Why We Wrote This Book
With over 20 years of experience in the bankcard industry and after working with multiple ISOs and financial institutions, I came to the realization that there never had been an industry guidebook written for field salespeople. I wrote this book because I saw a need and wanted to create a resource that covered everything from basic industry information to traditional sales techniques and new sales strategies.
I remember the first company I went to work for: they trained me for one hour in a coffee shop, gave me some brochures, and said, “Go Get’m, Tiger.” I was one of the lucky ones; I actually made it. But I’ve seen hundreds of salespeople leave this industry because the time and effort was not taken to educate them properly.
There was no road map or material that provided a general overview of the merchant services industry or explained how everything really worked, let alone something that would help me develop and execute an effective sales plan.
Even today there continues to be a significant gap in the skill level of merchant services salespeople when they are compared with their counterparts in other industries. Other industries, such as telecommunications, computer services, financial investment products, loan origination, and real estate, offer in-depth training and industry information for their salespeople.
However, the merchant services arena has not followed suit… until now. The agent out in the field is often left to his own devices. This creates an uneducated salesperson who projects a negative image for the ISO, acquirer, member bank, associations, and the industry as a whole.
My purpose in writing this book is to fill in the gaps and help you become a knowledgeable, creative, professional salesperson. In this book, I hope to educate, motivate, and empower you to better represent your ISO, the industry, and yourself in a more informed and ethical manner.
You’ll find a history of the industry; how the bankcard system works; explanations about rates and fees; and overviews of existing and future products. You will also find valuable information and interviews about industry trends and product development, as well as a step-by-step approach to prospecting, lead development, and the sales process.
There is a difference between knowing about something and truly knowing something. If I tell you how to ride a bike, you will know about riding a bike. But you won’t really know how to ride a bike until you get on it and pedal. I know how to sell merchant services; there are a lot of people who know about the business. I’ve taken my lumps for sure; hopefully, my experience will help you avoid some of the “bumps in the road.”
Like any book, this will continue to be a work in progress. I welcome any comments on how I can make this a better tool for new and experienced salespeople.
Please e-mail comments, suggestions, or ideas to me at email@example.com
About the Author
Marc Beauchamp is a dynamic and engaging entrepreneur who has developed several successful companies. He has over 20 years’ experience in sales, training, and marketing in various roles. In addition to merchant services, he has sold payroll systems, human resource management solutions, computer software, hardware, Website design services, and a variety of financial and insurance products.
Marc has served in multiple capacities, including Account Executive, National Account Manager, Sales Manager, Marketing Director, Vice President, and CEO.
He has worked in the merchant services industry for well over a decade. Marc has hired and trained several thousand merchant services professionals over the span of his career. At one point he managed a full-time outside sales force of 80 representatives, an inside sales force of 25, and an office staff of 8 with sales offices in most major markets in the United States.
Through his consulting company, Performance Training Systems , Marc has provided consulting and training services to literally thousands of ISOs and agents. He is uniquely aware of the challenges facing field sales representatives, sales managers, issuers, acquirers, and ISOs.
In 2009, in order to reach a wider audience and provide unbiased and affordable training, Marc founded the Bankcard Boot Camp. The Bankcard Boot Camp’s mission is to provide industry-leading education, sales training, and resources to help merchant-level salespeople thrive in this competitive business.
Marc lives in Houston, Texas with his wife and three daughters.
Table of Contents
- Chapter 1: Why I Wrote This Book 10
Section 1 – Industry Basics
- Chapter 2: The Merchant Services Industry
- Chapter 3: Industry History
- Chapter 4: How the System is Designed
- Chapter 5: The Anatomy of a Credit Card
- Chapter 6: The Transaction Flow
- Chapter 7: Interchange
- Chapter 8: Typical Merchant Fees
- Chapter 9: Credit Card Disputes
- Chapter 10: Debit and Check Card Processing
- Chapter 11: Electronic Benefits Transfer
- Chapter 12: Check Processing
- Chapter 13: ACH Processing
- Chapter 14: Gift Cards
- Chapter 15: Loyalty Cards
- Chapter 16: Smart Cards
- Chapter 17: Custom Card Applications
- Chapter 18: Wireless Processing
- Chapter 19: MCommerce
- Chapter 20: E-commerce
- Chapter 21: Processing Equipment
- Chapter 22: Leasing
- Chapter 23: Consumer Fraud
- Chapter 24: Data Security
Section 2 – Sales Techniques
- Chapter 25: Selling In the Merchant Services Industry
- Chapter 26: Where the Money Is
- Chapter 27: What’s Your Strategy
- Chapter 28: Target Marketing
- Chapter 29: The Extraordinary Salesperson
- Chapter 30: 7 Reasons Salespeople Fail
- Chapter 31: The Sales Process
- Chapter 32: Prospecting
- Chapter 33: The Science of Rapport
Section 3 – Personal Development
- Chapter 43: Time Management
- Chapter 44: What Is Your Time Worth
- Chapter 45: Organizing Your Time
- Chapter 46: Goal Setting
- Chapter 34: Analyzing Needs and Uncovering Buying Values
- Chapter 35: The Presentation
- Chapter 36: Why Do People Buy?
- Chapter 37: Preventing Objections
- Chapter 38: What Benefits Do You Offer?
- Chapter 39: Gaining Commitment
- Chapter 40: Let’s Talk About Price
- Chapter 41 Ten Tips on Selling Technology
- Chapter 42: Follow Up
- Chapter 47: Motivation 101
Section 4 – Industry Interviews
- Interview with Paul Green
- Interview with Bob Carr
- Interview with Cynthia Dorrill
- Interview with Ed Freedman
- Interview with Paul Rianda
- Interview with Jared Isaacman
- Interview with Mary Dees
- Interview with Chris Brundage
- Interview with Paul Martaus
Section 5 – Appendices
- Appendix A: Income Goal Sheet
- Appendix B: Daily Call Sheet
- Appendix C: Developing a Telemarketing Script
- Appendix D: Sample Client Questionnaire
- Appendix E: Pain and Pleasure Exercise
- Appendix F: Preventing Objections Worksheet
- Appendix G: Advertising 101
- Appendix H: Industry Resources
- Appendix I: Tools You Can Use
- Appendix J: Contributing Writer Biographies
Section 6 – Industry Glossary
- Industry Glossary
- Commonly Used Acronyms
The perfect book for new sales people in the bankcard industry
as well as veteran bankcard sales people
If you are a large ISO, Community Bank, or Financial Institution, and would like to purchase multiple copies of “How to Survive and Thrive in the Merchant Services Industry”, please contact Marc Beauchamp at firstname.lastname@example.org
Quantity Discounts begin at:
- 25 copies = 5% discount
- 50 copies = 10% discount
- 100 copies = 15% discount
- 200 copies or more = 20% discount