For those who have attempted to obtain any type of funding from a bank, but felt like the poor fellow in the above cartoon, you are not alone. With interest rates at record lows and the economy a lot stronger, the demand for business loans is at an all-time high. Yet banks remain tight-fisted and choosy with approving small business loans.

 

Merchant Cash Advance

 

As an alternative, if your business is seeking a short term cash infusion, a merchant cash advance may be the answer.

 

A merchant cash advance is an advancement of funds based on future credit card processing. For example; a business that processes $35,000 per month in credit card transactions would be able to obtain $50,000 in upfront funds deposited into their account. Going forward, a small percentage of each credit card transaction would go towards paying off the balance. Within a few months, the loan is paid without the business owner having to pay a lump sum at once.

 

Cash advance rates are not cheap. Rates can vary from 1% to 5% per month. However, for some business owners this is the smarter and better option.

 

Some businesses have a “buying season.” Buying strong and in quantity can make all the difference as to whether the season will be profitable or not. A short term cash advance (from buying season until selling season) will enable the business to buy smarter and yield a larger profit for that year.

 

A business may need to renovate or invest in capital improvements. A run-down retail store is not an inviting environment for customers. A 6 to 12 month cash advance would allow the business to stay alive and make the necessary improvements.

 

A business owner with an urgent need for cash may resort to finding an investor or partner thus giving up equity in his business forever. On the other hand, a merchant cash advance – as costly as it may be – is a short term ‘partner’. After 6 to 12 months the advance is paid and the business owner retains 100% equity in his company.

 

To find out more about our merchant cash advance program, please email us at MCA@Banquest.com.

 

Happy Tuesday & Happy Selling!

Kevin

 

cats advance

A recent example would be Bella’s Pizzeria in Caldwell, NJ. For years, customers have been asking for ice cream. Bella’s did not have an ice cream machine. The owners simply could not afford to spend $28,000 to purchase the machine. The owners estimated the profits from selling ice cream would be $50,000 per year. With Banquest’s Merchant Cash Advance they were able to purchase the ice cream machine and still make a profit the first year.

Cash Advance – Good or Bad?

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There’s no such thing as a born salesperson. Great sales reps make it look easy, but superior performance usually indicates that a salesperson has taken the time to hone their skills.

 

I will not give you a long list of tips on how to be a great salesperson. Today l will share with you what I feel is the most important approach to sales. Whether you’re a first-time rep or looking to get back to the basics, this is essential for successful selling.

 

Start with your goals

 

If you’re learning to sell, start from the end and work backwards. Knowing your goals and measuring your performance against them is the most important place to start.

 

How many customers do you or your company need, and in what time frame? How many leads do you need to close that many customers? How many connections do you need to generate that many opportunities? And so on. Multiply your customer goal by the average sale price of your company’s product to get the amount of revenue you should be aiming for.

 

Make sure you set personal sales goals as well. You can always tell when a salesperson is in the top 2% of their organization. Aim to be in the top 2% of your organization. It won’t happen tomorrow, and it won’t be easy, but always strive for the top

AYIS middle

Anything worth doing is worth measuring, and anything that can be measured can be improved.
Remember when you set your goals? Be fanatical about measuring your performance against them. At the rate you’re selling today, will you hit your numbers by the end of the month? Are your closing strategies converting prospects to customers? If not, change something up.
Don’t wait until it’s too late to reach your numbers this month. If you measure everything you do, you’ll be able to solve problems as they arise.
In this day and age, there are boatloads of coaching resources. A simple Google search for an area in which you’re struggling will return a huge amount of material that can help you. Your managers will be more than happy to help you as well, especially if you’re asking for assistance before it’s too late.

 

Happy Tuesday & Happy Selling!

Kevin

Are you in Sales?

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Here is a challenge sales reps face every day. To make a sale, they need to reach a decision maker, but a gatekeeper often stops them in their tracks.

Decision makers are busy, and gatekeepers are rightfully cautious about restricting outsiders’ access to their time. Salespeople hoping to get on a decision maker’s calendar will have to prove that they are worthy of a phone call or meeting.

 

This does not mean you should unload your elevator pitch on the gatekeeper. Not only do they lack the authority to buy, they’ll probably come away thinking you’re a bit thick-headed (which, if you’re selling the gatekeeper, is probably true).

 

So how do you get around that? Here are a few tips.

1. Get personal: Gatekeepers are not your enemy, they are simply doing their job of blocking unwanted calls from decision makers. Stop trying to push past them as if they are an automated telephone system. Instead, focus on building a relationship and rapport with gatekeepers. Try to get them to become your ally and personal advocate.

2. First name basis: The moment you learn the gatekeepers name, write it down and start addressing them by their name. You should be using the gatekeepers name at least two times during the conversation as well. Be sure to put it with the rest of the information on your prospect so you can refer to them properly the next time you call.

3. Leverage their knowledge: By asking the gatekeeper for advice you are showing that you respect their knowledge and value their suggestions. Try asking if there is someone else you should be speaking with or if there is a better time to reach the prospect.

4. Call during off hours: If you feel like you have done everything above and still aren’t getting anywhere, start dialing your prospect during off hours like early mornings, lunch, or late evenings. Chances are you are likely to reach someone else who may connect you to the prospect.

Be Nice to Secretaries

Here is another great tip!
It is very simple to call a company and ask to speak with their top salesperson, there are no gatekeepers here!

 

Research the company using LinkedIn company pages. Reach out and connect with a top salesperson and start building a relationship. A great message to send to them to connect might be mentioning that you have over 500+ connections and there might be an opportunity to collaborate and refer them as well. Always try to give something beneficial. Now you’ve got your foot in the door. It’s not instant but nothing is overnight.

 

Happy Tuesday & Happy Selling!

Kevin

Gatekeepers!

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In the coming weeks we will discuss various simple solutions that you can implement into your workflow to streamline processing, eliminate extra steps, and avoid potential errors.

 

For our first example: Using QuickBooks and Processing Credit Cards.

 

QuickBooks is the number one accounting software used by many businesses around the world. For those of you who are using QuickBooks and processing credit card transactions using a stand alone credit card machine or even an online virtual-terminal – this is what a typical transaction would look like:

 

  • Step 1) Bookkeeper opens the QuickBooks program and creates an invoice.
  • Step 2) Bookkeeper will then either walk over to the credit card machine, or open a webpage, navigate to the online virtual terminal, and process the credit card payment.
  • Step 3) Bookkeeper goes back to QuickBooks and marks the invoice paid.

 

Not that many steps. But…

 

What if Bookkeeper took an urgent call between Steps 2 and 3 and never actually completed Step 3 – leaving your customer with an open balance in QuickBooks when in fact your customer is all paid up!

 

What if Bookkeeper mixed up the amount owed between steps 1 and 2 and charged the credit card for the wrong amount?

faulty tasking

You get the point.

 

With Banquest Payment Systems you can process your credit card transactions – INTEGRATED – right inside of the QuickBooks program. Our technicians remotely install a QB Plugin right onto your computer, give your staff a short training, and you can process credit card transactions without ever exiting the QuickBooks program.

 

  • Step 1) Bookkeeper opens the QuickBooks program and creates an invoice.
  • Step 2) Bookkeeper marks invoice paid while automatically processing the payment right inside of QuickBooks.

 

Streamlined. Save time. Eliminate Steps. Avoid Errors.
For more information feel free to call/email us at 732-323-8300 or Support@Banquest.com.

Happy Tuesday & Happy Selling!
Kevin integrated

 

I.N.T.E.G.R.A.T.E.D.

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