Time Kills Deals

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time is money

Time can turn an eager client into an unsure client. Maybe it’s the introduction of third-party influence that sways opinion or perhaps it’s just a loss of energy and momentum that starts to manifest into a game of second-guessing before closing. Bruno Raschio, Tom Gianelli, and Scott Platto gave their take to deBanked on how time can hinder the sales process and what to do to alleviate it.

How can one increase the velocity of a sale?

“It all depends on how the ISO can sell the merchant to get their documents in faster and how bad the merchant needs money.”

– Scott Platto, ISO Relations Manager, TMR NOW

“A lot of the time that it takes to get these deals done is the time that it takes to receive the additional paperwork that we need aside from the application from the applicant. For instance, we need bank and tax information and a lot of times – the person is a truck driver, so they could be on the road – may not have access to their taxes. So, a lot of times, the process is delayed until they’re back in town. The way to avoid that is perhaps vendors being proactive and collecting that stuff upfront.”

– Tom Gianelli, Equipment Finance Specialist, Credential Leasing & Finance

How many days between the initial sales meeting should someone wait before a follow up call?

“Sales is an art, and when you master it, you are on the highway to success. Part of mastering the art of sales is understanding that after you make that initial sale, your client will be bombarded with hundreds of reasons to back out on a proposal. That is why I have found success in following up at least one time in the next 24 hours after making the initial sales call. The more you build rapport with your client the more likely you will get to that closing table.”

– Bruno Raschio, President, East Harbor Financial

“…probably the sooner the better for me, I try to give [them] a call immediately after I’ve sent [them] an email to make sure that they are aware that the email was sent that it didn’t go into spam and that the process is moving along as quickly as we can.”

– Tom Gianelli, Equipment Finance Specialist, Credential Leasing & Finance

“If the merchant needs the money right away, I would follow up the next day if he does not get the documents needed. If the merchant does not need the money, then I would ask the merchant when [to] follow up and call like 2 weeks before. For renewals [sales reps] should keep in contact with the merchant every couple of months with a call and or email.”

– Scott Platto, ISO Relations Manager, TMR NOW

Do you think that sending sales proposals before understanding what that merchant needs can hurt the process as well?

“In my experience I have seen many times that some clients don’t know what they need or understand the benefits they’re being offered. Sometimes, by initiating a conversation where you as a salesperson can expose the true benefit of your product there is a higher probability of success. The clients or merchants are always going to incline to say ‘no’ so if you can beat that with a good initial pitch you will succeed.”

– Bruno Raschio, President, East Harbor Financial

“I think it does. If you are not consulting the merchant on what they need you cannot break the program down to make sense for them or not. If they do not like the offer, they will never answer you again. Talking to the merchant, being a financial consultant, and showing them you understand their business shows them how the money and you can benefit them. Or they will find someone else that will.”

– Scott Platto, ISO Relations Manager, TMR NOW

What else can be done to increase sale velocity?

“Understand your goals and challenges and make sure your team understands them as well that way you can all move in the same direction to close deals and reduce time frames. The due diligence process can sometimes uncover unexpected obstacles. Being quick to address them is where you will find success in a timely closing.”

– Bruno Raschio, President, East Harbor Financial

“I think just clarity and communication really is probably the key.”

– Tom Gianelli, Equipment Finance Specialist, Credential Leasing & Finance.

“Pretty much to be a consultant and do not push the money down the merchant’s throat. Don’t be afraid to tell the merchant not to take the money if it does not benefit them in any way even though […] you want the commission.”

– Scott Platto, ISO Relations Manager, TMR NOW

Last modified: March 20, 2023
Anaya VanceAnaya Vance is a reporter for deBanked. Connect with me on LinkedIn.

Category: Business Lending, sales

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