Payment Processing
Sales Assessment Results

"We are currently locked into a contract with another payment processor."

Most merchants are. If it makes sense financially, and from a relationship perspective, we will buy out your contract and even provide you with free equipment.

The response addresses the objection directly by acknowledging the commonality of being locked into contracts. However, it could have been more effective by first expressing empathy for the prospect's situation before jumping into the offer. The communication is somewhat clear, but it feels a bit rushed and lacks a collaborative tone. Asking questions about the current processor's performance and the prospect's specific needs could foster curiosity and discovery, leading to a more solution-focused conversation. While the offer of a contract buyout and free equipment demonstrates value, it lacks a closing technique and feels transactional rather than relationship-oriented. Engaging the prospect in a dialogue about their experience with their current processor would strengthen rapport. Overall, the response could benefit from a bit more patience and exploration of the prospect's needs before presenting a solution. Score: 5

"Your fees seem higher than what we currently pay; can you justify that?"

Yes. Our pricing is guaranteed for life, and we never increase our rates. We have the only software in the industry that keeps track of your credit card rates and fees every month and it holds us accountable. Why don’t you just eliminate your processing fees by doing either dual pricing or cash discount so you don’t have to pay anything to process credit cards?

The response does a reasonable job of addressing the objection by highlighting the guaranteed pricing and unique software feature, which could be compelling reasons for the prospect. However, it could improve in a few areas: 1. **Effectiveness**: While it mentions a unique software feature, it does not provide a clear justification of how the higher fees translate into value compared to the current provider. 2. **Clear Communication**: The suggestion of dual pricing or cash discount feels abrupt and may come off as dismissive of the prospect's concerns about fees. 3. **Closing Technique**: There's no clear closing statement or call to action that invites further discussion or a follow-up meeting. 4. **Solution-focused**: The response could more directly address the prospect's objection rather than pivoting to alternative pricing strategies without further explanation. 5. **Curiosity and Discovery**: No questions were asked to understand the prospect's current situation better, which could reveal what specific features or services are most valuable to them. 6. **Active Listening**: The response doesn’t acknowledge the prospect’s perspective regarding their concern over fees, making it feel a bit one-sided. 7. **Value Exploration**: More detail on how the software works or how it saves money in the long run would enhance the value proposition. 8. **Collaborative Approach**: The tone comes across as somewhat transactional rather than collaborative, missing an opportunity to build rapport. Overall, the response could benefit from a more empathetic approach and a deeper exploration of the prospect's needs.

"We don't have the budget for a new payment processing solution this quarter."

That’s OK. In most situations, we cover the cost of equipment and you can eliminate your payment processing fees compliantly by offering a dual pricing or cash discount program to your clients.

The response addresses the budget objection by offering a solution that could alleviate costs, which is a positive approach. However, it lacks a deeper exploration of the prospect's specific situation and needs. It would be beneficial to ask questions about their current expenses or payment processing challenges to better understand their perspective. The communication is clear, but it could be more engaging and collaborative by acknowledging their budget constraints and expressing empathy. Additionally, while the proposed solution introduces value, it would be more effective if it included a closing technique to guide the conversation forward or explore the possibility of a future discussion. Overall, good attempt but needs more depth and a collaborative tone.

"Our team is already accustomed to our existing system; why should we switch?"

We offer hands-on training and support. Change can be a great thing for businesses, especially if you want to grow. Typically our clients are happy with a user-friendly set up and interface so that your business can run smoother with less headaches

The response effectively touches on the objection by emphasizing hands-on training and support, which is crucial for teams accustomed to existing systems. However, it could benefit from a more personalized approach by asking questions to understand the prospect's specific concerns about switching systems. The tone is appropriate for the industry, focusing on growth and efficiency, but the closing technique could be stronger by inviting the prospect to discuss their pain points or how they envision their future with a new system. Overall, while the response addresses the concern, it lacks depth in discovery and value exploration.

"What makes your solution more secure than other options on the market?"

And to end encryption and secure tokenization. We also help our clients with PCI Compliance to ensure the highest level of security possible.

The response addresses the concern about security by mentioning end-to-end encryption, secure tokenization, and assistance with PCI Compliance, which is relevant and shows a solution-focused approach. However, it lacks depth in terms of clear communication and value exploration, as it doesn’t explain how these features differentiate your solution from competitors or why they matter to the prospect. There are no questions to engage the prospect further, which misses an opportunity for curiosity and discovery. Additionally, it could benefit from a more conversational tone to build rapport. Overall, while the core points are included, the response feels somewhat mechanical and could be more engaging. Score: 5

"How does your customer service compare to [competitor]? We’ve had issues in the past."

All of our clients have not one, but two sales people that are compensated based on retention. They only get paid their monthly residual if you are happy and processing your payments with us. If you are happy and use us to process your credit cards, everyone wins. That type of compensation model ensures great customer service so you won’t have issues like you had in the past.

The response does a decent job of addressing the concern about customer service by highlighting a unique compensation model that incentivizes retention. However, it lacks specifics on how this model directly translates into superior service compared to the competitor. While it does communicate a commitment to customer satisfaction, it could be more effective by providing examples or metrics that illustrate success in service delivery. The tone is generally positive but could benefit from a more empathetic approach to acknowledge the prospect's past issues. Additionally, there’s no closing technique or follow-up question to further engage the prospect or explore their specific needs. Overall, this response shows potential but misses the mark in terms of clarity and value demonstration.

"We’ve been burned before by switching providers—what guarantees do you offer?"

We are the only processor that has built-in accountability to our model. Our proprietary software, Rate Tracker helps business owners easily understand their credit card fees every month, and you find out immediately when your rates go up. If we are making it easy for you to understand what you are paying, why would we try and mess with your fees? If you were burned based on bad technology or bad customer service, check out our Google reviews. We only have five star reviews, and we have worked hard and smart to build our reputation both online and off-line.

The response does a good job of addressing the concern about being burned by previous providers by highlighting the unique features of your service, such as the Rate Tracker that provides visibility into fees. This tackles the issue of transparency and accountability, which is crucial for a prospect that has had negative experiences in the past. However, the communication could be clearer by directly answering the request for guarantees. While mentioning your five-star reviews is effective for building credibility, adding specific guarantees or commitment to customer satisfaction would strengthen the trust further. There is a lack of curiosity or discovery, as no questions were posed to understand the prospect's past experiences in detail. Engaging them with questions could have helped to build rapport and show active listening. Overall, the tone is professional and suitable for the industry, but it could be more conversational to enhance collaboration. Score: 7/10 for addressing the concern and demonstrating value, but missed opportunities for deeper engagement and clear guarantees.

"I’m not sure my team sees the need for a new payment processor right now."

In most cases, employees don’t like change. We make it simple to make the switch, and you, the business owner, can make it a seamless transition with us. Usually, your general manager or director of operation is critical with helping the change, get done internally, and everyone follows the leader. We have a 99% satisfaction rate, and our reputation speaks for itself.

The response attempts to address the objection by acknowledging that employees often resist change, which shows some understanding of the prospect's perspective. However, it lacks a direct engagement with the prospect's specific concerns about their team's readiness for a new payment processor. While mentioning the satisfaction rate and reputation adds credibility, it doesn't sufficiently explore the unique needs of the prospect's team or ask any probing questions to uncover their specific hesitations. The communication could be clearer and more tailored to highlight the benefits that would resonate with the team, not just the business owner. Additionally, there’s no closing technique employed to guide the conversation towards a next step or commitment. Overall, while the response contains some useful information, it falls short in actively listening, exploring value, and collaborating effectively with the prospect.

"Can you provide evidence that your solution will actually improve our processing speed?"

Yes. Our main point of sale system, smart tab is designed to speed up tabs and make it easier for bartenders and servers to use the system. The faster transactions can get run, the more people can get served, and the higher your revenue will grow. Visit www.barsthatmakemoney.com if you want to see people’s testimonials as to how our technology has improved their speed of payment.

The response effectively addresses the concern about processing speed by highlighting the features of the main point of sale system and how it benefits bartenders and servers. However, it lacks direct evidence or specific metrics to substantiate the claims made. The tone is appropriate for the industry, but it could be more engaging by inviting further discussion or questions. The closing technique is missing; a call to action or an offer to provide more detailed case studies would strengthen the response. Additionally, while the mention of testimonials is a good start, incorporating specific examples or statistics would demonstrate value more effectively. Overall, the response shows a solution-focused approach but could benefit from a deeper exploration of the prospect's needs and curiosity-driven questions to build rapport.

"We are considering going with a competitor who offers a lower rate; how can you compete with that?"

Most of our competition raises their fees after a given period of time and they don’t guarantee the rates. We are the only payment processor that has built-in accountability into our model, and our software holds us accountable when we say we will not raise your rates. Sometimes, a lower rate can actually mean a higher out the door effective rate because of high transaction fee fees, and additional monthly fees that are hidden in your contract. We take pride and delivering our solutions with integrity and accountability. Plus, price and rates is not the only thing that matters. Customer service and technology are more important and we do a great job there.

Your response does a decent job of addressing the objection regarding lower competitor rates by highlighting accountability and the potential hidden costs of lower rates. However, it could be more effective by incorporating a direct comparison or example to demonstrate how your solution provides more value over time, which is crucial in payment processing. Also, while you mention customer service and technology, you could enhance this by asking questions to uncover the prospect's priorities further. This would show active listening and curiosity. Overall, you're on the right track, but there's room for improvement in engagement and value exploration.