Choosing the Right Payment Solutions for Merchants | w/Rich Norton

Watch this interview with Rich Norton:

Understanding the Merchant's Needs

When engaging with a merchant, the first step is always to understand their current setup. Ask simple, open-ended questions like, "What are you currently using?" or "How are you managing transaction fees?" This approach sets the stage for a conversation that makes the merchant feel heard rather than pitched to.

As Rich Norton, an industry veteran, shared during a recent discussion, it’s essential to approach the conversation as a consultant, not a salesperson. The goal isn't to sell them on the latest or most expensive product but to help them find the right solution that fits their business model. Asking questions and, more importantly, listening to their answers is key. Too often, sales reps fall into the trap of focusing on the next point in their pitch rather than fully absorbing the merchant's feedback. This can lead to proposing solutions that don’t align with the merchant's actual needs, which is a quick way to lose trust.

Building Rapport: A Cornerstone of Effective Sales

Building trust starts with rapport. As Norton points out, if the merchant likes you, they’ll listen, and if they trust you, they’ll follow your advice. This doesn’t happen overnight; it takes time, patience, and a genuine interest in helping their business succeed. Agreeing with their sentiments, even when they seem opposed to certain programs, is essential. For instance, if a merchant expresses frustration over cash discount programs and insists on absorbing transaction fees, affirming their concern shows empathy: "I understand and respect that you care about your customers. You're clearly committed to offering the best service."

Such an approach not only validates their feelings but also keeps the door open for further discussion. You can then pivot by asking them what aspects of their current setup they’d like to improve. This leads the conversation towards constructive solutions instead of an adversarial back-and-forth.

Identifying the Pain Points and Offering Solutions

Once the merchant is engaged and trusts that you're listening, it becomes much easier to uncover their pain points. These might range from transaction fees to the limitations of their current hardware. Some might express interest in upgrading to systems like Clover, while others may prefer to stick with their tried-and-true terminals.

By genuinely listening to these concerns, you position yourself to offer tailored solutions. If they mention wanting a system that manages inventory or offers more robust reporting, you can guide them towards an option that meets those needs without pushing them toward something too complex for their business. The idea is to pivot the conversation based on what they reveal as their primary challenges.

It’s about matching the solution to the merchant, not forcing the merchant to adapt to the solution.

Being Prepared for Any Situation

The most successful payment professionals are those who are prepared to offer a variety of solutions. The days of pushing a single payment method, like cash discount programs, are over. While such programs may work well for some, they’re not for everyone. A merchant-first approach means being flexible, adaptable, and knowledgeable about a broad range of options. As Norton emphasized, "We really want to know that we have an opportunity available for every merchant we encounter."

The key to long-term success in the payment processing world is building trust, listening to merchants, and providing them with the right tools to succeed. When you focus on these principles, you become more than a salesperson—you become a valuable consultant in helping merchants navigate the complexities of payment solutions.