So you walk into a business, you are all fired up.
You know you are going to make the sale, and then on the counter you see it - a point of
sale system.
Your heart sinks.
“Oh, I can’t make this sale what am I going to do?”
Today I’m going to give you the secret to selling point of sale clients.
They’ve already got a touch screen point of sale system.
What on earth do you do?
Because you walk in, I cannot tell you how many sales people I talk to that literally
just turn around and walk out, when they see a touch screen point of sale system on the
counter.
Let me tell you a couple things about this.
First of all, if you are brand new to the industry, if this like your first week, month,
you’ve made less than 10 sales, then turning around and walking out of the business is
actually the right thing for you to do.
I’m just going to be honest with you right up front.
You do not want to get into a big mess of trying to integrate with a point of sale system,
when you are getting started.
Once you have 10, 15 sales, you are starting to get a comfort zone with it.
You got to at some point stop walking out of those businesses because you are losing
a lot of money.
Let me explain how this works and what you can do, the secret to really integrating these
solutions.
#1.
Let’s talk about kind of back up, macro, how does this actually work.
The way it works is that these companies create point of sale software.
There is hardware.
There is software.
They create this point of sale software.
They find hardware that works with it.
One of the ways that a lot of them make a lot of money is that they say, “Wait a second.
If I integrate you know with Mercury Payments or Heartland or somebody else, what is going
to happen is, I can charge kind of whatever I want and the people really want my software.
As long as my fees are reasonable, or whatever, I can charge whatever I want.
Once I get them, now not only am I making my $59 a month software cloud services fee,
but I’m also making $100, $200 a month in credit card processing residuals.”
A lot of point of sale companies are actually based off of that model.
That’s how they make all their money is they have an integration and that’s the
only one that they have.
That’s the problem.
When you walk into the business and you see a point of sale system, a lot of times you
don’t know which direction to go.
Let’s talk about how you approach this and the secret to actually getting this to happen.
The way you approach it when you walk in is I always walk in and I kind of use what I
call negative sales tactics, which means if you tell somebody something that’s negative
about your service you are offering, they are always going to trust you a lot more.
I know that sounds maybe counterintuitive, but I’ll give you an example.
I’ll walk in and say, “Hi, my name is James Shepherd.
How are you guys doing today?
Hey, I’ve got a small business here in the area.
I do payment processing services.
I see you got a point of sale system, and so to be honest with you, a lot of times I
can’t even integrate with these things because the point of sale company they lock it up.
It’s not that I can’t integrate technologically, but they restrict you from doing that because
they are making so much money off the credit card processing.
Do you mind if I ask what’s the name of the software provider and do you know who
you do the processing through?”
That’s how I approach it.
Right off the bat, I explain to them that I may not be able to integrate with it.
It just kind of puts them at ease to make them realize, like I’m not trying to sell
them something today because I literally can’t.
I have to learn a little bit more about the software and see if I can integrate.
That’s going to get me the information that I need.
From there, once you are really experienced, just from that information you will kind of
know if you can sell them or not in a lot of cases.
But still today there are a lot of times I walk in and I still don’t know if I can
sell them or not because there is so much software.
There are thousands of different software vendors out there that have this customized
software that only works with dentist offices or whatever.
Now what you do, the secret to selling these point of sale providers is to call the point
of sale provider directly and ask for technical support.
That’s the secret.
That’s all you got to do.
Look them up online.
Call them up and it’s like POS Dentistry Plus.
You google POS Dentistry Plus.
Here is the website.
You look them up and call the number.
You are like, “Yes, I have a technical question on my point of sale software.”
They are going to transfer you to tech support.
Don’t talk to sales.
Don’t talk to the executive, whatever, because they don’t want you to switch the account,
right?
Talk to tech support.
“Hey, I’ve got a question for you.
I’m over here at XYZ business.”
You don’t want to say you work for the company.
You don’t want to say that you don’t work for the company.
You just say, “Hey, I’m over here at XYZ company and we just have a question on our
point of sale system.
If we want to switch this software to another payment processing provider that we found,
that we really like, lower our costs and things like that.
What does it cost for us to get you guys to actually switch out and use a different vendor?
What is involved with that process?”
They will usually tell you.
Again, probably about 30% of the time they are literally going to say, “We don’t
do that.
We only work with these two processors.”
Why are they doing that?
Because they want to make money.
That’s why they are doing that.
They want to lock in their profits.
I would say about 60 to 70% of the time, they can work with different processors, but they
charge $500, $1000, $200, whatever.
That’s their fee.
Is it really difficult to integrate with another processor?
In many, many cases, it’s not.
They are probably using the same gateway, Authorize.net or whatever.
The reality is that they just want that money to offset all the money they are going to
lose over the next years of processing.
They are going to charge an upfront cost.
What you have to do then is take your upfront bonus money, work with your processor, pay
that off so you can switch them over.
The odds are if they are locked in like that, their rates are probably really high and you
can save them a lot of money.
I kind of gave you the one secret.
I really have two.
So you are going to get a bonus secret here at how to sell these.
The other big thing is you’ve got to have a lot of different frontend solutions.
What I mean by that is some of you don’t understand how frontend and backend works.
Think of the frontend as the technology that allows you to authorize the credit card transaction.
That’s the frontend.
It communicates with the Visa, MasterCard, Discover network to see if the transaction
is approved.
It sends back an authorization code.
That’s the frontend.
The backend is when you are actually moving the money around.
That’s a very different thing.
What you have to do is, you have to have multiple different frontend solutions.
The ones you really have to have for sure.
You need to for sure have First Data frontend, Tesis frontend.
I really like having Vantiv as well.
As many different frontends you can have the better.
This is where you either have multiple processors, or ideally, you find one processor that has
2, 3, 4 different frontends that they use.
They may have one backend.
They may have different backend systems, whatever, but one Iso you work with and again, we talked
about it in the video yesterday of like an Iso is a processor is an acquirer.
I don’t even know anymore honestly.
It’s so ridiculous the names that everybody uses, but I’ll say an Iso in this case,
your sales organization that you work with.
Make sure that they give you access to multiple frontends, because if they don’t you are
going to have a really hard time integrating with all of the different point of sale solutions
out there.
Each one is going to say, “Yes, we can do any processor as long as they are on Tesis,
because we integrated with Tesis.”
If you don’t have Tesis, you are sunk.
Or “We can integrate with Global,” or whatever.
You want to have as many frontend solutions as you can.
Call your processor and just ask them that question.
What frontend solutions do you have?
What do we have available to us?
It may not be their primary.
They may do 85, 90% of their business through Vantiv, but they may have a Tesis, a Chase
Payment Tech, and a First Data frontend.
Find out what frontends they have.
Then when you call tech support you can tell them when they say, “Well, I don’t know
if we can integrate with you or not.”
You can say, “I know for sure that the processor we are looking into they said they can integrate.
They have a Tesis frontend, Global, and First Data.
If you can integrate with any of those, we’re good.”
Whatever it is.
Make sure you have multiple frontends.
Call tech support and talk to them about it.
Again, maybe you get the sale; maybe you don’t, but it is always worth a phone call.
If they are locked in, their rates are probably really high and it is not going to be that
hard to get them to switch.
That is the secret to selling point of sale clients.
Hopefully that will help you to sell some bigger accounts this next week.