Prospecting Merchant Services (with NO experience)

Getting started in merchant services sales can be intimidating, especially if you're new to the payments industry. However, with the right mindset and strategies, you can quickly find your footing and begin building a successful career. Here are some insights and practical tips for prospecting in merchant services, based on expert advice from industry veterans Rich Norton and his colleagues.

1. Cultivate the Right Mindset

Entering the world of sales, particularly in an industry as competitive as merchant services, requires a specific mindset. You need to be prepared to work hard and consistently. Many successful representatives in this field agree that their secret to success is simple: go to work, go to work, go to work. Persistence and dedication are key.

2. Start with a Warm List

Your first step should be to compile a warm list — a list of potential clients among people you already know. This includes friends, family, acquaintances, and even neighbors. Identify who among them owns a business and could potentially need your services. This approach helps you gain initial confidence and start earning with a few early successes.

3. Engage with Local Businesses

Joining local business networks such as the Chamber of Commerce can be beneficial. It not only helps you understand your community's business landscape but also allows you to meet potential clients in a more structured environment. These connections can provide valuable leads beyond your immediate network.

4. Be Your Own Lead Generator

Instead of relying solely on provided leads, strive to generate your own. This could be through cold calling, which, despite its daunting reputation, is an effective strategy for building a client base. Change your perspective on cold calling by viewing each interaction as an opportunity to help and provide value, rather than an inconvenience to potential clients.

5. Master the Art of the First Visit

One effective technique for easing the stress of cold calling is the "stop by, drop by" visit. This approach involves visiting businesses without the pressure of making a sale immediately. Instead, introduce yourself, offer a brief explanation of your services, and set up a more formal meeting for a later date. This method helps build relationships and eases you into the sales process.

6. Handle Objections Gracefully

When you face objections, view them as opportunities to further engage the prospect. Explain that your services are tailored to each business’s unique needs, which resonates more personally with potential clients. Always end with a clear call to action, asking when you can return to discuss things in more detail, rather than if it’s okay to come back.

7. Develop Resilience

Rejection is part of sales, but each no brings you closer to a yes. Learn from feedback and refine your approach continuously. Celebrate small victories like securing follow-up meetings or receiving positive feedback, as these build momentum and lead to long-term success.

8. Keep Learning and Improving

Finally, never stop learning. The payments industry is dynamic, and staying informed about new developments and sales techniques can significantly impact your success. Seek out mentors like Rich Norton who can provide guidance based on extensive industry experience.

For those eager to dive deeper and truly excel in merchant services sales, reaching out for professional training and mentorship can make all the difference. Embrace the challenge, and remember, every successful salesperson started exactly where you are now.