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Table of Contents

Lead Story

Join the race to prepaid

News

Industry Update

PayPal aims for ubiquity with new partnerships

MasterCard's EMV push, introduction of mobile POS

Hactivists nab and leak 1.7 gigabytes of sensitive data

PCI SSC issues mobile help, calls for SIG topics

Features

Payments industry infographic

Research Rundown

ISOMetrics:
Prepaid in ascendance

Selling Prepaid

Prepaid in brief

Repeal of N.J. gift card law advances

CFPB takes first steps to regulate prepaid

Education

Street SmartsSM:
Do your best and move on - no matter what

Jeff Fortney
Clearent LLC

A sense of urgency

Steve Norell
US Merchant Services Inc.

The shifting ground of pricing

Adam Atlas
Attorney at Law

What is the most productive thing you've done today?

Tom Waters
Bank Associates Merchant Services

Marketing your business with YouTube

Peggy Bekavac Olson
Strategic Marketing

Company Profile

Veritrans Merchant Services LLC

New Products

A new 'Jack' in town

PaySaber Jack
USA ePay

Hand-held printer hits stateside

SPP-R300 mobile printer
Bixolon America Inc.

Inspiration

Each sale is a new tent to pitch

Departments

10 Years ago in The Green Sheet

Forum

Resource Guide

Datebook

Miscellaneous

2012 events Calendar

A Bigger Thing

The Green Sheet Online Edition

June 11, 2012  •  Issue 12:06:01

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Inspiration

Each sale is a new tent to pitch

Spectacular achievement is always preceded by spectacular preparation.
-Robert H. Schuller

As summer approaches, camping and outdoor activities are top of mind for many of us. Rummaging through dusty backpacks, tents, boats and fishing gear to assess their condition and determine what other items are needed can be a painstaking process, but it sets the tone for the experience that lies ahead.

The same holds true for pitching new accounts. When preparing to meet a prospect, it's important to collect as much information as possible about the individual and the company in order to make a good first impression and conduct a presentation tailored to the prospect's needs.

A well-rounded packing list for merchant level salespeople should include such essentials as demonstration products, target market sales literature, references from other merchants in the same industry, business cards and, of course, a contract to sign.

After assessing what sales items to pack, the next critical step is to anticipate what questions the merchant is likely to ask based on the type of business he or she is in. If it's a restaurant, the owner might be concerned about slow table turns, and you could point out exactly how a pay-at-the-table solution could enhance profits. A veterinarian might want to spur additional business, and a location-based loyalty and referral program could be the answer.

Having solutions at the ready has the added benefit of preventing dreaded awkward pauses, which could signal to the merchant something may be lacking in you or your company and thus hinder the sale.

Support structure

The final stage in preparation is akin to setting up the rest of your campsite after the tent is up. It involves refining your sales pitch and then practicing it before the meeting. Identify all requisite elements. Does the pitch have an enticing hook that will grab the prospect's attention? Plan to open with a memorable statistic or an anecdote that frames a specific challenge the prospect might be facing; then offer a remedy.

Focus on results, which can be supported by the strength of your business team and its suite of products and services. Outline the competitive advantages of working with your company and how doing so will help the merchant sustain long-term revenue growth through existing and new sales channels. Keep the sales pitch brief, ideally no more than a few minutes, to allow time for feedback.

Be sure to get plenty of rest beforehand. And during the presentation, build rapport by making frequent use of the names of those engaged in the meeting, using "you" instead of "I" references and mirroring prospects through body language, shared attitudes and interests.

Strike a match

Now you're ready to light the first coal. Answer all questions honestly. And finish the sales call by asking the merchant for the business. Be direct. It could be as simple as saying, "I would very much like to work with you," as you begin filling out the paperwork.

At this point, if the merchant isn't prepared to sign the contract, ask for a referral and part amicably, leaving the door open for future contact. Then hone your presentation for the next location. And keep in mind that a clever opening can spark interest, but a strong close will kindle the flame.

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 | USAePay | Impact Paysystems | Electronic Merchant Systems | Board Studios