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Table of Contents

Lead Story

PCI SSC raises bar on data security

Ann Train

News

Industry Update

News Briefs

Views

Lead and follow desire lines

Dale S. Laszig
DSL Direct LLC

Change means opportunity for those willing to learn

Brandes Elitch
CrossCheck Inc.

Cracking the merchant retention nut

Patti Murphy

Education

Street SmartsSM:
Merger mania, oh how it can hurt

Steven Feldshuh
Merchants' Choice Payment Solutions East

Five reasons why buyers will spurn your ISO

Adam T. Hark
Preston Todd Advisors

Selling solutions – the new merchant services paradigm

Dinesh Saparamadu
Apptizer Inc.

Company Profile

USAePay

New Products

Advanced CRM, marketing automation for SMBs

Womply Engage
Womply

Cash discounts for merchants in-app, in-store, online

PayLo technology suite
SignaPay Ltd.

Inspiration

Four decisions that lead to a close

Features

ISOMetrics:
Checkout experience a top merchant priority

Departments

Letter from the editors

Readers Speak

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

March 26, 2018  •  Issue 18:03:02

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Inspiration

Four decisions that lead to a close

When giving a presentation, merchant level salespeople (MLSs) want their time and effort to lead to gaining the prospect's business. The likelihood of achieving that result is vastly improved with proper planning before a rep even walks through a merchant's door. Part of that is determining what decisions a merchant must make and weaving those into the presentation in a logical way.

"Prior to converting a prospect to a customer, four decisions must be made in your favor, culminating in the decision to buy," Paul H. Green wrote in Good Selling!SM: The Basics. "If you build your presentation to lead the prospect through this decision making process, you will close more sales and make more money."

According to Green, those four decisions are:

  1. I need this service.
  2. I'll do business with you.
  3. The price is right.
  4. The time is now.

Now I'll explain the rationale for each.

Need

The first step in any sales process is to enable the prospect to perceive a need for your product. "In the financial services marketplace, you can often accomplish this by showing merchants how your product will increase their sales," Green wrote.

The industry is undergoing tremendous change, but merchants' need to boost their bottom lines remains the same. The increasing range of offerings now in the MLS toolbox enhance the likelihood that agents can showcase products and services that will convince merchants they need what they have to offer.

You

"With many sales professionals vying for your sale, how do you set yourself apart from the crowd?" Green wrote. The secret is to find a way to set yourself apart, and this will vary from merchant to merchant. Set yourself apart by "offering more, better, faster," Green added. Among his suggestions were to offer a faster approval process, 24-hour customer service, or enhance your language skills by brushing up on your high school Spanish or learning to speak techno-ese.

Right

Seasoned payment pros do not recommend making price the centerpiece of your sales efforts, but at some point, the prospect must agree the price is right. Green affirmed that in a commodity marketplace, this can be the biggest challenge. If the merchant has already decided yes on the first two steps, however, this will smooth the way for a positive determination on price. "Unbundling your products and services can enable you to do this and at the same time make you more money," Green suggested. "As an independent sales professional, you can fill your black bag with the best programs available."

Now

Assuming the merchant has already decided your offerings will help boost his or her business, it's simple to show merchants that time equals money. "Signing now will lead to more sales now," he wrote. And the sooner you can get the merchant's new system set up, the better.

Are you effectively leading prospects through these four decisions? If not, find the weak spots and remedy them. You'll be on your way to hearing more merchants say, "I need you right now."

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