The most important of all merchant card services is the ability to accept credit and debit card payments. For a business it is very important to obtain a merchant account because in order to be successful the business needs to offer various forms of payment options.

The services that a business acquires when obtaining an account should be professional, efficient and cost effective. To make sure that your business reaches its maximum potential it is vital to explore all of the options available and select the exact services that will make your business successful.

First you must understand exactly what type of business you run and are planning on becoming in the future. The three main types of merchant accounts are traditional (storefront), wireless (vial mail and telephone), and virtual (via the internet). Your business may be one of these or a combination of any or all of the three.

When selecting which merchant card services that your company will utilize it is important have a clear idea of what is available. Some of the more common available services are:

• Credit Card Processing
• Debit/ATM Card Processing
• eCheck Processing
• Real Time E-Commerce
• Check Guarantee
• Programming Software
• Web Site Shopping Cart
• Check Verification
• Terminals (with or without printers)

Again depending on which type of company you are and which services you wish to offer your business will decided on varying options within the services. There are several types of terminals and software programs designed for specific transactions. When deciding which types of cards to accept it is common practice to accept VISA and MasterCard at the very least.

The beauty of merchant card services is that they offer your business the ability to accept multiple forms of payment all while the company who you have your merchant account with does the processing. Just saving your company this headache is very efficient, but include in that the profit that your business will see from the increased purchase options and you can see why it is so vital to have a merchant account.

It is very easy to get started. Most companies offer online applications that can be filled out quickly and effortlessly. Once you have determined which company offers the best options for your business and completed your application the company should respond to your request quickly and with a variety of options that are viable for your business. At this point you have to ask any questions that you may have so that you can ensure your companies success.

A common question asked is why does my business need these services? Studies have shown that consumers are spending more with credit cards, debit/ATM cards and checks each year. That fact along with the ease of use for processing such transactions makes the merchant account an excellent choice for the savvy businessman.

Determining what merchant card services are viable for your business can make or break you. A business wants to provide their customers with the most up to date technology while keeping their profits at a high. Pick the right services for your business and you will be sure to succeed.

By Brantley Graham

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When learning how to sell merchant services, for the merchant focused salesperson it’s important to understand what’s behind the decision to buy.

According to a recent article by Professor Robert B. Caildini of the University of Arizona there are six basic tendencies of human behavior that come into play when generating a positive response to a request: reciprocation, consistency, social validation, liking, authority and scarcity. These six traits determine why people purchase and arrive at decisions within our society.

Lets review each.

#1 – Reciprocation. Most societies teach us to repay or give back in direct proportion to what we have received. This technique is used all the time by charities, drug companies, super markets, and health clubs. By giving away a sample or service the individual feels obligated to reciprocate or purchase.

Does this technique work? Ask the Disabled Veterans organization, after sending out free personalized address labels, their donations more than doubled, skyrocketing from 18% to over a 35% donation rate.

#2 – Consistency. People have an inborn desire to appear and be consistent with their word.

A great example used in Mr. Caildini’s article is from a restaurant owner in Chicago who was struggling with patrons that had reserved a table but failed to show up. He had his receptionist change two words when speaking to callers requesting a reservation. The changed dropped the no call, no show rate from 30 to 10 percent immediately. When she asked them “Will you please call if you have to change your plans?” and waited for an answer, this forced the customer to make a public commitment which filled their need to be consistent with their word, therefore the no show rate dropped.

#3 – Social Validation. You can increase your sales ratios by demonstrating or merely implying that others just like them have already used your service and are happy with the results. For example, one study found that fundraisers that showed a list of neighbors that had donated to a local charity increased the amount and frequency of contributions significantly. The bigger the list, the better the results. References and customer letters are great ways to invoke social validation.

#4 – Liking. “Affinity”, “rapport” and “affection” all describe a feeling of connection between seller and buyer. People like to buy from people they like. Look at Tupperware for instance, through in-home demonstration parties, they arrange for customers to buy from a liked friend, the host, rather than from an unknown salesperson. This strategy has worked so well that there is a Tupperware party being given every 2 seconds some place in the world.

#5 – Authority. In 1955 researchers from the University of Texas discovered that a man could increase the number of people that would follow him across the street against the light by over 350 percent, by changing one simple thing. Instead of casual dress, he wore the markers of authority, a suit and tie. Highlight your experience, background and credentials and you can harness the power of authority. What other tools can you use to make yourself more of an authority figure?

#6 – Scarcity. Scarcity is one of the methods used the most in our society. Just turn on the T.V. and you will be bombarded by this form of advertising. Slogans like “These prices won’t last forever”, “Limited quantities on hand”, “Rates won’t stay this low forever”, “Buy now and save thousands”. Buyers want the best deal possible and when faced with a scarcity issue will usually make an affirmative buying decision.

There you have it, the six fundamental tendencies that influences an individual’s buying decision. But don’t forget the two underlining motivators that influence every decision we make and action we take.

· The Need to Avoid Pain or Fear of Loss

OR

· The Need to Gain Pleasure or Benefit

Don’t forget the decision to buy bankcard processing services is emotional. It takes a stronger emotion to overcome a weaker emotion. The only way to overcome the fear of pain is to make the desire for gain, or to be better off more intense.

The majority of people will do more to avoid pain than they will to gain pleasure. In fact studies have shown that pain is a 2.5 times greater motivator than pleasure. These behaviors are genetically and culturally programmed. Think about it, how did your parents motivate you as a child? Usually we are threatened with some type of consequence (spanking, grounding, lost privileges).

When do most people make a major life change or modify their behavior? When the pain gets to great.

This is simple psychology; often the most profound insights are simple. Just make sure you not only show your customer how much your product will benefit them, but how they will also alleviate their pain today by implementing your merchant services solution.

By Marc Beauchamp

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