3 Reasons NOT to sell merchant services using pre-set leads

Published 10/27/2011

I know it's crazy.  I'm about to tell you why you DON'T want to take a sales job with a company that provides pre-set appointments.  Most outside sales people cannot fathom having to go out and generate their own business. In many industries they would be correct in thinking its crazy to tell them that their company is wasting their time by sending them to pre-set appointments.  Credit card processing is not like other sales jobs though.  Our product is a commodity and business owners deal with multiple phone calls daily from people looking to work with them.  Here are the top 3 reasons why you should not sell merchant services with any company that is going to provide you leads:  (These are facts given to us by our sales representatives who used to work with other companies!)

1.  The appointments are too far apart. Unless you live in the middle of a major city you are going to find that you have to get in  your car and drive for hours between appointments.  The appointment setters are typically based in the ISO's office - or worse-  in India and Pakistan.  They don't know your territory and it makes no difference to them how far you have to drive to get from one client to the next.  More often than not is is almost impossible to make it to appointments on time.   This makes you look unprofessional and greatly reduces the chances of closing the deal anyway.  Even if you could close it you most likely will not because...

2. The business owners did not want you to come out in the first place. Before you sign on for a sales job with one of our competitors who provide leads ask to take a listen to some of the lead appointments.  They record them all - and most of them will not let you listen to the recordings. I know why... I have heard the appointments being made.  They are horrible and are practically begging people to let you come out to their business.  The appointment setters get bonuses and commission for getting people to say yes.  They don't care how good the lead is - only that they will earn their bonus.  More than half of the "appointments"  you go to sell will start and end with the business owner saying " oh - I only said yes to get that salesperson off of the phone.  i didn't really want anyone to come see me."  They kick you out and you just wasted your time and gas money.  So you most likely won't close the deal - and even if you do...

2.  You won't truly own your book of clients. When you sell merchant card services with Capital Bankcard you are building a book of business that  belongs to you.  With the appointment setting merchant service ISO's you are actually building their book of business. Since they are spending all of the money to get you sales they typically can shut your residual down at any time. (If they are actually paying you residuals)  You lose your rights to earn the income you deserve just because you said yes to horrible pre-set appointments!  Remember why you are selling merchant services - to build YOUR book of business and residual stream!  Don't sell your future for a handful of magic beans!

At the end of the day the best way to succeed in merchant card service sales is to go out and build your business on your own.  Their is no quick easy way to make money in this business.  Our top sales people go out and cold call businesses.  They build their pipeline, close deals, and then really blow up their business through referrals.  Once we prove that we can help business owners save money and increase their sales it is easy for our sales people to ask business owners to refer their friends to us. Within a year they will be well on their way to financial freedom!

Tags: sales agent, sales position, sell credit card processing, sell merchant services