Payment Processor

Experienced sales professionals have successfully utilized the SPIN strategy when working with potential customers for years. Many companies don't realize that they can use this method internally when deciding on a payment processor. The SPIN method can help businesses clearly understand their needs and by that, understand what they need from a payment processor. To get started it is helpful to understand each step of this method and how it can be applied. Below is an example:

SPIN

Situation - How do you handle payments once sales have been made? Does your company currently have a payment processor or multiple payment processors?

Problem - Is the lack of a payment processor hindering your sales efforts? If you currently have a payment processor, does it perform poorly or inconsistently?

Implication - How many more sales could your company have made if it had a payment processor? How many customers did you loose because your existing payment processor malfunctioned?

Need- Your business could make more sales and be more efficient with a payment processor in place. You could avoid loosing customers with a better payment processor or one with features like 24 hour support and personalized account managers. You need a new payment processor.

Understanding your company's current situation is the first step in the SPIN system. If you do not use a payment processor how do you facilitate sales? It is important to take into account all of the resources that go into this process. If you accept cash, how much staff is required? How much shrink do you experience? If you currently use a payment processor, how does it perform? Is it easy to use? What are the rates and fees?

By having a strong grasp of your company's situation you can easily pinpoint the problems associated with sales transactions. If you don't have a payment processor how much business do you loose? Many potential customers need or prefer to pay by credit card for a variety of reasons. If your payment processor is hard to use, or malfunctions do you loose sales? Do your employees spend valuable time trying to process payments when they could be making sales?

Once you've specified the problems surrounding the method you use to accept payments you should quantify their implications. Companies without some sort of a payment processor often realize that they are effectively loosing a significant portion of revenue simply because they don't offer the proper means for customers to submit payments. Other companies with a payment processor that doesn't work properly find that their employees spend a significant percentage of their time trying to accept payment when they could be selling.

Finally, taking all of the information you've surmised by analyzing you situation, problems and their implications you can realize your specific needs. You may find that you need to set up a payment processor to accept credit card payments. If you have a payment processor you may find that you need to switch to a company with better support, more competitive rates or simply a more intuitive interface.

START TO ACCEPT CREDIT CARDS TODAY! Fill out the simple form above to the right or call 1-877-305-4943 to started with credit card payment processing today with MerchantAccount.com.