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Increase Your Sales Accept Credit Cards, Part 2
In part two we will discuss overcoming objections, which credit cards to accept and using the check paying option. If your business is home-based or has been in operation for less than two years, you are likely to face objections from the bank. If yours is a home-based or a brand-new company, be sure to meet with the banker to show your business plan, offer collateral and discuss your personal net worth. You are more likely to be able to overcome objections by being open and honest. Even if your bank turns you down, however, you still have options. First, you can always try other banks. If you don't have any luck getting a bank to back you on your own, consider going through an Independent Sales Organization (ISO). These are field representatives from out-of-town banks who, for commission, help businesses find banks willing to grant them merchant status. Ask your bank to recommend an ISO, or look in the Yellow Pages under credit cards. The ISO may be able to help you simply because it represents dozens of banks, each with their own specialties and criteria. The ISO representative can match your needs with the needs of the banks he or she represents, without requiring you to go through the application process with all of them. Of course, you will pay higher fees because you run a home-based business, which presents more risks to the bank. Some banks will require you pay either a percent of your monthly credit transactions or dollar amount, whichever is higher. You also pay a per-transaction handling fee, a monthly fee and per month fee to rent a point-of-sale terminal. Which Credit Cards Should You Accept Once you've obtained merchant status, you can accept a variety of credit cards, depending on which are offered by your bank. Some banks issue their own cards, and others act as intermediaries between the credit-card companies and your business. Different banks offer different cards. Most will likely offer Visa and MasterCard, because these are the cards most consumers have. Many banks also offer Discover and American Express, but not all do. Before you sign on with any bank, consider the costs carefully. If you don't anticipate many credit-card sales, it might not be worthwhile for you to pay the setup and monthly fees. If you are not sure the costs will benefit your business in the long run, call a few banks and find out what kinds of fees they charge. Be sure to call more than one, because fees vary and you won't have a set figure until you actually apply. Accepting credit cards may not be for every business. But if yours is the kind of business where customers are likely to want the convenience, you are only cheating yourself if you don't give them what they want. Remember, your competition will. Check It Out If a lack of a business track record is what keeps you from getting merchant status, consider signing up with an agency that provides checks by phone. This service allows you to accept payment directly from a customer's checking or savings account. With this type of service clients simply e-mail, fax or send by modem the customer's name and address, the amount of the sale and all the numbers listed across the bottom of your customer's check. These numbers, include the bank routing number and the customer's account number. They use these numbers to draft the appropriate account and pay your business. You can usually request that your payment be sent by overnight shipment, resulting in your getting paid even before the draft has been completed. If you suspect a check might be bad, you can have them check it against its computer database, which includes identification information on banks and their branches in both the United States and Canada. There is a per transaction charge for this additional screening. So, as you can see you have a number of ways to get merchant status. Remember, the name of the game is options and convenience for your customers. If you don't offer it, they will go to someone who does. So what are you waiting for! Copyright 2004 DeFiore Enterprises Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses. No time to visit the site? Subscribe to our "how to" Home Business Solutions Digest, it's like having your own personal coach: mailto:subscribeHBS@homebusinesssolutions.com
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Careers and Employment How To Use A Powerful Leadership Tool To Step Up Sales Results Good sales people can close, but few "step up" for even more sales from that close. Yet stepping up should be one of the easiest accomplishments in sales - that is if you know how to build the staircase. Business Career, Executive Coaching Article - Perfection vs. Excellence "(Howard) Hughes never learned how to convert his knowledge to practical application. Instead he sought a perfection that assured failure." - From Empire: The Life, Legend and Madness of Howard Hughes by Donald L. Bartlett & James B. Steel When Its DUH? Time at Trade Show - 3 Little Words Save the Day TIME, MONEY, HASSLE - You can make a sale on one of the Three Little Words, but when you sell on two of the three, you'll have a very loyal client. Whats a Professional Sales Manager? I was in the depths of a major depression. As a third year salesperson with a good company, I was doing well, and was on my way to becoming the top salesperson in the nation for that company. But business had slowed down a little, and I did not have my usual number of proposals out for consideration. So, I wasn't as busy as usual. As my activity slowed, I began to worry. My doubts increased to the point where I had thought myself into a real depression, stuck on the question of "What's the use of trying?" The more negative my thoughts became, the less energy I had. My lack of energy led to fewer and fewer sales calls, which of course, led to less activity. And that led to more depressing thoughts. I was caught in a powerful downward spiral. Five Steps to Maximize Success in Targeting For Growth Targeting is the process of selecting high potential customer accounts to receive intense sales focus. Goal setting translates that high potential into achievable numeric objectives, i.e. revenue and margin growth. The ACCOUNTABILITY Challenge for Today's Business Management In today's 24/7 driven business word, accountability is becoming a more critical issue for every business owner, manager, executive and salesperson. The challenge is to realize that accountability is just not a single issue, but an issue with many supporting elements. To maintain and thrive as an accountable individual first requires overcoming the fear to embrace these elements and then a plan of Action to ensure that YOU are an accountable individual. 10 Things to Help Your Business When Sales Are Slow During the Holidays Twiddling your thumbs and waiting for some business to come in? Why not use this downtime to set yourself up for greater success in the new year? Here are my 10 picks, but you don't have to do them all. Even doing just one will get you another rung higher on your business ladder. Profitable Relationships: Is It Amateur Hour or King of the Hill? "We're in the relationship business...airplanes are what we use to provide a service." remarked Colleen Barrett, President and COO Southwest Airlines remarked, Sacking Clients: Brand Power Wheel Remember in the last message we talked about your directional pipeline and how sometimes you'll be approached by prospects who just don't fit with what you want to achieve? We looked at the different types of prospect - Desperate, Curious, and Inspired. Want to Increase the Amount of Business that Your Firm is Getting? Business development is important for every business and refers to the action of bringing in customers or clients that are likely to make positive contributions to a company's bottom line. Business Development is all about establishing relevant and subsisting relationships in the market place. How to Win Over the Man in the Chair Salesmanship, Repetition, and Direct Mail In a classic business-to-business print ad from the late 50's for McGraw-Hill Magazines an imposing looking executive sits in his chair. He has both feet planted firmly on the ground, a scowl on his face. His hands are folded together in front of him and his elbows rest on the chair; he leans ever so slightly forward. To his right run these eight lines of copy: Snuff Out the Competition Without Leaving a Mark! Does the competition drive you crazy? Are they relentless about taking your clients away? Are customer loyalties becoming a thing of the past? Moving a Business Relationship from Free to Fee: Turning Strangers to Friends with Power of Freebies In the last issue I shared with you a technique for getting permission to follow up with people who have seen you speak on stage. This was just one example of a tactic for filling your pipeline. How to Increase The Sales Of Promotional Products I have searched for a new way to increase the sales of my promotional products. A good way is to start an affiliate-program with a commision for every customer who buy an product and who came to your page from a webpage of one of your affiliate-partners. To Increase Your Sales and Revenue Make Sure To Add Value What are you and your company's services and products worth to customers? What is the value you and your company bring to your customers? When working with customers and organizations, it is important to distinguish the difference between worth and value and to set a baseline value for the contributions you bring to the table. To illustrate, following is a simple example based on a company that provides training to other companies: Outsourcing the Sales Function Small to medium companies that want to increase sales or profits and find it is possible to outsource sales should - do it! At this point most business owners and executives either become overwhelmed with doubt or fear. How Exhibitors Can Move More Attendees Closer to Buying Q. What's the single, biggest change exhibitors can make to move more prospects closer to a buying? Increasing Sales by Using Coupons - Will it Help Your Business? Increasing Sales by using Coupons. Will it help your business? Well, the Promotional Marketing Association's (PMA) "Coupon Council" shows that 3.8 Billion coupons were redeemed in 2003. Consumers saved over 3 billion dollars. 79% of American's used coupons last year. There are many Coupon Franchises out there with quite a track record. Here are a few of them: Val-Pac; http://www.valpak.com/info/franchise/franchise_faqs_content.jsp. Online Sales: Secret To Increase Your Sales By Bundling Your Products Microsoft has used this online sales secret to become a giant, and the greatest software company in the world. A Fracas in the Franchise - Keep Your Customers by Keeping Your Workers As a previous owner of a Franchise I know the importance of maintaining employee commitment, loyalty and enthusiasm in maximising customer satisfaction, generating positive customer perception and protecting your investment.
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