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Successful people will develop a plan to hit their goals. If you have only two deals in your pipeline and you are fortunate to close 100% in the month, you still only have 2 deals. Keep the pipelines full of prospecting, follow-ups and asking for referrals.
Just as with media advertising, your first words must create interest.
Introduce yourself and continue with a short interest-getting statement such as:
I’m Bob Jones with RFG. We help business owners get money for their business.
If I could help you obtain some additional working capital, could you improve your business?
I was in the area for an appointment, but I wanted to take a few minutes to see if you could use some money for your business. I know you are busy, why don’t we meet at a future date? I could work you on (Date).
I’ve got $100,000,000 to invest with business owners like you. Let me show you how much you can get.
We are a national funding company; we provide cash to help businesses grow. What could you use the money for?
I’m opening an office locally to allow me to focus on the Economic Development of this community by providing owners with working capital to help grow their business. Let’s sit down for 5 minutes, I’ll show you how much you can get.
To keep the conversation rolling, you could then ask questions:
How long have you been in business?
How much volume do you do with Visa/MC monthly?
How much money could you use to grow your business?
What would you do with the money? What projects could you consider?
Your initial goal is to convince the merchant to show you their Visa & MasterCard processing statements. Here are some suggestions using a trial close technique by simply asking for the merchant’s processing statements.
Q: What is the interest rate?
A: Our program is similar to factoring; therefore there is no set interest rate, only a set cost. Because you mentioned interest rate I am assuming you think that we are a bank, is that correct? (If so, explain factoring)
Q: How does it work?
A: We provide you funds using your future Visa/MasterCard sales volumes. We then take a small percentage of your V/MC processing daily. You will keep all Amex, Discover, Diners, Cash and Checks. Qualification is determined by reviewing V/MC statements. – exception to this is if we will add AMEX sales to the repayment-
(Note: Goal to the sale is to move the prospect to provide statements and to define what the customer will want to do with the money.)
A: If you provide us with your V/MC statements, I can tell you what you may receive OR $5,000 to $600,000 per business entity.
Q: How do I pay back the money?
A: We take a set percentage from your V/MC sales daily.
Q: Do I need to change my Processor?
A: We offer several solutions. You can either change your processor to one of our processing partners or we offer virtual split funding, ACH, or, we may already have a working relationship with your existing processor.
1. What projects are you working on that could use some additional working capital?
2. If I could get you cash from $5,000 to $150,000, what would you use the money for?
Note: This is the most critical part in the conversation. Discovering or creating the need. Ask questions, so they can talk about their business!! The more they talk about their business, the more they like and trust you.
Rep: Tell me about your business:
Key Point: (Change pitch in your voice to gain likeness) Example: WOW, that’s awesome!
Rep: So Mr. Merchant, How will that (use of money) help grow your business? That’s GREAT!!!
Rep: Do you have a pen? (Get them moving toward a “yes”) Okay, write this fax number down.
Rep: The 1 st step in the process is to verify your V/MC volume. So, I will need you to fax your statements to: (provide the fax number)
Customer: Why do you need to see my statements? How does it work?
Rep: We purchase a portion of your business future V/MC credit card sales, giving you working capital today to help the merchant build his or her business and manage unexpected cash flow needs. So, we need to verify your V/MC statements to determine what program fits you best.
Rep: So, when before 3 o’ clock can you fax your statements?
Step 5 & 6: Statements Received/ Closing Part 1 (This dialogue is for face-to-face/telesales sales process)
Thank you Mr. Merchant. I have received your statements. Mr. Merchant it looks like you have a great project that’s going to help you grow your business. Tell me again how much additional income you are going to make each month. (Let the merchant say the $ amount). You are talking about $ in 2 years? (Wait for an answer) WOW, THAT’S GREAT! You are exactly the type of customer we want to do business with.
Now, the next 3 questions, I will need just a yes or no response. However, I want you to keep in mind your response will only help us to determine which program fits you best. Is that fair? (CRITICAL STEP TO FLAG FOR ISSUES)
1- Are there any bankruptcies’ (personal or business chpt. 7, 11 or 13)?
2- Are there any tax liens or judgments?
3- Are you current with your landlord?
Based on your Visa/MC sales volume, it looks like you might be able to receive $____ to invest in your (name project), at this point. (RFG Will have provided you with a Quote at this Stage)
For your $____(funding amount), it is going to cost you $____ (the difference in the funded amount and the payback amount).
Now, in order to get you this $____, there will be a 20% daily collection from your Visa/MC sales. This means that you will keep 80% of your Visa/MC sales, plus all cash, checks and American Express and Discover sales. You will keep 90-92% of your monthly gross revenue.
That’s going to grow your business, right?
Great! The process requires me to get additional information from you. (Fill out the paperwork and fax to merchant or present to merchant face-to-face).
*** If the answer is “no” to the “grow your business” question, use the rebuttals provided to you.***
If he/she responds: “Cost is too much” or “It’s too expensive”…
Rep: Compared to what?
How much would you pay for the money?
You just told me that you are going to make $_____ (use ROI amount) with the use of the money. Are you now telling me that you would let $____ (difference between funded amount and collection amount less the amount the merchant says) keep you from making $_____ (ROI amount)? PAUSE, DON’T BE THE FIRST TO SPEAK.
Complete the paperwork and fax to the merchant or complete the paperwork and present to merchant.
Rep: The next thing I need to speak with you about Mr. Merchant is the fact that there is no monthly billing. The purchased receivables are automatically retrieved on a daily basis from your V/MC credit card processing, at a set percentage amount. Remember, we get paid only when you get paid.