8 Tips And Tricks To Grow Your Merchant Services Business

8 Tips And Tricks To Grow Your Merchant Services Business

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Whether you’ve just begun your journey as an ISO agent or have been working in this business for many years, here are some tips that will help anyone maximize their ISO sales and expand their merchant service business.

1. Make a Daily Schedule and Stick With It! 
Independent Sales Agents make their own schedule, so it’s important to create a schedule to keep you on track. A helpful tip to using your time effectively is to plan out each hour of the day. For example, you can start your morning with a couple of hours of cold calling, schedule a demo or meeting before lunch, and schedule more demos with clients after lunch. Once you realize what your most efficient daily routine is, it’s important to remember to stick with it.

2. Use Social Media 
In this day and age, social media has become an invaluably useful sales tool that can be used for research and outreach. Because your target audience is merchants, LinkedIn is probably your best bet to start with. Make sure to add all of your friends and business connections to establish yourself as a credible ISO agent. An easy way to gain exposure on LinkedIn is to join relevant groups and participate in discussions. This will build your reputation as an ISO agent and can also help you engage with potential leads.

3. Leverage Your Existing Network 
This might seem obvious, but remember to reach out to the people already in your life, like your friends and family, as well as local business merchants. Remember to in hand out a lot of business cards because you never know who could be a potential lead.

4. Ask For Referrals From Your Clients 
Once you’ve got a few clients under your belt, it’s important to periodically reach out to them to maintain positive relationships. A benefit of this is that they can also refer you to any of their contacts who may be interested in using your merchant funding services.

5. Create a Decision Point 
You’ll find that one of the biggest obstacles in ISO sales is that most merchants aren’t actively seeking new providers because they already have one. You can’t expect to convince them to open an account instantly, but what you can do is help them begin rethinking their funding options. Make sure to not start your pitch until they’re ready and open to hearing it.

6. Keep Your Head Up 
If you find yourself not making a lot of sales or making less sales than you used to, don’t let those rejections hurt your spirit. Being a successful ISO agent depends on your dedication, resilience, and time given. If you get rejected, move on and keep your head up so that you can focus on getting your next win.

7. Stay Curious and Seek Knowledge 
The business loan alternative industry is constantly changing, so it’s important to stay informed on what’s happening. Knowledge is power, and the more knowledge you have about your product, the better you’ll be able to sell it.

8. Work with the Right Funders
Lastly, work with funders you can trust and rely on to provide your merchants with quick and easy working capital. The last thing you want is to lose a deal you’ve worked hard on because the companies you partner with are slow or hard to work with.