By Aaron Nasseh
The merchant services industry has been very lucrative for quite some time, and just like any other rewarding industry, it has become highly competitive. ISO owners rely on merchant level salespeople (MLSs) to do the heavy lifting of soliciting merchants and generating new business. In turn, ISOs offer their sales agents aggressive compensation plans for their efforts.
However, the lucrative opportunities our industry provides have also attracted numerous people who, unfortunately, do not have the proper training and selling skills to become successful. On a The Green Sheet's online MLS Forum, TheCreditCardMan asked, "How do you identify which recruits have the best chance for success?" This article provides advice on how to do just that.
In my professional sales management career, I have had the opportunity to recruit well over 10,000 independent sales agents, also known as MLSs. This includes experienced agents as well as agents new to the industry. During this period, I have learned quite a bit about recruiting and identifying agents that are most likely to thrive in our industry, and how to differentiate them from those who really can't go beyond signing their aunt and uncle's local business.
Of course, finding sales talent is not a perfect science, but here are five suggestions to keep in mind when recruiting sales agents.
Your goal should be to find out if an individual is hungry enough for success, as well as whether the person is coachable and willing to do the necessary work. You want people with realistic goals. Find out if the person you're interviewing can self-regulate, or whether he or she is jumping from one gig to another every few months – every time another opportunity sounds a little bit better. People who are constantly switching jobs or employers are generally not the candidates you are looking for, because success takes time, and you are looking for someone who can stay the course.
In all of my years in this industry, I have yet to meet a "merchant consultant" who was also a strong salesperson. So, if you see "merchant consultant" on a resume, skip that resume. And during an interview, if someone tells you, "I consider myself more of a consultant than a salesperson," thank the person for taking time to come in for an interview and show the person the way out.
I have learned that when you are hiring MLSs, you typically find three groups of candidates. The first group comprises those very motivated people who are looking for an opportunity to change their lives, and they will fight through obstacles to do the work. The second group consists of those who are looking for an excuse not to do the work. This is the group that usually says the industry is "too competitive."
The third group is composed of the pretenders who only take on new positions to make themselves feel like they're doing something, but in reality, they never will do much of anything. Instead, they will drain your time and energy. And, you guessed it, the merchant consultants fall into the third category.
So, to set your company up for sales success, review your hiring strategies, employ the best sales professionals the industry has to offer, and provide them with training and the tools they need to prosper. Leave the merchant consultants for your competition.
Aaron Nasseh is the founder and Chief Executive Officer at Finical Inc. His extensive sales and management experience includes having previously served as the General Manager of CardPayment Solutions and Vice President of Sales at iPayment Inc. He may be reached at firstname.lastname@example.org or at 818-330-4055.
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