7 Merchant Services Sales Tips For ISOs

From flexible work hours to endless income opportunities, becoming an independent sales organization (ISO) offers many attractive benefits for aspiring entrepreneurs.

So, how much can you make selling merchant services? It largely depends on your ability to recruit (and maintain) business clients who value the payment processing services you provide. The more clients you can attract, the more freedom, flexibility and profitability you should enjoy. However, getting started can be challenging – especially if you’re relatively new to payment processing.

To help you launch your successful ISO, we’ve compiled seven merchant services sales tips you can use to attract and convert more clients.

1. Put the Merchant’s Needs First and Foremost

The better you understand the needs, wants and desires of your target audience, the more successful you’ll be at converting prospects into customers. Because every industry is different, you’ll need to research common pain points within each sector you target. This concept also extends down to the micro level, with the most successful ISOs often being those that can correctly identify the unique pain points of individual prospects.

Once you have a better understanding of your target audience, the next step involves prioritizing their needs and highlighting how your merchant services solutions can help them overcome their biggest hurdles and challenges.

2. Stick to a Regular and Organized Routine

One of the most attractive benefits about becoming an ISO is that you get to be your own boss. However, this independence can also be a slippery slope because there is no one to push you farther forward (as a boss normally would).

To overcome potential inertia, it’s important you create a daily schedule with clear goals and milestones to keep you motivated throughout the work week.

Another perk of becoming an ISO is the ability to work from home. Again, this can be a double-edged sword if you’re constantly tempted to work in pajamas or gym clothes. Putting on formal attire can potentially help you feel more professional, stay more focused and work more productively.

3. Use Sales Tactics to Ask the Right Questions

If you ask a prospect whether he or she is happy with the current service provider, the conversation basically ends the moment he or she says “yes.” A better approach is to ask open-ended questions – such as what things the prospect doesn’t like about the current service provider.

1.     It allows you to learn more about your target audience – including what challenges they’ve faced when using other payment solutions.

2.     It gives you a chance to position your solutions in a way that directly addresses whatever challenges you’ve learned about in the previous step.

Making this approach work requires listening carefully to each prospect and soliciting specific answers instead of vague ones.

4. Use Social Media to Grow Your Personal Brand and Network

Cold calling is still arguably the best way to sell merchant services – but don’t overlook the power of social media.

For starters, platforms such as Facebook and LinkedIn have dedicated groups for frustrated small business owners (in every niche imaginable). Simply by joining the right group, you can learn a lot about your target audience – no matter what industry they’re in.

Even better, you can connect with these prospects either indirectly by leaving useful comments in discussions or directly by asking to connect.

Better still, most social media platforms offer advertising opportunities, which allow you to test which marketing messages resonate most with your core audience.

5. Leverage Your Existing “Offline” Social Network

Although tools such as LinkedIn can help you scale your outreach, it’s hard to beat the personal touch. Your chances of converting a small business owner can improve dramatically if a family member, friend or colleague is the one making the introduction.

Of course, this involves letting everyone in your “real” social network know about your new business venture. It also helps to hand out business cards and educate your friends and family about the genuine value that your ISO provides to small business owners who want to grow their operations.

6. Don’t Be Discouraged by Rejection

Receiving a “no” always stings, but rejection is an inevitable part of sales. Rather than be discouraged, you should use every “no” as an opportunity to learn more about your target audience.

What’s more, rejection is sometimes just hesitation disguised. It may be possible to convert a no into a yes within the same conversation (using these free tips).

7. Constantly Aim to Perfect Your Merchant Services Sales Pitch

When selling merchant processing services, it takes time to find your stride. The process should get easier as you refine your marketing message based on industry research, cold calling and customer feedback.

As long as you constantly seek to perfect your credit card processing sales pitch with clear decision points that drive each conversation toward the finish line, you should get where you want to go.

Onward and Upward!

While it’s possible to convert users without the merchant services sales tips above, these strategies can help make the process smoother. Progress can go even faster when you have the support of an experienced payment processor that understands the needs of independent sales organizations.

If you’re ready to take your ISO to the next level, join our payment processing partner program today!