Being in merchant sales means dealing with objections, having the door slammed in your face before you even get the chance to make your pitch. While some people are open and receptive to what you have to say, others dismiss your claims without listening. Here's how to take it all in stride.
Effective salespeople possess qualities that allow them to excel in this kind of environment. They're able to stay committed to taking on the next challenge with confidence and ease. But that doesn’t mean the rejections won’t start to take their toll eventually. Even the most self-assured and patient salespeople may find themselves reeling a little bit after getting rebuffed so many times.
Figuring out how to handle rejection is critical. Without developing a well thought-out sales strategy to cope with every excuse that comes up when you're encountering a customer, you may not be as successful as you could be.
Take a look at some responses that you can use while you converse with potential, but hesitant or skeptical, buyers who would benefit from the merchant services account you’re offering:
“I’m not interested.”
This remark can be frustrating, as many people are quick to hang up the phone as soon as they hear you’re selling something. Compose a reply that quickly points out key advantages of the merchant account you’re promoting. End with a question that gets them thinking about why switching accounts would help them. Reassure them that you’re not going to force them or trick them into a contract:
"The cost reductions we give our merchants are real. If we can lower your monthly cost while giving you more options and services, would that be a benefit to your business? You don’t have to commit right away, but at least let us review your most recent merchant statement and see what we can do for you."
“I’m in a contract.”
This statement can be a valid excuse, especially if the customer doesn’t realize that there’s a way to cancel their merchant account. Make sure to mention this in your reply:
"Sometimes, you think you’re in a contract and you’re not, or there’s a way to get out of your contract sooner. I, along with the team of salespeople I work with, am trained to see if we can give you a return that will outweigh any termination fee."
“A ton of people have looked at my merchant statement, and no one can ever do any better.”
Figuring out how to handle rejection in merchant sales is not just about having a quick comeback, but identifying the type of potential buyer you’re dealing with. People who make this kind of statement are willing to change their merchant accounts because they’ve gone through the process before, but haven’t had much luck. All you have to do is remind them that they have nothing to lose since it doesn’t cost them money or time to have you review their merchant account:
"If there is anyone who can help you, it’s us. I have yet to see a statement where I cannot save the merchant money."
“What’s your rate?”
Although some business owners understand why they need to pay for merchant services, they may not necessarily comprehend clearly how the rates and fees are determined. For example, many do not know how to calculate their effective rate or recognize any hidden credit-card processing fees on their merchant statement without some assistance. So, when you answer a question that has to do with pricing, explain that the amount varies depending on how much they process each month, among other factors:
"First, we determine which one of the many different billing platforms you are on, and they provide you with a comparison for every line item. Rate is only one component of the total cost. If we can give you a better return every month, isn’t that what’s most important?"
“My business doesn’t accept that many credit cards.”
You’ll find that small business owners will most often make a statement like this. Remember to stress that all business owners need a merchant account:
"Everyone should at least consider getting a merchant account, because it can improve the customer experience, even if only a few people use debit and credit cards at your place of business. The merchant services company I represent works hard for every client, whether they own a small or a large business."
You may never sway everyone but knowing how to handle rejection in merchant sales can actually help you convince many more people to become clients.
Would you like to take your career in merchant sales to the next level? Learn more about MPX’s merchant sales consultant opportunity.