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Merchant Services > Merchant Services > Flashcards

Merchant Services Flashcards

1
Q

What is the first step of the sale *

A

confident introduction
I know we just had an appointment I set it with you yesterday or the call center set up with you whatever you know but
essentially what I do is I I come in here and I get to know you and I get to know your business we do a lot of
corporate processing with a lot of very big companies some of our biggest companies like Gold’s Gym PF Changs we
work with them on a traditional platform but my job is to get to know you and get to know your business and we ask you a few different questions we get a
statement and then we go from there right and you shake their hand and you smile that confident introduction guys
is going to put on a very good seven-second bias with them now to give you a great story a really good example
of how this actually works okay and why this is so important the first seven seconds is because it will determine the

  1. We know there is an appointment
  2. What I do - get to know you and your business
  3. Who we work with. A lot of corporate processing with companies like PF Changs and Golds Gym
  4. What we will need the statement
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2
Q

What is the second step *

A

Discovery getting to know their needs pain points etc find out why they started the company

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3
Q

What is the third step *

A

Finding out their effective rate

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4
Q

What is the fourth step *

A

Get the statement -

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5
Q

What is the fifth step *

A

The trial close a temperature gauge

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6
Q

What is the sixth step*

A

show video

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7
Q

What is the seventh step *

A

Close the sale

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8
Q

What is the second step of the sales process and how should you start it *

A

Let me ask you this tell me about your business?
What do you want to know?
Why did you start it?
What did you think about the american dream? etc

Funnel down into things like
1. Average ticket- What is your ticket average?
2. Likes and Dislikes - What do you like or dislike about your current processing company?
3. Dislikes -What do you dislike about this industry?
4. Payment How much do you pay? Why would you pay that? Is that a burden for you?
Bring out pain
5. What else would you do with it- What would you do with that money if you didn’t have to pay that?
If someone called you tomorrow and said you don’t have to pay the 500 dollars would you be happier?

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9
Q

What is the third step of the sale *

A

Go into the effective rate -

1. Now that you have told me about your business we need to move into how much you pay

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10
Q

Gatekeeper Script Jerrin*

A

I was in the area visiting client ( name drop if you know someone) And I wanted to drop this off to you. Hand them the flyer.

As they are looking at it say there are new rules and regulations that you can eliminate 100 percent of your processing fees. Who do I need to speak with about that?

  1. In the area
  2. Name drop
  3. I wanted to drop this off. give flyer.
  4. There are new rules and regulation that you can eliminate 100 percent of your processing fees.
  5. Who do I need to speak with about that
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11
Q

If decision maker Jerrin *

A
  1. There are new rules and regulations that you can eliminate 100 percent of your processing fees.
  2. Give me two minutes to show you how it works
  3. Play Video
  4. New rules and regulations
  5. Two mins
  6. Play video
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12
Q

What are our value added services and the commission? *

A

Cash Advances 3 Percent - 5 percent
Gift Cards $50
Check Services ACH $50

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13
Q

How do cash advances work?

A

You can get merchants up to 250k within 24 hours of approval
Not based on there personal credit score
Must be doing 10k a month in credit cards
What does our team cover for us?
Intrest rates and pay back scheudles

  1. Get merchants up to 250k
  2. Within 24 hours of approval
  3. Not based on there personal credit score
  4. Must be doing 10k a month in credit cards
  5. What the team covers
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14
Q

All merchants get one free what? *

A

They get one free stand alone terminal

It does apple pay google pay samsung pay etc

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15
Q

What do POS systems allow the merchant to do?*

A

Inventory Payroll Employee Clock in and Clock out QR Code Gift Card Loyalty reward programs.

  1. Inventory
  2. Payroll
  3. Employee Clock in and Clock out
  4. QR Code
  5. Gift Card Loyalty and reward Programs
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16
Q

How much do swipe accounts normally do in processing?*

A

Not very much, so they are not worth the time. using things like Square Paypal and Stripe

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17
Q

What should you always ask?*

A

How much are your processing?

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18
Q

How do chargebacks work? *

A

There is a 6 month window for chargebacks, but they will take it out of future deals

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19
Q

What is a wireless terminal?*

A

It would be something for like a towing truck
Deja vu z9
Valor 110
Not for free they cost 54 dollars per month - $100
We do this because the chance of these terminals being lost or damaged is very high

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20
Q

When you get a sale how long until it shows up at the merchants place?*

A

Monday it would be Tuesday or Thursday

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21
Q

What can you get off of Ecommerce deals*

A

Setting them up to take payments on their website which is a second deal which means double the commission

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22
Q

Where can they do online ordering through*

A

POS or through Etab *

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23
Q

How do the terminals come *

A

pre programmed and ready

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24
Q

What is MX Merchant Gateway?

A

It is a free back office. Everyone who signs up gets access to this. What it does? To see how much they processed last month a year ago. They can see there batches there end of nigh close outs. They can see what has hit there bank they can get a refund if they need to. If a gym or wine club they can put all the members into the back office. They can ACH monthly quartly or however they want. It also allows for the merchant to do invoicing. They can also take payments with it using quick pay no wireless terminal needed just type it in through their phone etc.

  1. Free Back Office
  2. Eveyone who signs up gets access to this
  3. Gateway allows them to do anaylstics and see how much they are processing
  4. To see how much they processed a month or a year ago
  5. Batches
  6. End of night close outs
  7. They can see what has hit there bank account get refunds
  8. For gym or wine clubs they can put all the members in the back office
  9. They can ACH monthly quartly or however they want
  10. Invoicing
  11. They can also take payments with it
  12. Quick pay type it in the phone
25
Q

What does it mean to be in EMV and are our terminals EMV compliant?
*

A

It means they can take chip cards and yes they are. It means more security for the merchant. It allows them to avoid chargebacks Liability shifts from issue to the issuer once EMV Compliant

26
Q

What can happen if they are not EMV compliant?*

A

He swipes it instead of inserting it means that they can get a chargeback if the person says they did not eat there. Our generation is known for getting gas and then leaving without it so the merchant gets a chargeback once they dispute it.

27
Q

What are Exon and valorie doing to the debranded pumps *

A

They are having them update there swiper to emv compliant but it cost 8 grand to do this. 4 Pumps at the gas station equals 32 grand. We can set them up cheaper than 8 grand.

28
Q

What is NFC?*

A

The technology on the terminal that allows for it to take payments with the phone.

29
Q

Which stand alone terminals have wifi*

A

The Deja Vu Z8 and the Valor

30
Q

What can they get for just 10 dollars more?

A

A program called engage your customer. Ask do you spend money on marketing? They say this program engage your customer will capture your customers phone numbers. and emails. Which allows them to do free promotions. 30 percent off drinks tonight. Bring a friend get a meal free. They can go into their valor back office and take pictures of their products load it up and text it to their client and it is been proven people respond over 90 percent of the time to text.

  1. Program called engage your customer
  2. Do you spend money on marketing
  3. This program will capture phone numbers and emails of customers
  4. Allows them to do free promotions
  5. 30 percent off drinks tonight
  6. Bring a friend and get a meal free
  7. Valor back office and take pictures of products.
  8. Text to clients
  9. It is proven that people respond to pictures
31
Q

How do we show the demo to clients for the mx gateway*

A

Priority payments university

32
Q

What do door dash and uber eats integrate with? *

A

They integrate with uber eats and grub hub

33
Q

What are the three options for merchants when buying equipment *

A

Purchase - the equiment is covered for the duration lease - covered for the duration or rent the length of the lease is 48 months A or B credit 100 percent tax write off the rental fee never ends

  1. Purchase Equipment
  2. Equipment is Covered
  3. Lease
  4. Covered for entire lease
  5. Lease is 48 months
  6. A or B credit
  7. !00 percent tax write off
  8. Rental
34
Q

How do rentals work?*

A

You make half of the rental in residual

35
Q

What do we need to ask our manager for *

A

agent portal and digital library

36
Q

How do we find out about integrations*

A

email integrations@wholesalepayments

37
Q

What is a benefit of the cash discount program in relation to the cash discount program? *

A

Most Restarunts have a profit margin of 5 percent, so if they get that 3 percent back it is a 50 percent increase in profit margin

38
Q

How much can we save them on traditonal *

A

20-40 percent

39
Q

Cash discount program is legal do to what *

A

The durbin amendment part of the dodd frank law in 2010

40
Q

What is surcharging? *

A

When the merchant adds a fee to cover credit card transactions

41
Q

What are the fees for credit card processing *

A

Standard program
$45 prrogram fee
$45 monthy minimum fee ( must process 1150 at 3.99 percent to meet the monthly minimum) 3.5 percent to the merchant as low as 3 percent

42
Q

What is a SSOC dedication *

A

This is a cost deduction. If you get me down to zero will you go with me. situation. The commission drops to 235 to 200 400 to 350 if you drop the percentage

43
Q

How long do you have to install a terminal?*

A

48 hours

44
Q

What is a sample opening? Avery

A

Hello, how long have yall been in business? Great! My name is Sean Johnson, and I am a local business owner helping small businesses with credit card processing. Quick question. Who do you use to take credit cards?

  1. Rapport Question
  2. State your name
  3. Local business owner
  4. Quick question

or Great! My name is Sean Johnson and I work with small businesses in the area. Just had a quick question for you. Who do you use to take credit cards?
Oh ____ I have heard of them.

Just a quick question. Have you heard of the cash discount program?
Ok, well if I am able to completly elminate all the credit card fees, and at the same time increase the flow of cash to your business. I am sure you would do buiness with me today wouldn’t you?

  1. Say your name
  2. I work with small businesses
  3. Quick question. Have you heard of the Cash Discount Program.
  4. I am able to eliminate the fees
  5. I am sure you would do business with me
45
Q

What are some sample companies that you can prospect for? *

A 
Liquor stores/ Gun Shops
Mechanic shops
Restarunts/Bars
Service industry - Plumbing / HVAC
Bail bonds
Nail salons
46
Q

What can you say when at a hotel?

A

Is your GM here? It’s a really nice hotel! I am just curious in a place this fancy. Why in the world do you have a terminal that looks like that?
I have a terminal I can give you plus a program that will eliminate all of your fees. Here is my card, but right now I am busy, but how about this afternoon or tomorrow we scheudle an appoinment before i fly out tomorrow?

47
Q

What to do if you are eating and see an ugly cash register?*

A

Hi can you get the owner for me? Why is there a problem? No, there is not a probelm at all. The owner comes up and say I love your food btw it is 2022 why are you guys still using that cash register?
If i could get a POS System in here that you would love and eliminate all of your fees. I bet you would love to do business with me wouldn’t you?
Here is my card I am with my family right now how about we scedule an appoinment later this week?

48
Q

What should you say to start out- Avery

A

How are you doing?
How did you survive corana?
How is this inflation impacting your business?
Will listen i started a business here in the community where i am helping small businesses wipe out there credit card bill. I am not here to save you money I am here to wipe out your bill. About how much do you thing that you are paying?

  1. How are you doing?
  2. Started a business here in the local community
  3. Not here to save you money I am here to wipe out your bill.
  4. About how much do you thing you are paying
49
Q

What can you say to the gatekeeper Avery Short version

A

Hello I represent visa and mastercard do you handle that or someone else?

50
Q

What should you say to the gatekeeper Avery

A

they say I don’t handle that. You say who does? Ok, great do you have a business card for them?
On the back of the business card write down when he is normally in. mornings or afternoons.
When you leave open spotiy
hit leads click on building you just walked out of.
Click the building it will populate the address.
Put the name of the business.
Everything on the back of the business card
Set a reminder for Monday morning

  1. I don’t handle it
  2. who does?
  3. Do you have a business card for them?
  4. Write down when he is in
  5. Click Leads
  6. Click on the building you just walked out of
  7. Put all info that you just wrote down on back of the card
  8. Set Reminder
51
Q

What should you say if they say do you have some materials you want us to pass a long.*

A

No, look I am a business owner I am networking and finding out what he is doing and sharing what I am doing. Don’t worry I will be back.

  1. I am a business owner
  2. I am networking
  3. Finding out what is doing
  4. Sharing what I am doing
  5. Don’t worry I will be back
52
Q

What is the cash discount? *

A

When getting gas the cash price that says 4.57 credit price 5.02.
They say how does this work. How am I just going to pay 45 dollars?
You have seen it all around town with these crazy gas prices do you ever notice how there is a cash price 4.57 and a credit card price 5.02. Will that is exactly how it works. You ever called to pay your uililty bill or maybe your kid gets a ticket or something and you cal to pay it and they charge you 3 bucks for using your credit card?
And here is the thing your cash prices and your store prices they will stay the same. You don’t have to change a thing at your store. Your menu prices those prices actually become the cash discount prices. All that we are going to do on the recipet is put the acutual price, so it will be 3.5 percent on the receipt. I bet the first thing you are thinking is I don’t want to charge my customer?

  1. Gas prices
  2. Call to pay Utility Bill or ticket
  3. 3 dollar charge
  4. Store and Cash Prices Will stay the same
  5. All we will do is put the 3.5 percent on the receipt
  6. I bet the first thing you are thinking question
53
Q

Objection I don’t want to charge my customer!

A

Waive the fee! Even if you waive the fee you are not going to lose a customer they are going to just be happy you were, so nice to waive it for them.
2. Train the merchant to get the customers buy in.
Not only can you waive the fee, but your customers want to support the business. So what you can tell your customers is to stay in business we raised prices on all of our customers. The credit card people get rewards, so we wanted to offer you guys a discount for using cash, and that little bit on the reciept there helps us stay in business and our customers have been helping us with that, but if you don’t want to help that is fine I will waive it just to help you out. They are going to love helping you out so, you won’t lose any customers over that Mr. Business owner.

  1. Waive the fee
  2. They will just be happy you waived it for them
  3. To stay in business we raised prices on all of our customers
  4. We wanted to offer you a discount for using cash
  5. Fee helps us stay in business
  6. If you don’t want to help us out we can waive it for you.
  7. So here’s what I am going to do for you Jim. I am going to put my machine and I just want you to try it out. Personally I think you are going love it when on the first of next month instead of 5, 6 $800 bill all you will see $45. I think you will love it. But I will tell you what if anytime between now and then you or your customers aren’t 100 percent lovin it just give me a call on my cell and I will switch it to traditional
  8. What I am going to do
  9. I think you will love it
  10. . Instead of 6 800 dollar bills you are going to see 45
  11. . If any time between now and then they are not loving it call me.
  12. Why don’t you get your most recent credit card processing or merchant statement?
    Once they give it to you say. Charles don’t leave the business give me a minute to get my team to get your proposal. Call your manager. Get camscanner within 5-10 mins your will have a proposla. When you get back to the owner say you can save95 percent on cash dicount and, but on the tradional side you can save 30 to 40 percent. Which one do you fill better about?
54
Q

I am with my bank objection

A

Your not with your bank they cannot process by federal law. Bank of america and Wells Fargo merchant services are not actual mercahnt services companies. They are partnered with Fiserv which is first data. Just because of that your rates are about 30 to 40 percent higher than they should be. Just by going with me you will save 30 to 40 percent. What I would also like to tell you about is how you can wipe out your credit card fees?

  1. Can’t be with bank
  2. Partnered with Fiserv
  3. Your rates are 30 to 40 percent
  4. Going with us saves you 30 to 40 percent
  5. Tell you how you can wipe out your fees.
55
Q

I am in a contract objection

A

You don’t need to pay off contract. Find out how long it is. They are only going to hit you with a 20 to 30 dollar monthly fee for not canceling, so don’t event cancel. Now how much am I saving you? About 1,000 dollars a month, so in 10 months you will have saved 10,000 dollars. In 10 months that more than covers that monthly fee

  1. Don’t need to pay off
  2. Find out length
  3. 20 to 30 dollar monthly fee
  4. How much saved?
  5. 1k a month so in 10 months it will be saved.
56
Q

Appointment Script

A

Hi my name is Coltin you spoke to someone from my company they told you I would be stopping by for a couple minutes, how is it going?

  1. My name is Coltin
  2. You spoke with someone from my company
  3. Told you I would be stopping by
  4. how is it going?
57
Q

What are the commitment questions *

A

While youre waiting for pricing ask them if we save you atleast 25-30%, $200 a month, $2400 a year, upgrade your equipment to a touch screen valor for free, we can earn your business today right?

If they say no

Ask them whats stopping them?

And now you uncover your objections up front

58
Q

Expectations to be back

A

Cementing a be back

Alright what time tomorrow works best for you morning or afternoon?

Morning, 9 or 11?

Great I’m going to throw you on my calendar now (Get your phone out and do it) and I’ll come look at your statement and we’ll cut your cost atleast 25% or eliminate it all together and upgrade your equipment for free and fill out a quick application!

  1. I am going to put you on my Calendar
  2. Get Phone out and do it
  3. I will come back save you at least 25 percent
  4. Or eliminate it all together
  5. We will update your equipment for free
  6. Fill out a quick application

Merchant Services (4 decks)

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