Updated: Oct 8, 2020
In February 2020, the U.S economy was booming, the horizon was clear, smooth sailing. By the end of March 2020, the economy had ground to a halt with restaurants closed, retailers shut and airlines grounding their expensive fleets and parking planes in the desert. Covid-19 had made its mark on our shores. Prior to Covid-19 roughly 2.5 Million people a day took to the skies in the U.S. On April 8th, 2020 just 97,130 travelers passed through the TSA Checkpoints, a 95% reduction from the same day a year earlier. Much the same as the reduction at the TSA Checkpoints, Merchant Services Providers, Representatives, and ISO’s across the country saw their book of business shrink as establishments closed and the remaining few submitted less transaction than the year before.
Adding to these challenges, is the fact that the the B2C Merchant Services market in the U.S. is fully mature. Meaning there are precious few segments that are not already open to credit acceptance, free form competition and away from the race to zero. It is probably a familiar feeling to have lost a merchant account in the last 12 months to a competitor purporting to save your customer a penny or two on processing. Who would blame the merchants, every penny saved is probably going towards survival in these uncertain times?
There is though, an alternative for Merchant Providers, Representatives and ISO’s across the country to combat this erosion of business, it is B2B. Often Merchant Services people lament about the challenges they face in B2C when B2B is staring right at them. So why is that? For the longest time Merchant Services organizations, Representatives and ISO’s have only focused on B2C. B2B was considered hard to sell, difficult to gain access to and a much longer sales cycle. In fact, the B2B segment represents the greatest opportunity for Merchant Services with over $10 Trillion in potential new payments up for grabs and waiting to be processed. The Card issuer market has never been so robust with multiple players acquiring Cardholders for their Corporate Card programs with rich rewards and benefits. This in turn drives the demand of the Cardholder with their supplier base to use plastic.
Guide2Interrchange is a B2B Sales training company led by Roger McNamara a 25+-year veteran of the Payments Industry, most recently as the Director of Business Development with American Express in the US. He has worked on the largest Acquisition targets for acceptance across multiple Industries and across the globe that include : Airlines, Communications, Technology, Cruise Lines, Entertainment, Fractional Jet, Freight, Government, Healthcare, Insurance, Oil & Gas, Residential Rent, Restaurants, QSR’s, Retail, Services, Supermarkets, Travel, Vehicle Sales and for the last 10 years B2B and Wholesale. Over that time, he has sold more than $200 Billion worth of Card processing and become an expert in B2B selling and what makes suppliers buy Credit Cards as a form of payment. Roger has developed a complete B2B Training Curriculum that he offers and teaches to Merchant Services organizations, Representatives, and ISO’s across the country. His approach is radically different than the usual method of selling price but focuses on the value credit cards can offer a supplier while fitting into their payment process. So even if you have been selling into B2B, Guide2Interchange can show you how to maximize the return from acquired merchants, avoiding surcharging, switching and suppression, the killers of transaction volume growth.
Roger shares an easy to understand B2B sales method that breaks down the payment process and provides the merchant services salesforce with the appropriate language and talk tracks to build rapport and increase success. When you are immersed in the day to day running of your salesforce it can be difficult to visualize enhancements that can increase productivity, highlight your growth potential, and gain access to untapped revenues in the marketplace. That is why Guide2Interchange can be your solution.
Here is an overview of some of the aspects and sales topics that Guide2Interchange address in their training modules:
v B2B 101 Boot Camp - The language and history of credit in B2B
v Why the B2B segment is so critical and the move away from the “Race to Zero”
v B2B Payments - The competition and playing field.
v How to sell “Against Term” and the “Time Value of Money”
v Positioning Statements for Gaining Access
v Financial Positioning of Credit and Debit
v Financial Analysis
v Advanced Emotional Intelligence Techniques
v Gaining Access
v Cold Call Techniques
v Verbal and Nonverbal Communications Techniques
v Issuer Opportunities
v B2B Payment Options
v Objection Handling
v APR V Credit
v Credit v Factoring
In addition, Guide2Interchange believe that one of the most important things that a sales consultant company can do is to immerse themselves in the client’s sales environment. Guide2Interchange has also developed a boots on the ground approach to understanding a sales culture and process. Shadowing top and underperformers allows them to assess their strengths and weaknesses in the field. And enables Guide2Interchange to highlight areas of opportunity and provide targeted sales training for the individual, the team, and the sales process to enhance sales potential.
If you are already selling or thinking about selling in B2B, Guide2Interchange is your best option for targeted B2B Merchant Services Sales training. Call or contact them today at Guide2Interchange @gmail.com or 561-379-3151 for a free assessment and quote.