How to Sell Credit Card Processing Services to Merchants

Since many consumers now choose to carry plastic as opposed to cash, credit card processing services have become a standard requirement for new businesses. Still, some businesses have avoided establishing a merchant services account due to lack of information. As a seller of credit card processing services it is your job to inform the business representatives of the value of accepting credit cards. Once the contact learns about the opportunity for increased sales and the ease of use that is involved with accepting credit cards, you will have a better chance of closing a sale.

Difficulty: Moderately Challenging

Instructions

1. Provide the merchant with brochures and sales sheets that describe the service.

2. Ask the merchant how she receives sales---online, phone orders, or in face-to-face meetings. This will determine the equipment required.

3. Educate the merchant on how the credit card acceptance process works, including information on the application process, what happens when a card is swiped or entered online, what is a merchant account number, and how the merchant will receive cash from the sale.

4. Explain all fees that will be associated with the service including transaction-based fees, chargeback fees, and any monthly statement and gateway fees. Give information on all possible costs so that the customer will know what to expect.

5. Ask the merchant about the estimated volume of sales that she receives on a monthly basis, as this may have an effect on the fees that will be charged.

6. Quote statistics to sell the merchant on your credit card processing solution. Talk about the sales that the merchant could be losing simply because of the fact that the merchant does not offer credit cards as a payment option. Ask the merchant how many times he has lost a sale because the customer found out that credit cards were not accepted. (This can be a rhetorical question---the point is to make the merchant think about the possible missed opportunity.)

7. Ask the merchant to fill out your application for credit card processing services. Explain how long it takes for an approval to come through. Find out what terminal the customer wants to purchase if the customer will need to swipe credit cards.
   Send the new customer his merchant account number, pass codes, and other account details via email or regular mail; send the terminal by mail.

8. Assist the customer with how to set up the terminal (if applicable), log on to the system, and integrate the merchant account number with the customer's website if the account was set up as a gateway for online payments.

Tips & Warnings

• Offer the merchant a trial period of 30 to 60 days to test out the credit card processing service if possible.

References

• Credit Card Terminology

Resources

• Credit Card Processing Diagram
• Learn Advanced Sales Techniques

[merchantaccount]

on 7/5/2009 Woah! That is definitely not how to sell credit card processing. With all due respect, 10 seconds into your sales pitch, you're going to be politely asked to exit the front door going at it using those instructions. Perhaps these sales instructions are recycled sales training material from the 1950's. However, this type of selling strategy is totally off base. "Quote statistics." C'mon! Is that how you pick up women at bars? Or is that how you talk to your buddies in the poolroom? I almost fell asleep reading this, if it were not for how upset my stomach was getting me. If you want to learn how to sell credit card processing, call up and work under a credit card processing expert for 6 months to learn the ropes. And if that Agent gives you the same type of instructions as on this page above, look up credit card machines on the web and pick someone who looks like they know what they...