Tips for taking advantage of the current opportunity to provide merchants with the payment functionality they need.
It’s a great time for selling merchant services. More businesses are expanding to engage customers and accept more payment types on new channels to meet customer demands. For example, consumers want to use mobile wallets to make contactless payments in stores and quickly pay when they order from a smartphone. Also, more people are making payments online, with ecommerce growing 2.4% in Q1 2022 over Q4 2021 to reach $250 billion and 14.3% of total retail sales. Additionally, merchants want to stay competitive by offering buy online pick up in-store (BOPIS), curbside pickup, ordering for delivery — and easy, convenient payment options to enhance those experiences.
In addition to existing merchants deploying new payment solutions, new businesses are also looking for efficient ways to accept payments. The pandemic inspired many entrepreneurs to accelerate plans to start businesses, and that trend is continuing into 2022. A study by Intuit concluded that up to 17 million new businesses will launch this year, and many are searching for efficient, cost-effective ways to accept payments.
These trends are good news if you’re selling merchant services, but just because there’s a demand, it doesn’t mean that filling your sales funnel and closing deals won’t take strategy and effort. Here are four keys to successfully selling merchant services in 2022.
1. Provide the right solutions.
Of course, when you’re selling merchant services, you need to provide the right technologies. Your payments partner should offer technology for secure EMV payments, ecommerce gateways, hosted payments, and more. But the most successful payment sales partners solve problems rather than just selling a service. Listen to your prospects as they talk about their challenges. Then, deliver solutions that will help them overcome those challenges and reach their goals. For example, small and medium-sized businesses (SMBs) may be struggling with profitability. A solution like North American Bancard’s Edge Program allows you to offer merchants Flat Rate Pricing and Cash Discount. Help merchants eliminate pain points, and you’ll win more business.
2. Emphasize customer service.
Customer service may not seem important when you’re trying to win new business, but it matters. Your reputation for providing excellent service will be reflected in online reviews and help secure testimonials you can use on your website. It will also help you build strong relationships with your clients and increase the likelihood that they’ll recommend you to other people in their networks. Make client satisfaction a priority, knowing it will help your business grow.
3. Update your website.
Decision-makers spend most of their time independently researching service providers. Gartner estimates about 27 percent of their time is spent looking into companies online. Take care to make a good impression when a prospect finds your website and that you are providing the information they need to decide to give you a call. Review your site from a prospect’s point of view and make sure it includes up-to-date information, sharp, appealing images, and an easy way to contact you for a quick response.
4. Harness the power of social media.
Merchants are on social media to try to increase their visibility with their audiences. Since merchants are there, you should be, too. Leverage social media to interact with merchants, learn more about them, and reach out with an IM when it makes sense.
How the right partnership helps businesses sell merchant services.
Another key to successfully selling merchant services is having a good partner in your corner. The payments space is changing quickly, and it can be hard to keep up. Your partner will help you stay informed of new technologies and consumer trends to allow you to provide merchants with the most comprehensive solutions for their businesses. They will also provide you with marketing and technical support when you need it. Additionally, NAB has dedicated teams of experts to help you find those solutions from point of sale (POS) providers and third-party hardware and software companies.
Selling merchant services in 2022 is an opportunity too good to pass up. Make sure you’re ready to make the most of it with a partner that will provide you with the support you need. Contact us today to learn more.
