If this is your merchant services hook, you might need a new one:
“I can save you money.”
Here’s the problem with a price-based sales approach: Anyone can do it. And as we drive closer to zero margins, why would you want to?
You have to find a differentiator that sets you apart from the competition.
Not sure where to start?
This is where. Business owners/stakeholders are looking for ways to 1) Save time and 2) Grow revenue
What are some specific ways we can help businesses save time and increase efficiency?
✔️ Integrated payments that streamline business operations
✔️ POS with additional features like inventory management, timesheet management for employees
✔️ Adding e-invoicing and payment collection that syncs to accounting software
Examples to grow revenue:
✔️ Omnichannel
✔️ Adding a loyalty program, gift cards
If you can help them achieve these things, price becomes secondary.
Here’s the good news— we have an abundant supply of tools at our disposal to help merchants streamline payments and provide value-added benefits to their business. But it’s on you to stay curious enough to find them, and then partner with a processor that can support them.
Those are the things you should do, now let’s talk about what you shouldn’t. These strategies center the sale around price, which is detrimental:
👎 A Cash discount/dual pricing with nothing else backing it.
A strategy based on this alone is a losing one. Someone can come right behind you and offer a lower cash discount rate. You’d better have something else making the merchant sticky or prepare to lose them in the near future.
👎 Leading a sale with statement analysis and a savings proposal.
I love the tools that are out there to help a merchant understand what they’re paying and they have their place. But when you start with this, expect the sale to be centered around it. It’s nearly impossible to transition the value you bring to something else once you’ve made this your starting point.
Lastly, when you compromise on price, you compromise your value. Be willing to say no and walk away if a sale isn’t mutually beneficial.
