Mastering Complex Payment Processing Sales | w/Rich Norton

Watch this interview with Rich Norton:

Staying Calm When Things Get Complex

One common challenge sales agents face in the payment processing industry is walking into what appears to be a straightforward sale, only to find that the merchant needs additional features. For example, a merchant may require inventory management, menu integration, or specific software integrations. This can make agents—especially newer ones—feel like the sale has become more complicated than anticipated.

As a seasoned professional, Rich Norton explains that staying calm and focused is crucial in such situations. Rather than getting flustered, acknowledge the new requirement and let the merchant know you’ll find the best solution for them. Transparency is key. It's okay to admit you need time to verify compatibility or gather more information. This approach builds trust and allows you to return with a tailored solution that fits the merchant's needs perfectly.

Leverage Your Resources

In today’s payment processing landscape, there’s a wide variety of hardware and software options available, such as Clover devices and other POS systems. Agents may not be familiar with every technical detail, especially if they’re new or haven’t encountered a particular merchant’s needs before.

Rich emphasizes the importance of leveraging your team and available resources. If you’re unsure about whether your system integrates with a merchant’s existing setup, don’t hesitate to reach out to your technical or integration department. By doing this, you demonstrate your dedication to delivering the right solution, rather than rushing the sale and risking future issues.

For example, in Rich’s case, he encountered a merchant with complex integration needs. He took the time to make calls, confirm compatibility, and returned to the client within an hour with three viable integration options. His confidence and willingness to consult with experts reassured the merchant, resulting in a successful sale.

The Power of Simplicity in Sales

For new agents, it can be overwhelming to present the wide range of services and products available in the payment processing world. Rich’s advice is to start simple. Focus on the basics, such as traditional terminals, consumer choice programs, and surcharging solutions.

When a sale requires more advanced features, that’s when you can bring in more complex solutions like inventory management and POS systems. The key is to build confidence in the initial part of the conversation before introducing additional features as the needs arise. By keeping the initial presentation straightforward, you avoid overwhelming the merchant with information.

Mastering the Menu-Based Surcharging Solution

One trend Rich has seen growing rapidly is restaurants adopting menu-based surcharging and cash discount programs to reduce their processing fees. For example, a restaurant doing $30,000 in monthly sales might be paying $900 in processing fees. By implementing a compliant surcharging program, they can eliminate these fees entirely by displaying both credit and cash prices on their menu.

This is an effective strategy that resonates with many restaurant owners who want to cut down on operational costs. By explaining how the program works and showing them that it’s becoming an industry standard, you can offer a tangible benefit that adds value to their business.

Continuous Learning and Team Support

The payment processing industry is ever-evolving, with new technologies, products, and solutions coming to market regularly. That’s why it’s critical to stay up-to-date through ongoing education and team support. Rich stresses the importance of participating in team calls, such as Monday Zoom sessions or training sessions hosted by payment processing providers like Payroc. These opportunities help you stay informed about new products and best practices, ensuring you can confidently handle any situation that arises.

Additionally, being part of a supportive team allows you to share knowledge and learn from others’ experiences. Whether you’re facing a new challenge or learning about a new solution, having a team you can rely on is invaluable.

Conclusion

Selling payment processing solutions can be challenging, especially when merchants require complex integrations or advanced POS features. However, by staying calm, leveraging your resources, and keeping the initial conversation simple, you can navigate these complexities with confidence. Continuous learning and team support will help you stay ahead of the curve and ensure long-term success in the payment processing industry.