Selling value-added services can be the key to your growth.
When Sales Partners want to grow their portfolios, they tend to focus on selling merchant services to new clients. Conventional wisdom says that if you want to make more money, you need to get more customers. But the reality is that you may be able to grow revenues more quickly by selling deeper into your current accounts. Research shows a 60–70 percent probability of selling to existing customers compared to a 20 percent rate of converting a prospect.
Several factors play into the success of selling to your current customer base. You already have their trust. You also understand their businesses, and you’ve likely identified gaps that solutions can fill to help them operate more successfully. So why not offer to help solve their business problems — and grow your revenues as well?
Value-added services you can sell today.
There are several value-added services you can sell to your existing clients that will add value to the solutions you provide.
Reputation management.
Your clients know the value of a good reputation. However, they are likely too busy running their business to monitor review sites and social media, analyze customer feedback and keep tabs on the press for mentions. You can provide them with a solution that automatically monitors their online reputation, allowing them to engage with their customers when they express opinions — and take action that will improve those opinions, if necessary.
Electronic invoicing.
Businesses that invoice on paper can use your help. Home contractors, snow removal, and house cleaning enterprises are just a few examples of companies that invoice. A transition to electronic invoices can benefit businesses by enabling them to receive payment more quickly, reduce billing errors, and make it easier for them to track who has paid and which invoices are still outstanding.
Virtual terminal.
Virtual terminals give your clients a way to process card payments that customers want to make over the phone, by mail, online, or in-store. Virtual terminals enable them to accept payments securely through an internet browser. They’re easy to set up and use, are secure, and help your clients offer the types of payment experiences their customers expect.
Reporting.
Merchants need flexibility when it comes to tracking the performance of their businesses. You can give them the freedom to access the information they need, even if they aren’t working in the back office. From inventory status to reports on employee performance, you can offer your clients access to real-time data from anywhere.
Support at implementation.
When you’re selling merchant services, also consider selling setup and implementation services. You can provide support to clients through onboarding, installing hardware, testing and troubleshooting, and getting them ready to accept digital payments with their new solution. You’ll build a firm foundation for customer success with the services you provide.
Customer care.
Your merchants will benefit from support packages that suit their business. They’ll have the peace of mind that when they need help, they can access it 24/7. In addition, you can provide live customer care and access to an industry-leading knowledge base, including payment solution videos.
Build stronger client relationships by selling value-added services.
By selling value-added merchant services, you’ll grow revenues, but you’ll also enhance business growth in other ways. Customers who depend on you for multiple services are less likely to switch to another provider selling merchant services. Instead, they’ll count on you for multiple services and functionality they depend on.
Additionally, by helping your clients overcome challenges and find ways to operate more efficiently, you’ll become more than a solution provider. They’ll see you as a trusted advisor that knows how to equip them with extra capabilities to address their business problems.
Deeper relationships with your clients and more revenues from value-added services, as well as selling merchant services, is an effective strategy for business growth.
If your growth plan is only focused on new clients, it’s time to consider a change that will help you grow your business in new ways. Contact North American Bancard to learn what else you can add to your line card.
