Business Development Center

If you are new to the business world, you may believe that a low cost merchant account is beyond reach. You might reason that every dollar of profit you make should be funneled right back into the business’ products or services rather than into an account that facilitates electronic payment processing. But a merchant account may be the very asset your business needs in order to achieve the growth you want to see. By providing your customers with alternative payment options to cash and check, you are inviting them to spend more and pay according to their preferred method, since research shows more consumers are choosing to pay by credit card than any other means.

A low cost merchant account can help your business grow by enhancing your marketing plan. When the word gets out that your company offers electronic payment services like credit card swiping, telephone dial-up, and Internet Website payment options, customers will be impressed and may be more likely to check out your various options to see for themselves how easy you have made it for them to shop with your company. Naturally, you don’t have to offer all these options at once. But you can start by getting approved for merchant account services and then setting up one type of credit payment option to see how customers respond. If all goes according to plan and growth follows the expected trend, you may decide to add another option to further expedite payment procedures.

Your low cost merchant account can put a terminal-printer on your checkout counter to help your cashier process credit payments in addition to making change for cash payments and getting the manager’s check approval. When customers know that you accept credit cards, they may be more likely to spend more than they would have otherwise. They might even buy gift cards or novelty items in the checkout line. If you deliver goods or services with an appliance installation service, for example, you can buy or lease a wireless credit card processor that can go wherever you do for point-of-sale processing. You don’t have to worry about statements that won’t get paid or billing customers each month for the next year. A credit card sale can finalize the account to the satisfaction of both your client and you.

When you are ready to grow your business to the next level, with a low cost merchant account, you can apply for digital credit card processing by installing a telephone credit payment service. This will allow customers to call in at any time and key in their credit card account number for payments without the aid of a customer service representative. Then you can add a company Website with a credit-processing feature where customers can order services or supplies and pay on the spot with a credit card.

Don’t wait too long before making the move to electronic credit card processing equipment. Your customers expect it, and your company needs it to stay solvent and experience serious growth. Start thinking about applying for a low cost merchant account.

1) Is it an essential component to your sales mission or just an ingredient in the recipe?

List 10 actions, routines or tasks that are part of your sales day and considered essential components of your sales process.

Now, ask yourself. How many of these are essential components to my sales mission are just ingredients in the recipe?

Think about a professional golfer’s essential competencies from tee-off to last putt. Is the ball and club a core competency, or is it the golf swing and putting stroke? What about a basketball player with the essential competency of passing, dribbling, and shooting?

2) Can it be measured routinely and accurately?

A Core Competency is a definable entity that is related to performance and results.

Ask yourself. Can I measure this with a napkin, pencil, and calculator? Can I put it on one piece of paper and be able to evaluate the status of my business? Do this first. You can always transfer it later to the million-dollar sales automation system.

Can you apply a universal performance benchmark that is realistic and assures revenue goals individually and collectively?

3) You know you have achieved this when you can tell a sales recruit during the interview process the (3) simple numbers that will assure them success.

Have you identified the ‘Key Performance Indicators’ in your sales process?

A good KPI example in the sales process might be how many times you advance the first sales appointment to the next phase, whether that’s a demonstration, a site visit, a survey or a proposal. Another KPI is how many times you gain a new customer once the first gateway is passed. And when you do gain a new customer, what’s the average revenue you achieve? That’s certainly an important KPI. Because if your average revenue per sale is 40% less than the average peer KPI, you might want to find out why and take focused action to improve it, as you’re leaving money on the table.

And what about the length of a sales cycle in days? Is that conditional or do you have a degree of control over it? If you have a team member that has an average sales cycle 30% shorter than the peer group, uncover and assimilate those best practices out to the rest of the sales team. Less time, more results. That makes ‘Sales Cycle’ a valuable KPI.

Once you have your KPI averages you will be able to communicate to a sales recruit exactly how much sales activity (new appointments per week) is required on their part to successfully ramp to Quota is a pre-determined amount of time. That’s right, a ‘Pre-determined amount of time in days’. And that will shorten the time to Quota and reduce the Hard-dollar cost of Turnover from low appointment activity.

But don’t assume they can do it on their own. Provide them with a training ‘System’ to help them achieve the activity routinely and effectively.

4) Can it be determined operationally that you’re performing similar business activities better than your competitors?

Strategy is the ‘what’ and tactics are the ‘how.’ If you are superior in operational effectiveness, you will tactically perform better than your peers and competitors. This works a lot like the outcome of a football game. The winning team almost always outperforms their opponent in fundamentals like “Blocking and Tackling.”

5) Can you apply “Timely Training” and “Powerful Routines” around each core competency?

We know what training is, but do we understand why training fails? Timely Training is having appropriate structures for learning and application, defining useful short-term objectives, measuring results, and working closely with qualified trainers for follow-up and support. Most importantly, there must be organizational commitment. Focus on one core competency at a time until a pre-determined benchmark result is realized. Don’t move on or over until you do. Powerful Routines are linked to selling scenarios and allow you to dust off all the bases and then cover all of them to have the highest ratio of success aligned with each situation.