Class 501: New Merchant Workup -
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How to Work-Up a New Merchant – WORK THE SYSTEM – “BECAUSE SYSTEM WORKS”
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Always Use the Merchant Questionnaire – Online – Printed
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You will use the Merchant Questionnaire to gather all of the important information you and your Team Leader need to work-up a proposal for the both of you to close to the Merchant.
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Once you have the Merchant Questionnaire fully complete, you will submit it online through the CRM or by taking a picture with your cell phone and texting to your Team Leader.
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Once your New Merchant Questionnaire is received by your Team Leader, will start “The Work-Up” for your new merchant. This is of course after you have established rapport and have determined that the merchant has a need or at least open to seeing a Savings Work-Up. Remember you are the one that is ultimately going to finalize the sale, not them Team Leader. However, there has been many occasions where the Team Leader closes the merchant over the phone and you just get the paperwork complete and documents collected.
NOTE: If you don’t use the system or don’t follow the steps in the system, your Team Leader has been instructed to move on to his/her other Sales Partners who are following the system!
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Please understand we have to be very strict on this policy for the benefit of all.
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“Time is Money” everyone is paid 100% commission, so don’t waste everyone’s time, including your own!
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We don’t expect you to master everything in a week and go out and wing it and get sales.
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Team Leaders are also paid 100% commission, so they are 100% motivated to help you close deals.
Compliance -
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Equipment Compliance: One of the skills you will need to acquire is to be able to quickly identify Non-Compliant Equipment that a Merchant is currently using. We know at first, this can seem a little daunting, however Radiant has made this process simple. First you need to understand the basics, then just ask the same series of questions every time you speak to a new Merchant.
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Basics – All equipment that was issued prior to November 15th, 2015 is most likely Non-Compliant Equipment. If a Merchants equipment was issued on or before November 15th, 2015, VISA/MC and the PCI Counsel, doesn’t care if they leased or bought the equipment, because there is a 97% chance that the equipment isn’t compliant with EMV, PCI or SHO2 industry requirements.
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Basic Questions –
1. What’s the Name and Type of all their equipment?
2. What year did they purchase or lease the equipment?
3. Is the Merchant being charge a $19.95 Monthly Non-Compliance PCI Fee?
4. Has the Merchant been fined by VISA or PCI for using Non-Compliant Equipment?
Please study EMV, PCI-DDS and SHO2 Compliance, it is a very important part of your job and industry. All Top Merchant Services Sales Representatives know how to turn Industry Compliance into a selling opportunity. Non-Compliance means the Merchant has to have new equipment, which opens the door for leasing up-graded equipment. [Study Leasing Benefits] [Also study: https://www.pcisecuritystandards.org/] and [https://youtu.be/jeaZ-7O6GZQ]
Equipment Match or Equipment Upgrading –
As Radiant Sales Partner how will you know when to Match or Up-grade the Merchants Equipment?
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Matching: This is done when you have established that the Merchant just wants equipment like they are currently using, only it’s compliant equipment.
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Equipment Upgrading: This is done when you have established that the Merchant wants to Upgrade their equipment to something like a POS system for all the additional benefits a Point of Sale system offers.
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Notes: Never Match or Upgrade with the exact equipment a Merchant already has, otherwise your merchants feel like they really didn’t need to change. Example: Never upgrade a VX520 with another VX520. Remember, less is sometimes more. Keep things simple, because the simpler you make it to buy, the more people will buy from you. Also, people naturally fear change or the unknown. Never overwhelm Merchants with your knowledge. You must really know your Merchant to ever ask if they have ever considered upgrading. We suggest you don’t offer upgrades until after your 3rd month or 6th sale.
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Equipment Add-ons and Up-Selling -
On or around your 2nd month or 6th sale, you will want to start Cross Selling additional products and services Radiant offers. This will allow you to generate multiple commissions from one Merchant, and of course benefit your Merchants in several ways.
Radiant’s Additional Products –
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Ecommerce with Shopping Cart
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Payment Gateway – Quickbooks Online Sync – Invoice-Pay, ACH, Recur-Billing
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Fixed Rate Mobile-Pay
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American Express One Point
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Check Services
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Merchant Cash Advance
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ATM Placement – Free & Lease
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Web Design, Development, Ecommerce and Marketing -
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Loyalty & Gift Cards
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Free Home-Base Employee Management Software
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Merchant Membership Club – Exclusive pricing, Receipt Paper, Covid-19 Supplies
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Gift Cards -
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Create Return Customers
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Goodwill/promote repeat business – customer will usually spend more than refund amount on card
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National Average: only 33% of gift cards are actually
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Mobile-Pay -
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Remote convenience for Smartphones and iPhone
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Mobile-Pay with Cash Discount + $250 Sales Partner Bonus
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Virtual terminal – PC/Mac
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PCI compliant
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Off location transactions – handyman, plumber, sporting events, trade shows, etc.
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ATM Service -
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Income generation for merchant’s business
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Eliminate cash back draws from merchant’s cash register
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ATM placement, servicing, and signage
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Draw in extra business
Merchant Cash Advance -
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Need capital? Remodel, business development, payroll, etc.
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Not a loan but an advance on future reserves
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Fast funding in as few as 7 days
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Merchant Virtual Online Terminal -
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Merchant portal to monitor account information
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Gateway to programs
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Virtual terminal availability
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Online payments (Internet)
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Check Services -
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Eliminate NSF returned checks
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ACH and recurring bills – monthly dues/subscriptions
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Accept checks as easily and secure as a Bank Card
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Fast Funding