Credit card processing services can ultimately determine the success of any business. Enlisting unique credit card processing solutions can allow merchants of any industry to establish trusting relationships with their clients, as well as help to increase revenue and profits. Mastering the practice of selling credit card processing services can bring about opportunities at the basis of a growing and lucrative opportunity. Interested in navigating the field of selling credit card processing services? Read on for a comprehensive guide to effectively sell these services, and learn about prospecting, pitching, and of course, closing those deals!
What is Credit Card Processing?
In order to sell credit card processing services, it’s essential to have the knowledge and understanding of what credit card processing is. This expertise helps establish immediate trust with potential clients. Credit card processing consists of different solutions. There are a few core components that make up credit card processing, which include:
Merchant Accounts
A merchant account is vital for businesses to accept debit and credit card payments. Merchant accounts allow businesses to receive the money from transactions immediately. The difficulty in opening a merchant account can vary depending on the industry the business is in. Opening a merchant account is the starting point for credit card processing solutions.
Payment Gateways
A payment gateway is another essential factor in credit card processing. Payment gateways are the bridge between a merchant and the financial institution in a transaction. This is the technology that authorizes and processes transactions, ensuring sensitive payment information is securely transmissioned. Being familiar with payment gateway providers is key in order to successfully sell credit card processing services.
Point of Sale (POS) Systems
Point of sale (POS) systems are what allow businesses to handle physical transactions within a location, helping to ring up sales, calculate totals, and process receipts. There are a variety of POS systems with unique features, so it is crucial to know about these systems and the benefits they can offer businesses. Offering different point of sale solutions can provide clients with uniquely tailored solutions to fit their business. As an example, USA Payments offers a range of stand-alone terminals and tablet POS options.
Virtual Terminals
Virtual terminals enable merchants to process transactions without the need of physical card readers or terminals. These terminals are typically accessed through a web browser, making it easier for online sales to be completed securely. Virtual terminals can also be used for phone or through mail orders, and uses encryption to protect sensitive payment information. Virtual terminals can offer other features as well, such as automatic settlements, accounting software integration, and more.
How Can Credit Card Processing Benefit Businesses?
The key point when it comes to enticing potential clients with credit card processing services is highlighting the benefits these solutions have for businesses. As technology continues to develop and change, many businesses have to make the right changes as well. Integrating new payment solutions can be vital in order for merchants to continue to thrive in their specific industry. Some of the benefits that come with credit card processing services for businesses include:
- Boost sales and revenue for businesses by allowing the business to reach a wider audience base (especially clients who prefer cashless payments in today’s market)
- Improves cash flow due to the quick settlement of credit card transactions
- Enhances customer experience by offering flexible and secure payment options for customers and also makes the shopping experience easier and more convenient
How Does Prospecting Work?
To master the art of selling credit card processing services, finding potential clients is key. This is where prospecting starts, which means identifying and contacting potential clients in order to gauge interest in the credit card processing services being offered. There are a few ways to do this:
- Cold calling
- Managing a website that is easy to navigate for potential clients to learn more about credit card processing services
- Using customer recommendations/testimonials
- Establishing a great sales pitch for all possible client communications
Why is Pitching So Important?
Pitching is essential to selling credit card processing services because this can outline the benefits of these solutions, as well as further emphasize your knowledge of the industry. Establishing yourself as a trusted advisor is very important, as it can further develop trust with possible clients and also help manage long-standing customer relationships that can lead to referrals. Crafting an effective sales pitch can make it much easier to provide information on the credit card processing solutions, which can lead to more sales! A great sales pitch should:
- Identify common issues businesses face with credit card processing and address these pain points (i.e. high transaction fees)
- Present the solutions to these pain points with your credit card processing services (perhaps there are lower fees, enhanced security, and other features)
- Emphasize the benefits of your credit card processing services, especially when it comes to transaction processing and the overall customer experience
- Use customer testimonials that will further showcase how your credit card processing services were able to help businesses
As you start to sell credit card processing services, it is also important to adjust your pitch to different businesses. There is no one-size-fits-all approach when it comes to these credit card processing solutions, so you should be mindful of tailoring your pitch to each business and ensure you are offering customized solutions fit for their business and industry. As it was previously mentioned, knowledge is key. You should be prepared to provide your expertise on all matters of credit card processing solutions, and what they can offer a variety of businesses from all different industries.
What are the Best Strategies To Sell Credit Card Processing Services?
Selling credit card processing services can be a journey filled with valuable learning experiences. In terms of some of the best strategies to sell these services, there are a few things that should be done in order to build confidence in potential clients. Industry knowledge is crucial, as well as other contributing factors. This includes:
Personalized Solutions
A business that operates physical locations may want different credit card processing solutions compared to a merchant that operates solely online. Being able to offer tailored and unique solutions for all types of businesses is key. Offering flexible payment options, virtual terminals, and other credit card processing features can draw the interest of different businesses. Personalized solutions also show knowledge and commitment to supporting a business!
Using Technology
In this day and age, technology is essential for a number of business practices. When talking to prospective merchants for credit card processing services, technology can be a great tool. Using softwares to track customer interactions, showcase a few processing features, and even providing recorded data of the benefits of these services can be an excellent way to show interested clients how credit card processing services can help them.
Providing Ongoing Support
Providing ongoing customer support through the sales process and beyond is extremely important. Customers should feel valued and important through every part of the sale and after the deal has been closed. Ongoing support can mean providing technical assistance, training, and responsive customer service that is easy to reach. Staying informed about new possible changes and updates to a customer’s technology can also be key, as this can help tailor more personalized solutions for their business!
Being Able to Confidently Address Customer Concerns
There are a few common customer concerns that come with credit card processing solutions. Factors such as costs and fees, data security, and overall resistance to new technology can lead to worry and concern from possible clients. However, knowing how to address these concerns can ultimately lead to trust and reassurance. This can look like transparency discussing fees, addressing security concerns and providing customer support, as well as highlighting the smooth integration of new technology while discussing the benefits! Putting customers at ease with knowledge and transparency can make a world of difference.
Get Started with USA Payments!
Selling credit card processing solutions can lead to innovation and benefits for a number of different businesses. Mastering the art of selling credit card processing services can seem intimidating, but following the tips mentioned above can help establish trust, reassurance, and confidence in possible clients, leading to long-standing relationships and happy customers. At USA Payments, we work with merchants in various industries to seamlessly integrate the payment solutions they need in order to accept various payment options and push their businesses into new levels of success! Contact us now to learn more!