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Education

The give and take of Thankfully, we have evolved since then.
In fact, I believe the ability to get qual-
referral success ity leads is at its zenith in 2017. A phone
book and a prayer are no longer the only
resources.
By Jeff Fortney Not just any lead
Clearent LLC A quality lead is not a pre-closed deal.

ately, I've asked payments salespeople with various levels of experi- A quality lead, as defined here, is when
ence this question to name the one thing they cannot do without and you have sufficient information about a
be successful. Some responded that they need solid support. Others merchant so you can speak intelligently.
L said they need a sound industry-knowledge foundation. A few said This information includes:
a good mentor or trusted advisor is paramount. Others mentioned fair pricing • Name of owner or contact
and equipment or POS solutions. • The individual's need or current
payment-acceptance usage
But the most experienced salespeople invariably offered one simple answer:
leads. They emphasized that no matter how great your toolbox, if you have no • Verification that the merchant
one to sell to, it's worthless. type fits your partner's policy
• Simple understanding of what
This brought to mind a meeting I attended long ago where several merchant the business sells and how
level salespeople (MLSs) whined about lack of leads. Their manager asked if
they would like a listing of merchants by industry, along with phone numbers With today's Internet access through
and addresses. They all thought that would be great, so he reached into a smartphones and tablets, this informa-
drawer and pulled out the phone book. tion is typically readily available. How-
ever, MLSs still ask where they can get
leads. When an inexperienced MLS asks
me, I offer the most common sources as
a starting point and then explain the
characteristics of a quality lead.

When experienced ISOs and MLSs ask
me where to get leads, this is usually
due to frustration. They know the com-
mon sources, but the quality or even
quantity seems to be lacking. Instead
of answering the question, I ask: Where
have you gotten them in the past?
They will list the sources we all know,
such as canvassing shopping centers,
lead lists from third parties or their ISO
partners, Internet searches, and others.
However, the one area that may be the
best source is often an afterthought and
is rarely used. That source is the sales
pro's existing merchant base.

Sure, when I mention this they say they
ask for referrals; some even say they
send newsletters. Most mention that
they offer financial incentives. But they
all claim to get very few leads from their
merchants.
A motivated merchant base

Although these steps are good and
needed for retention, influencing

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