re you new to the financial services industry? Have you just started out as a merchant level salesperson (MLS) or started working with a new ISO? If so, you are probably working very hard to gain the support of a client base. If you think that you can't compete with more experienced agents, or those with a strong customer roster, don't sell yourself short.

Even if you are new to the industry, you can still hold your own with industry veterans. Simply take the time and make the effort necessary to educate yourself about your company, the products you represent and the industry. Read on to find out how.

Learn About Your Company

• Do some research and prepare a brief company history to share with prospects. Chances are your employer already has one prepared. Use that one, but also make it your own by adding additional information that you believe will be valuable or of interest to this prospect.

• Review your company's client list and create your own client lists categorized by industry. Use these directories to show prospects how your company helps similar merchants. For example, if you tell a boutique owner that a national auto parts store is pleased with your service, it won't be as important to him as if you told him about a similar business that is happy with the service.

• Study brochures and product sheets. Since you provide these materials to prospects, it is vital to answer any question that might arise after they review the documents. Better yet, do some research and come up with additional information that is important to this prospect's specific industry.

• When explaining what the prospect can expect from your service, be conservative when estimating sales or profits. Just because you have a client who increased her sales 200%, don't tell another prospect he will do the same. Be realistic and be careful not to exaggerate.

Learn About Your Products

• If you don't know how your products work, you might not be able to answer prospects' questions. They want to work with someone who not only sells them something but who will also help them understand it. Attend product expos and manufacturers' training events and learn all you can about the products you want customers to buy.

• Do some research on your competitors' products and find out how your products compare to similar ones on the market. Even if you think another product is superior in one area, chances are yours is superior in others. Use that information to position your product to be most attractive to the prospect.

• Your products are not used in a vacuum. It's important to know if and how your products work with those of other manufacturers. This information can help you make a sale and prevent any future dissatisfaction.

• Familiarize yourself with service plans. Use this information to answer prospects' questions and add value to the product.

Learn About the Industry

• You don't have to have a wealth of industry experience to be knowledgeable about current events. Stay current with sales figures and trends. Review economic forecasts and retail activity. Cut articles from trade publications. Armed with this data, back up your claims and statements with proof from objective sources.

• Sometimes nothing takes the place of experience. That's why it's important to seek out experienced mentors. Identify people whom you admire who have been in the industry awhile. Ask them to mentor you. Most likely they will be flattered and happy to help.

• Prospects don't expect you to know everything. But, they will expect you to know where to find the answers you don't know. Find good sources. Bookmark Web sites, read industry publications, such as The Green Sheet and GS Online. Use these sources to find the information you don't know, rather than guessing at an answer.

• Give competitors their due. Rather than badmouth competitors, acknowledge their accomplishments. Then explain how you and your company do it better. Or, find other areas (areas that are more important to this prospect) where your company excels.

Finally, the most important thing to do when starting out as an MLS is to be honest. The best way to develop a solid reputation is to be fair and truthful, and that is what builds sales and careers.