A rep just emailed me to ask about merchants saying they are going to show their estimate to the current competitor and see if the current company will match my rate. In this particular case, the customer had been with the current provider for three years. We were saving them $180 per month. Here is how I handle that.
I say something similar to the following statements every time I leave an estimate with a merchant. Even if the merchant didn’t say he or she is going to show it to the current processor, there is a really good chance the merchant will show your estimate to the current provider if you leave without closing the deal.
“Bob, I showed you that I could save you $180 plus per month over what you are currently paying XYZ Processing. That means one of two things:
(1) Their cost structure doesn’t allow them to match my price. This makes sense because I am a direct provider rather than a third party. In that case you would obviously want to switch over to me if they can’t match the rate, correct?” Bob answers “yes.”
I continue, “(2) The other possibility is actually much worse. They may immediately agree to match my price in an effort to keep your business. In that case you would know for the last three years they have been overcharging you for these services by $180.00 per month! This means they have literally taken ($180 x 36) $6,400 in excess profit for their service when they could have easily saved you that money. If this is the case, are they willing to refund you the $6,400 in overcharges? I’m sure you would never consider staying with a company who wouldn’t refund your money in that situation; would you?”
James Shepherd
james@ccsalespro.com
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