual shakeup

Adam Atlas
Attorney at Law

Value: Not always in the cards

Dale S. Laszig
Castles Technology Co. Ltd.

Company Profile

insideVirtual LLC

New Products

The check's not in the mail

Intrix Electronic Bill/Invoice Presentment & Payment
Intrix Technology Inc.

Inspiration

Change minds, change behaviors

Departments

10 Years ago in
The Green Sheet

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

March 28, 2011  •  Issue 11:03:02

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Inspiration

Change minds, change behaviors

We know what we are, but know not what we may be.
- Shakespeare

Human beings are naturally resistant to change. But, as ISOs and merchant level salespeople (MLSs), it is your job to motivate merchants to change: change their thinking, change their habits.

How can you make change less intimidating for your merchant prospects? How can you encourage them to leave the safe familiarity of their old ways of doing things and sign with your service or use your equipment?

First, demystify

For many people, resistance to change stems from a fear of the unknown. When thinking about updating their transaction processing capabilities, merchants might wonder:

Many merchants have questions like these on their minds. It is your job to answer them - even if your prospects never verbalize them. Be thorough; use specifics; cite details; ask questions. Make sure nothing goes unanswered.

Second, clarify

Remember, because your service or equipment is new to your prospects, its virtues can be hard for them to grasp initially - no matter how detailed your presentation is. And the more full-featured the product, the more intimidating the thought of being left alone with it is.

Your product or service can open merchants' eyes and build their hopes for improved business, but to build the type of confidence that motivates people to change, you must make it absolutely clear what your product or service is or does. For example, clarify the following for a new terminal:

And don't forget to have your prospect do some clarifying, too. Ask at different points in the sales process exactly what the merchant needs and wants. More things are likely to come to light when you ask a second or third time. You can't meet a customer's needs if you aren't certain what they are.

Third, compare

Once you've taken the unknowns out of the buying decision, compare your prospect's current situation to the improved environment that would result if he or she signed with you. When given the complete picture, your prospect will see that your offerings are superior - and that will motivate your potential customer to make changes that will enhance your bottom line.

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

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services