In this guide, we'll walk through a step-by-step prospecting strategy specifically tailored for salespeople in the merchant services industry. We’ll cover researching business owners, sending personalized introduction letters, calling ahead for appointments, and following up in person. Let’s get started!

1. Research: Identify Who Owns the Business

Before you make any outreach, it’s crucial to identify the business owner or key decision-maker. This person will typically be responsible for making decisions about their payment processing solutions, so targeting the right individual from the start is essential.

Why is this important?
Cold-calling or emailing without knowing who to speak with reduces your chances of success. Small business owners are often protective of their time, so getting directly to the decision-maker shows that you’ve done your homework.

How to Research Business Owners:

• Business’s website: Many businesses list their owners or management team on their “About Us” or “Team” pages.
• LinkedIn: Look up the business and find the owner or key executives who are likely involved in decision-making.
• Google the business: A quick search can reveal directories and news that name the owner.
• Local business databases: If the business is registered with the city or a chamber of commerce, you can often find relevant ownership details.

Having the owner's name at your fingertips is essential when calling, visiting, or sending mail. It makes your outreach more personal and professional.

2. Reach Out Personally: Ask for the Owner by Name

When selling merchant services like credit card processing, it’s important to reach the person with the authority to make financial decisions. Asking for the business owner by name immediately increases your chances of having a productive conversation. It shows you’ve taken the time to research their business and aren’t just cold-calling random companies.

Here’s an example of how you might approach this in a phone call:

"Hi, this is [Your Name] with [Your Company]. I’m calling to speak with [Owner’s Name], please. I specialize in helping businesses like yours save money on credit card processing fees and streamline payments. Could I set up a quick meeting with [Owner’s Name] to discuss how we might improve your payment solutions?"

If you’re prospecting in person, having the owner’s name ready makes the initial interaction smoother. It builds credibility and can help you get past the gatekeeper.

3. Send Personalized Introduction Letters

While email is a common outreach tool, sending a personalized introduction letter by mail can make a bigger impact—especially in the crowded credit card processing space. A well-crafted letter can serve as a soft introduction and warm up the prospect for further contact.

What to Include in Your Introduction Letter:

• Introduction of Yourself and Your Company: Briefly explain who you are and what your merchant services company offers.
• Personalization: Reference something specific about their business—whether it’s their industry or something unique you learned in your research.
• Value Proposition: Highlight how your credit card processing services can save them money or improve efficiency (e.g., lower rates, better customer support, more reliable technology).
• Call to Action: Let them know you’ll follow up with a call or visit in the next few days to schedule an appointment.

Here’s an example of a simple introduction letter:

"Dear [Owner’s Name],

My name is [Your Name], and I represent [Your Company], a leader in credit card processing and merchant services. After researching your business, I believe our services could help you save significantly on processing fees while offering better customer support and faster payouts.

I’ll follow up with a phone call in a few days to schedule a time to discuss how we can help improve your payment solutions.

Sincerely,
[Your Name]"

A physical letter cuts through the noise of emails and cold calls, providing a personal touch that can differentiate you from other merchant service providers.

4. Call Ahead to Schedule an Appointment

In the credit card processing industry, cold calls are often your first step toward securing a meeting. However, instead of just showing up unannounced, it's a good idea to call ahead and schedule an appointment. Business owners appreciate salespeople who respect their time, and booking an appointment can lead to a more focused conversation.

When calling, reference any previous communication—like the letter you mailed—and focus on the benefits of your service.

Here’s an example of what to say on a follow-up call:

"Hi [Owner’s Name], this is [Your Name] from [Your Company]. I sent you a letter earlier this week introducing myself. I’d love to schedule a quick 10-15 minute meeting next week to show you how we can reduce your credit card processing fees and simplify your payment system. Does Tuesday or Wednesday work better for you?"

By offering specific timeframes, you make it easier for them to commit, and by emphasizing a short meeting, you show respect for their busy schedule.

5. Follow Up In Person

Once you’ve secured an appointment, your next step is the in-person follow-up. Meeting in person is critical in outside sales, as it helps you build rapport and trust. For credit card processing, it’s also an opportunity to discuss their current system, evaluate their needs, and show them how your solution can save them money or improve their efficiency.

Tips for Following Up In Person:

• Arrive on Time: Being punctual shows professionalism.
• Bring a Pitch: Prepare a concise presentation highlighting key benefits of switching to your credit card processing service, such as lower rates, fewer chargebacks, or better customer service.
• Bring Physical Materials: Leave behind brochures or business cards they can review later, and have a proposal or pricing sheet ready.
• Ask Questions: Don’t just sell—ask about their current payment processing system, challenges they face, and what improvements they’d like to see. Tailor your pitch to their specific needs.

After the meeting, send a follow-up email or letter thanking them for their time and summarizing the key points of your conversation. This will reinforce your pitch and keep the conversation going.

Conclusion

Prospecting for outside salespeople selling credit card processing services requires a strategic, personalized approach. By researching decision-makers, sending introduction letters, calling ahead to schedule meetings, and following up in person, you build credibility, respect their time, and set yourself apart from the competition.

Focus on showing business owners how your merchant services can solve their specific challenges, whether that’s reducing fees, improving security, or enhancing customer support. If you commit to refining your prospecting process, you’ll build a robust pipeline of potential clients and grow your residual income over time.

Now, get out there and start prospecting—you’re just a few steps away from closing your next deal!