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Table of Contents

Lead Story

Reevaluating the ETA CPP

News

Industry Update

NRF appeals to higher power

Amazon launches Amazon Local Register

New York proposes bitcoin licensing

Features

Inc. 500/5000 payments industry fast trackers

How contextualization will shape m-commerce

Jared Isaacman, Founder and Chief Executive Officer

Views

Cash is not dead

Patti Murphy
ProScribes Inc.

Managing for the long term

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
Who has what it takes to be an MLS?

Tom Waters and Ben Abel
Bank Associates Merchant Services

Managing from a distance

Vicki M. Daughdrill
Small Business Resources LLC

Race to the top

Jeff Fortney
Clearent LLC

Company Profile

PayPro Tec

New Products

Lucky proposition for ISOs

PayLucky Solutions
First Data Corp.

Smart merchant technology

CardConnect Merchant Center
CardConnect

Inspiration

Negotiate from a place of power

Departments

Readers Speak

Boost Your Biz

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

September 08, 2014  •  Issue 14:09:01

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Inspiration

Negotiate from a place of power

As an ISO or merchant level salesperson, you spend a significant amount of time negotiating. And in the day-to-day hustle of following up on leads, doing presentations, closing deals and boarding merchants, it's easy to skimp on preparation time. When you're eager to dive right into high-energy, adrenaline-charged, face-to-face deal making, cutting corners on prep time can seem relatively harmless.

However, the better prepared you are when you come to the table, the smoother the negotiations will go and the more deals you will close in your favor.

Be a sleuth

Preparation involves doing research and analysis on the other negotiating party, as well as readying yourself mentally to be on top of your game.

When researching the other party involved in a negotiation, think like a detective. In addition to learning as much as possible about the nature of the business, as well as identifying current issues in the company's vertical market and the challenges associated with the local market, delve deeper into your prospects psyche. Figure out what the party's strengths and weaknesses are, what specific pain points are truly motivating him or her, and how you can address them.

Also determine what you want and what the other party wants, realizing needs are often different than demands.

Take it easy

Right before the negotiations, pause, take some deep breaths and remind yourself to be patient. If you hurry the process, you'll be more likely to make mistakes. There's also a strong possibility you'll create the impression that you're desperate to make a deal. The more relaxed you are, the more you'll create the opposite impression, which will work to your advantage. Remember to ask open-ended questions and listen well to the answers. This will further your research, as well as reinforce the relaxed pacing needed to negotiate for a win-win outcome.

Be willing to walk away

Don't convince yourself that striking a deal today is the only acceptable conclusion. If you depend too much on reaching a positive outcome, you'll leave yourself with limited options, and you might make concessions that could harm your business. Remember that you can always say no. This will enable you to negotiate from a position of strength.

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