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Table of Contents

Lead Story

From acquiring to facilitating: How payfacs are changing the acquiring market - Part 2

Dale Laszig and Patti Murphy

News

Industry Update

News Briefs

Views

A most unconventional convention

Dale S. Laszig
DSL Direct LLC

The true value of mentors

Mike Ackerman
DigiPay Solutions Inc.

Education

Street SmartsSM:
What gets you pumped?

Steven Feldshuh
Merchants' Choice Payment Solutions East

ISO risk from third-party providers

Adam Atlas
Attorney at Law

Company Profile

Payroc LLC

New Products

Tailored solutions for the payfac community

Payment Facilitator in a Box
Infinicept

Inspiration

Make your merchants' goals your own

Departments

Letter from the editors

Readers Speak

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

November 27, 2017  •  Issue 17:11:02

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Inspiration

Make your merchants' goals your own

In 2016, Dr. Gail Matthews, a psychology professor at Dominican University of California, conducted research on goals that reaffirmed conclusions found in prior studies over the years: individuals who write down their goals have more success attaining them than people who do not.

According to Matthews, people become 42 percent more likely to achieve their goals by writing them down on a regular basis. Yet in "Dreams fulfilled: Six easy steps," The Green Sheet, Dec. 22, 2008, issue 08:12:02, Jason Felts cited studies suggesting fewer than 4 percent of people in the United States set written goals. "The same studies show that many of that 4 percent are among the wealthiest people in the nation," he added.

Of course, it won't work to set goals, write them down and forget them; you must be consistently engaged in the process, revising goals and action steps to achieve your life's dreams. The Green Sheet has published numerous articles over the years on how to set and achieve goals. To find related articles, enter variations on "goal setting" via our Search function at www.greensheet.com.

For ISOs, merchant level salespeople (MLSs) and other pros in the payments biz, a step toward reaching lifelong dreams is to develop healthy merchant portfolios that will pay residuals for years to come. And for the industry's feet on the street, building a solid book of business entails in-person and telephone meetings with merchants. Lots of them – day in, day out. And that brings us back to the importance of writing down, not just your own goals, but your customers' goals, as well.

Jot it down, jot it down

In Good Selling!: The Basics, Paul H. Green advised ISOs and MLSs to not become so focused on their presentations that they don't retain what merchants tell them. "To get in the habit of really listening and remembering what the prospect says, take notes during your conversation," he wrote. "Jot down a few key points the merchant makes, and if the prospect mentions anything more than once, definitely write that down. What you have to say may be important to you, but that doesn't mean it's important to your prospect."

Indeed, you need to make your prospects' goals as important as your own. So listen well and take good notes, and later, draw conclusions about what matters most to each merchant ‒ then write those priorities down.

Green wrote his seminal books on selling in the payments business at a time when MLSs were certain to have notepad and pen in hand. Smart devices weren't ubiquitous at the time. If you don't carry a pen and paper, you can record your conversations on your smartphone if your prospect agrees, enter notes into your smartphone during the meeting, or, immediately after the meeting, use your favorite customer relationship management tool to document insights about what the merchant wants to achieve. Doing this will boost your business in just the same way writing down your goals will help you fulfill your dreams.

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 | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems