Hi, my name is James Shepherd.
Today I want to talk to you about one lie that is killing your commission in the merchant
services industry.
One of the things about our industry that is so shocking to me is some of these core
assumptions that we have internalized that we believe in, that actually kill our sales
process.
Whether it is as an independent rep or as an iso.
These assumptions are just not true.
The biggest one in my mind that kills the sales cycle time and the sales process is
this idea that the merchant cares about these specifics of what they are currently paying,
and how that compares to what you have right now.
The whole idea of the side by side comparison, it is ridiculous.
When you sell anything else, if you are selling a car, you don’t go through and say, “Now
before I can sell you a car, Mr. Jones, let’s look at your current vehicle and I’m going
to go through and make an exhaustive list of all of the features that your current car
has as well as the gas mileage and everything else.
Then what I’m going to do is I’m then going to create a side by side comparison
to show you what your new car has.”
Nobody does that.
Do you know why?
Because nobody cares.
What they care about is the new thing.
What am I getting in the car that I’m buying?
Not what did my old car have?
What happens is that sales people inevitably go into the business with this idea of I have
to get a statement.
I have to understand everything on the statement, so that I can do this side by side comparison
and/or send it to the statement analysis department.
It’s just like, “Ah, don’t do that.
That is crazy.”
Most of the time that is not important.
Most of the time, they don’t care about that.
All they care about is what are your fees going to be moving forward?
They are going to want to see an itemized list of your fees moving forward, but they
don’t care so much about the fees they were paying before.
All they want to know is what were the total fees I was paying before and then what am
I going to save and then what are the details of the fees I’m going to pay moving forward.
One of the things I haven’t really talked that much about in my content recently is
instantquotetool.com, but this week I’m doing something really special and important.
On Friday, this week, I am doing two different go to webinar screen share sessions, one at
10:00 a.m. eastern, one at 4:00 p.m. eastern.
That is this Friday.
Let me encourage you to jump on one of those sessions and let me walk you through using
instantquotetool.com.
One of the things that we created with that tool is yes, you can do a side by side comparison.
I will show you how to do that.
You can make the most detailed comparison you want, but the point is there is a whole
other process you can do first that in many cases eliminates the need for even doing a
side by side comparison, so you don’t actually have to get the statement from the merchant.
You just need them to get the statement and look at it and tell you what the total fees
are.
For instance, I’ll give you kind of an example of this pitch, when you go into the merchant’s
location.
You can start off by saying, “Hey, before I even see your statement, or now anything
about that, all I need to know is your total volume.
If you want to just grab a statement, I don’t even want to know what you paid.
Tell me your total volume and then I’m going to tell you what our total fees would be.”
We can help you set up the instant quote tool.
Bring in your Schedule A, your compensation, your minimum pricing fees and all that, and
we can help you to be able to create this with our algorithm that predicts interchange
fees.
There is a couple things we’ve done this week in preparation for our screen shares
on Friday.
One of the things that we’ve done is, if you go to instantquotetool.com right now,
you can get a free 30 day trial even if you already had one in the past.
That doesn’t matter because many of you tried and I think we’ve had I don’t know
well over a thousand users that have used this thing.
You may have used it a year and a half, two years ago, when we didn’t have all the functionality
we have now.
It wasn’t as streamline, so I really want you to go there and try a new 30 day trial.
That’s kind of my gift to you.
Many of you watch my content religiously.
You are in this industry and you are like, “James,” people ask me all the time, “What
do you do?
How do you make money?”
One of the ways I make money is with instantquotetool.com.
Primarily with isos that want to brand it, but also with individual users that want to
use it.
You can use it with multiple processors.
So it is a really nice tool to have, but the key thing, the key take from this video is
get away from this idea that you have to do a side by side comparison every time.
90% of the time, you don’t need to do that.
You don’t need to take a statement back with you.
You don’t need to send a statement to the analysis department.
You can use instantquotetool.com to just do this for you.
Go to instantquotetool.com right now and either click on get started and start your free 30
day trial.
Again, even if you had a trial in the past, you can start a new trial if you are not actively
subscribed, and/or the other thing you can do is go ahead and click on one of the links
on that home page at instantquotetool.com and you can click there to register for one
of the webinar sessions on Friday at either 10:00 a.m. or 4:00 p.m. eastern.
My name is James Shepherd.
Thank you so much for listening and watching this content.
I hope that you have an awesome day!