The merchant services industry lacks structure and it can be a little tough to identify the right action steps to get from 0 to 30 accounts or from 30 to 100 accounts. In today’s episode I discuss the 3 steps you must take to achieve this goal. The three steps are:
Step #1 – Get Organized. You should make a personal commitment that you will take no longer than 5 business days to get organized. This process includes the following 3 things.
First, you need to familiarize yourself with your processor. Understand their process for submitting an application and make sure you have a basic understanding of the value proposition they offer.
Second, you need to complete a comprehensive training program like the video course we make available for free during your trial at instantquotetool.com Don’t try to watch every video I have ever done or spend week’s browsing the internet, just go through a set number of courses and then use that knowledge out in the field.
Third, you need some business cards. Don’t worry about marketing materials yet, you really don’t need them unless you plan to lose most of your sales. If you are a closer, you will not need marketing materials. I do highly recommend taking a shiny new terminal out in the field to show your prospects if possible in order to break the ice.
Step #2 – Get Started. Now that you are organized, it is time to start prospecting. You should start by choosing which prospecting method you are best at (not which one you like the best) and stick with it until you have 30 deals. Don’t try to close deals over the phone, instead you need to either call to set up an appointment or walk in cold off the street. Try both of these out but make a firm decision within 3 or 4 days and stick with it for 6 to 8 hours per day, 5 days per week until you have 30 accounts and then re-evaluate.
Step #3 – Get Referrals and Grow your Profit Per Customer. Now that you have 30 customers you need to do a few things:
First, you need to keep selling and cold calling. This is vital to your long term success and you should still be spending 2 hours every single day cold calling.
Second, you should be visiting your existing clients and asking them if they know the name of any other local business owners. Word it just like this, “Hey Susan, I’m glad to hear that the processing is working out for you, since I am in the area today, do you happen to know the name of any other local business owners?” This will often get you 3 to 4 referrals. If you ask for a referral you might get one. In sales, the words you use matter.
Third, find low maintenance recurring income services that you can upsell to your current clients.
What you want to do is be able to walk into your existing client and offer them something they need that has no up-front investment or barrier to entry and very little, if any work for you to do after the sale. You want to add to your monthly profit. At a minimum you should strive to double your profit per customer during the first 12 months after you reach 30 accounts.
I hope these short tips will help you grow your merchant services portfolio.