By selling merchant services to your business customers, you can help them to expand their options for receiving payments. Merchant services can provide businesses with the solutions they need to accept debit cards, credit cards, gift cards, electronic checks and a number of other payment options.
Things You'll Need
- Business cards
Know the details of how your credit card services will benefit your potential customers. Also, educate yourself on the subject of merchandising and determine who your most likely clients are. Small retail stores, e-commerce businesses, restaurants and hotels are all potential clients for merchant services.
Educate the merchant on credit card processing features and cost. Most merchants accept Visa bank cards and Master Card bank cards, which can often be used as credit cards or debit cards if the merchant has a PIN pad for keying in customer PIN codes. However, when these cards are used as credit cards the merchant is paying the credit card companies substantial processing fees for accepting them as credit cards. To avoid paying for these credit card charges, you can sell the merchant services that will allow him to accept debit cards, which generally have a flat processing fee that is less than credit card charge fees. The merchant should take into consideration that debit card fees can vary, depending on which debit network he chooses.
Contact local banks that are offering merchant services. Banks are usually looking for new merchants in the area. Develop a relationship with them, to be recognized as a reputable company among them. This helps you stand out in a competitive business environment with a number of merchant services sellers associated with banks.
Distinguish your services by offering merchants a gift card program, which will eventually replace their paper gift certificates. Use attractive gift cards with electronic values assigned to them.
Look for merchants who do not accept checks. These merchants are usually good candidates for merchant services. Explain to them your check processing services and how they are risk-free. Leave a brochure with them about your check processing services and any other payment service options that you are offering.
Offer a trial period to the merchant initially, and discuss with him the options and benefits of committing to a one or two year contract at the end of the trial period. In addition to the free trial, you can also include the processing equipment in the package, like PIN pads, wireless terminals, credit card processing terminals, check readers and other required software. Depending on her budget the merchant may want to purchase or lease the equipment directly from the credit card processing companies.