Payment processing
Sales Assessment Results

"We're already using a payment processor, and I'm not sure this transition is worth the effort."

Hey, I appreciate your reply. If we were to work together, the transition would be simple, and handled completely by me/my team. We facilitate everything for our new clients so it's easy to do business. If it doesn't make sense for us to work together, then I won't push you. I'm also going to be in this industry for life, so maybe if the timing isn't right, we can work together in the future. I have a couple of quick questions for you if you don't mind: What do you like best about your payment processor? What are some things you'd like to see improved?

Your response demonstrates a good understanding of the customer's concern and reassures them about the ease of transition, which is a strong point. However, the tone could be a bit more engaging and enthusiastic, especially in the payment processing industry where building trust is key. You effectively initiated a dialogue with thoughtful questions, showcasing curiosity and a consultative approach. However, you could have strengthened your value exploration by highlighting specific benefits or differentiators of your service compared to their current processor. The closing technique could also be more assertive by suggesting a follow-up to discuss their responses or providing insights based on their feedback. Overall, you did well to acknowledge their situation and seek more information, but a bit more focus on value and a stronger call to action could enhance your effectiveness. Score: 7.

"I just don't see how your solution provides enough additional value over what we currently have."

Forgive me. I must have not done a good job conveying the value we provide. I think you're a smart business owner and know that I can help you. I remember from our conversations that you valued the concept of great service, technology, and fair pricing. On your statement, your rates have increased 40% since you signed with your processor, and I remember you saying you had an issue with changing bank accounts. These are the kinds of things that I can help with, and take pride in doing. The new credit card terminal that I will install and provide to you for free is going to speed up your transactions and will help you run your business better. Would you like me to provide you with a bullet point breakdown of the 7 different ways making a switch to me for payment processing will add value to you and your business?

The response demonstrates a good understanding of the prospect's needs by referencing previous conversations to establish credibility. However, it lacks a direct engagement with the objection itself. Instead of acknowledging the prospect's concerns about perceived value and directly addressing them, the response shifts focus to the salesperson's capabilities. The offer to provide a bullet point breakdown is a strong move towards solution-focused selling, but it could have been introduced earlier to create a more engaging conversation. Additionally, the tone is somewhat presumptive with phrases like 'I think you're a smart business owner,' which may alienate the prospect rather than build rapport. Overall, the response could benefit from clearer communication, a stronger focus on the prospect's perspective, and a more collaborative approach. A score of 5 reflects these strengths and weaknesses.

"Our budget for this quarter is tight, and I need to see a strong ROI before we invest in new tools."

Understood. Many businesses are tight with money right now because of the given economical circumstances. I value you and the opportunity to serve you. What if I provided you with free credit card terminals and pin pads so you didn't have to pay anything out of pocket? With my proposed pricing compared to what you have now, you will save about $1,000 per month in processing fees, so you'll get an immediate ROI without having to invest any money on equipment.

The response does a decent job of acknowledging the prospect's budget concerns, which is important for effective objection handling. However, it could be improved by incorporating a more structured approach, such as emphasizing the specific value and benefits of the proposed solution more clearly. The offer of free equipment is a strong point, but it would be beneficial to ask a follow-up question to further explore their budget constraints and any specific ROI metrics they are looking for. A more collaborative tone could also enhance rapport. Overall, it's a solid response but lacks depth in exploring the prospect's needs and implications further. The closing technique is somewhat present in offering savings, but it could be stronger. Overall, a good effort with room for improvement.

"I worry about how my team will adapt to a new system; training can be a big hurdle."

I completely understand, and you are right - especially if the new processor doesn't help with training and installation. How many people are in charge at your business besides you? If you have a General Manager or Operations Director, I will schedule time to meet with them so they can understand how your new system will work and how to optimize the use of it. Usually it only takes a few days for a new client's team to get used to the system, and after that happens, they are happy. As a way to address your concerns and give you peace of mind, I will remain onsite at your business for 2 business days so I can be there to help support training efforts and to ensure a smooth adaptation to your new system. I'll do this all free of charge for you, of course

The response effectively acknowledges the prospect's concern about training and adaptation, demonstrating active listening. However, it could benefit from a more solution-focused approach by elaborating on how the new system simplifies operations or enhances productivity. The follow-up question about additional decision-makers is good for discovery, but it could have been framed more collaboratively. The offer to remain onsite for training is a strong closing technique that shows commitment to support, and the mention of it being free adds value. Overall, the response is well-structured but lacks a bit of depth in exploring the value of the new system. Score: 7

"Can you explain how your service complies with the latest security regulations?"

This is a great question. PCI Compliance is a standard that must be upheld by all business owners who accept credit/debit cards. We are fully compliant with their standards, and we help our clients uphold them annually and quarterly as well. There is a self-assessment questionnaire that my team and I will help you answer, and we will schedule your automated IP address scans at your business to ensure there are no open ports or potential liabilities that could cause security breaches. Security is something we take very seriously, and we only offer fully encrypted credit card terminals, secure systems, and protect your business's data with our life depended on it.

The response effectively addresses the objection by clearly explaining PCI Compliance and the measures your company takes to help clients uphold these standards. However, it could benefit from a more tailored approach by asking follow-up questions to further understand the client's specific concerns or needs regarding security compliance. Additionally, while the tone is informative, it could be slightly more conversational to build rapport. Overall, the response lacks a closing technique to move the conversation forward. A score of 7 reflects the solid foundation but highlights areas for improvement in engagement and follow-up.

"With a lot of ongoing projects, introducing a new payment system right now seems overwhelming."

I completely understand, and I'm in the same boat as you. What if I made it really simple for you to see the value I can provide you with, and made the transition seamless and easy for you/your team? It would only take about an hour total of your time invested, and if you have a General Manager or Director of Operations, I can work directly with them so you don't feel bogged down. It may seem overwhelming, but I can assure you that change is a good thing - especially when you work with me. I know that I can help your business save a TON of money on fees, give you better service, and offer industry-leading technology.

The response demonstrates some understanding of the prospect's situation but lacks depth in addressing the concern of overwhelm. While the salesperson attempts to simplify the process, they do not sufficiently explore the prospect's specific pain points or the implications of not changing. The assurance of a seamless transition is a good start, but it could be strengthened by asking questions to uncover the prospect's priorities and needs. The tone is friendly, but it could benefit from a more consultative approach that emphasizes collaboration and understanding. Overall, while there are positive elements, the response could be more compelling and solution-focused. Score: 6

"I’ve heard mixed reviews about your company’s support; what kind of assistance can we really expect?"

Thank you for asking. When someone changes payment processors, there is an onboarding process that we follow step-by-step. If you look at our google reviews, there is a mix of both positive and negative reviews. The positive reviews are from business owners who were fully vested in our onboarding process, and the negative reviews were from people who didn't take the process seriously and were rude to us from the beginning. To ease your concerns about support, would you like me to connect you with 3 happy clients that we've served for years? They love working with us, and have specifically said they'd talk with anyone who is interested in working with us. You might find this interesting and valuable to you: I only earn income from helping you if you actually process payments with us. My company pays me a monthly residual based on the revenue they earn, and that revenue only comes in if you process your payments with us. It's a built-in accountability/service model that serves as a true partnership. I take what I do for a living very seriously and vow to give you the best customer service and onboarding support that you've ever seen from a payment processor.

The response does a good job of addressing the objection regarding mixed reviews by acknowledging the concern and providing context about the onboarding process. However, it could benefit from a stronger emphasis on the company's commitment to customer support and a clearer invitation for further discussion. The offer to connect with happy clients is a solid move, showcasing social proof, which can help alleviate doubts. The explanation of your income model adds a layer of trust but could be more succinct. Overall, the communication is clear and appropriately addresses the prospect's concerns, but it could be enhanced with more curiosity-driven questions to explore their specific needs. Consider asking about their past experiences with support from payment processors to better tailor your response. Overall, it was a good effort but missed some opportunities for engagement and deeper exploration of the prospect's concerns.

"We’re still determining our direction for next year, so investing now feels premature."

Understood. With the year coming to a close, it can be overwhelming to figure out which direction to go. Many business owners make changes with their payment processor in Q4 and start fresh in Q1 because they will only get one 1099-k in the new year and they like to have a new provider to kick off the year. Would you be open to meeting between now and the end of the year so I can ask you a few questions and help consult with you for free? I will be able to provide you with some insight as to how we can help you set your business up for success next year.

The response effectively acknowledges the prospect's concern about timing, which demonstrates active listening. You empathize with their situation and provide a relevant insight about the common practice of switching payment processors at the end of the year, which adds value and positions you as knowledgeable. However, the invitation to meet could be more assertive in framing the urgency of the opportunity without being pushy. You could enhance the closing technique by emphasizing the potential benefits of your solutions rather than just offering a free consultation. Overall, the tone is appropriate for the industry, and your solution-focused approach aligns well with consultative selling. To improve, consider asking more open-ended questions to explore their specific needs and concerns further. This would also help in engaging them more collaboratively. Overall, a solid response with room for refinement.

"I have a colleague who prefers another provider; how do you stack up against them?"

Which provider are you referring to? I can't really say how we stack up against them unless I know who they are. Here's what I do know: I work hard for my clients, and focus on the 3 Pillars of Payments: 1) Technology 2) Pricing 3) Service All of the reasons to change processors or keep the same processor fall underneath these 3 Pillars, and our strong reviews both online and offline are because we work hard, provide the latest and greatest technology, offer transparent pricing, and provide the best customer service out there. Can I talk with your colleague to see what provider they prefer? Maybe I can figure out what they like best and can even enhance them further so your colleague begins preferring us.

The response effectively addresses the objection by first seeking clarification on the competitor, which is a good approach to tailor the conversation. However, it lacks a strong initial acknowledgment of the colleague's opinion, which could help in building rapport. The mention of the '3 Pillars of Payments' provides a structured way to convey value, but the salesperson could have expanded on how these pillars specifically differentiate their service from others, which would enhance the value exploration. The closing question about speaking with the colleague shows initiative and a willingness to understand the competition better, which is commendable. However, the tone could be a bit more confident rather than overly reliant on the colleague's feedback. Overall, the response is solid but could benefit from a stronger emphasis on what makes their service unique compared to competitors. Score: 7

"How do you address potential integration issues with our existing software systems?"

What software systems do you use? We integrate with over 500 different software systems, point of sale systems, and CRMs. Part of our process is to determine if and how we integrate into your existing system(s). Sometimes, throughout the process, business owners realize they aren't getting what they truly want and need from their software system and they end up changing both their payment processor and their software system. We have a strong team of smart people who know how all 500+ integrations work, and we will make sure we understand the entire integration before we begin the onboarding process.

The response does a decent job of addressing the objection by first asking about the prospect's current software systems, which is a good way to engage in a dialogue. However, it lacks a deeper exploration of the prospect's specific concerns and does not directly address their worries about potential integration issues. While mentioning the experience of your team is valuable, it could be strengthened by explicitly acknowledging the prospect's concern and providing examples of past successful integrations. The response could also benefit from a more structured approach, outlining the steps your company takes to ensure a smooth integration process. Overall, it demonstrates some curiosity and solution focus, but misses a collaborative tone that could build rapport. Score: 6/10 for initial engagement but needs more depth and reassurance.