Remember how happy your customers were the last time you offered them a discount? The same goes for your merchants’ clients, who would be more than satisfied to get an additional discount on their purchases.
Cash discounting is a trending merchant service that many business owners are opting for to offer their customers that extra something. As the name signifies, a cash discount refers to an incentive that a buyer receives from a seller for purchases made using cash. It is different from a surcharge, in which additional fees are charged on the posted price for buyers paying with a credit or debit card.
Wondering how a perfect pitch for selling cash discount merchant services looks like? Here are some surefire tips for creating a saleable one.
1. Disarm Your Prospect
Disarming your prospect is synonymous with showing empathy for that person and assuring him/her that you are not controlling or dominating his/her opinions or decisions. Be it a presentation or a cold call, make sure your pitch is such that your potential client feels you are empathizing with him/her.
In short, go for a friendly tone that carries a sense of familiarity. Show your prospects that you genuinely care for them and are ready to help them. Saints like to see that true humane nature in a sales rep, which, sadly, many marketing teams don’t think about.
In fact, there are so many sales representatives who think they can win their prospects by controlling them because most salespersons are taught to make the prospect “fit into” their sales process. But that simply doesn’t happen in real life, and the more you sound too controlling, the higher the chances of losing your prospects. It’s because they evaluate your tonality, behavior, and sincerity, and if these attributes don’t show that you truly care for them, they are going to disengage.
So, coming back to the trick of disarming your prospect, you can start with statements like, “I am not here to bore you with another credit card processing solution because we are sure you already must be using one!” Such statements are sure to disarm the merchant and break the ice by making them feel at home.
Writing a pitch for cash discount merchant services is not like the normal merchant account services or payment processing solutions. Since the field is relatively new and different from the traditional one, you need to treat your prospects differently. And the best thing to do so is to empathize with their problems and offer genuine solutions to them.
2. Keep the Conversation Going!
The key to selling cash discount merchant services is to start with a nice conversation and make sure that the prospect is hooked to it till the end. However, you must also abstain from making it a boring one-way talk. Give your listeners enough opportunities to speak and put their opinions on the table.
The success of a conversation lies in the ability of both parties to provide valuable inputs. Try to make your cash discount sale pitch engaging by throwing in a few questions, such as “Don’t you think your consumers deserve the best?”, or “What are your thoughts on this?”, or “Have you heard of the law that allows the usage of cash discounting?”, etc.
An ideal “conversational pitch” should begin by disarming your merchants, then talking about cash discounting and how it can benefit them and their customers, and then gradually move towards detailing the various features of the service. At every step, make sure to engage your prospects and let them realize that you are truly worried about their problems and demands.
3. Tell a Real Consumer Story
Merchants like to hear real stories about happy customers who have used your services and have seen significant growth in their business. For instance, you can tell a real client story that shows how your prospect can address similar problems and situations in the marketplace.
Needless to say, you must definitely use real customer names and never fake it up. Mention the real challenges they have faced, and your solutions helped them to overcome those issues. Be realistic and concise. Never use tech words or too much jargon; it’s likely that most of your clients would feel out of place if you do so. Compelling customer stories will surely be remembered long after the client has walked out of the door.
4. Be Truthful
The only way to make your deal sale is to be truthful about your service and let not your merchants think that your offer is too good to be true! For example, you can mention at least one negative point about your offer and be frank with your client as far as possible.
You can say, “Now, let’s be honest, cash discounting won’t really wipe off your entire payment processing fees. You still need to pay certain monthly fees. However, you are definitely going to save around 80-90% on your current credit card processing statements. Let’s say you are paying $500-600 now. After opting for a cash discount merchant solution, that fee will drop to around $50-60!” You can also add, “You are going to save lots of money per year!”
This is surely going to make 90% of your prospects go, “Wow! That sounds excellent! Let’s try it!” Since you have been sincere and truthful with your pitch, your clients would already start making the decision and giving it a thought. Another tip would be to break down the costs confidently and be as clear as possible. Keep no hidden costs or misleading terms and conditions – such activities are going to lose your clients soon!
5. Give Your Merchant a Way to Come Out!
Let’s say your client has bought your services, and after doing business for a few months, they realize that they are not receiving the expected benefits. At that time, the client may want to get out of this without going through numerous hassles.
You might also want to assure your merchants that they can easily get out of this when they feel their customers are not interested or that they are not benefited in the long run. Keep your opt-out procedure as uncomplicated and simple as feasible, and ensure that the merchant has that peace of mind even before buying your offer.
So, avoid messy sign-out processes and make things easy and comfortable for your merchant. Letting your client have a clear knowledge regarding this is important to close this deal in the first place!