3 Proven Methods to Obtain Merchant Statements for Analysis

Merchant processing statements can reveal plenty about how great a deal a merchant is getting from its payment processor. That’s why asking for statements has become something of a mantra for merchant services sales reps.

There is no one-size-fits-all strategy for getting a merchant to part with their monthly so you can analyze it and offer them a proposal. But here are three techniques I like to use.

#1. Simply ask a business owner for their payment processing statement.

This is the old-fashioned technique that has fostered many successful careers in merchant services. The way I have used this technique successfully with thousands of prospects is by offering them something free.  Not just anything. Something specific, like a free analysis of their merchant statement to make sure they are not overpaying. Here’s an example:

Hey, it’s been great talking with you today. I tell you what I’d really like to do. I’d like to stop back by with some free marketing materials, and some information on how our payment processing solutions can help your business. I’m sure you wouldn’t mind if I did that, would you?

Chances are good the business owner will agree. And they will do that for one of two reasons: either they are really interested in what you have to offer, or they just want to get rid of you. Either way, you have them on the hook for the next step in the sales process.

Okay, great. Well, I already know which point-of-sale system I want to show you. I definitely want to make sure I include payment processing, because generally we’re able to save our clients a lot of money on that. Now obviously, I need to take a quick look at your payment processing statement. Do you have one handy, or should I come back tomorrow to get that.

So, one way to get a statement is to ask for it. But not right off the bat. First get them to agree to you making a return visit with a proposal and some free information for their review.

Agents have been using this technique for generations, and it continues to works.

#2. Include a link for statement uploads in your email signature.

ISO Amp, the leader in full-service statement analysis, developed this feature to support ISO and agent marketing campaigns.

Each ISO Amp subscriber has access to two unique URL links: one that a prospect can use to upload basic information to receive an instant quote; the other one can be used to upload monthly payment processing statements. Either way, the email recipient is prompted to enter details (like name, email and other preferred details) in order to receive a free analysis. 

The bare bones version asks for estimates of total monthly transaction volumes and fees, as well as business type, in addition to name, email, etc. Then, using a proprietary algorithm we can estimate what the business is paying. We take the information provided to create a lead for the subscriber in our system, and notify the subscriber that their URL was used to upload information to ISO Amp.

Within minutes, the ISO and its sales rep have in hand an analysis ready to review.

On average, turnaround time for a full statement analysis is under 11 minutes. It only takes that long if a human needs to review an uploaded statement. Then all an agent needs to do is call the merchant and request a time to review the analysis and a proposal.

Hey, I see you uploaded your merchant processing statement. I’ve got a proposal ready that shows how my company can save you money. Why don’t I stop by [or set-up a Zoom meeting] so we can go over the proposal and discuss next steps?

Having a unique URL in your email signature is a great marketing strategy. It has the potential to get you in front of businesses that otherwise might not have made an active prospect list. Say you’re exchanging emails with a vendor who happens to be disillusioned with their payment processor. They might see the URL and upload a statement just to see if they can get a better deal. And presto, 10 or 15 minutes later you’re ready to reach out to them and offer a proposal.

#3. Create marketing campaigns, using your website to solicit statements

ISO Amp, the sponsor of this Merchant Sales Insight, has this covered, too.

ISO Amp supplies the HTML coding needed to build landing pages within a website. Create a full-scale marketing campaign offering instant quotes, or get prospects to upload statements for complete analyses, in exchange for contact information, of course. Or try two different campaigns.

As an ISO you can assign different URLs within ISO Amp for different sales reps to use in their email signature lines. You can even try different campaigns with different agents.

Go with the Leader; Go with ISO Amp

ISO Amp is the leader in merchant statement analysis. We automate what has long been a manual process, keeping various team members in the loop at all times. The system offers full user management, and pricing and permission controls.

Want it branded for your ISO? We can do that. From logo and color schemes, to custom domains, to customized proposals, we can use your branding throughout.

To learn more about how to get more statements analyzed and get more leads generated visit getisoamp.com. Click on “get a demo,” and talk to our team about what we have to offer your team.

Learn more about getting statements analyzed and leads generated by visiting https://getisoamp.com/

Merchant Sales Podcast · 3 Proven Methods to Obtain Merchant Statements for Analysis