ynthia Maiorano of Cherry Hill, N.J. is a merchant level salesperson (MLS) for Business Payment Systems (BPS). Experience has taught her that preparation makes all the difference, especially for landing the big clients. In the following interview, Maiorano discusses the importance of doing one's homework, setting goals and being prepared to offer anything a merchant may need.

The Green Sheet: What brought you into the merchant services business?

Cynthia Maiorano: I have been doing this for four years. I was looking for something that would keep me active and connected with the business world.

I am a retired accountant; I was burned out [from] long hours and boredom. I woke up one morning, my children were grown, and I could not recall how I lived the dash. The dash is the time when you are born and the time you leave this earth. It's basically how you live your life. My father was a great salesman; he always told me success is how you live the dash.

GS: Was sales a natural transition for you?

CM: [I remember] watching my father who was a food broker. He would close huge accounts: Gerber, Clorox, Procter & Gamble. We were very close, and I was always amazed how well he did. I guess some of that rubbed off on me. My mother was Vice President of Avon Products. I came from a sales household.

GS: What is your experience with agent training?

CM: BPS does such an extensive training program for any new rep that comes with them. I run into people on the street that are selling for other [companies], and they are not trained; they are not educated.

The very first thing that happened was learning how to read [merchant] credit card statements. [BPS] put me through extensive training here by giving me different statements every day. I had to prepare what I thought was a good comparison for this merchant. They would show me what I was doing right and wrong.

After about six to eight months, I had it down pretty pat. The number one thing is reading a statement, being able to understand all the mids and nons and inter-change ... Once you understand it you can back into almost anything.

Out of my office in Cherry Hill when new people come in, they ride with those of us who are more experienced to get a feel for the industry: what should and shouldn't be said, how to open and close.

This is a very competitive arena, and if [MLSs] are not trained they will not survive the industry. This is not the school of hard knocks. Your company must stand behind you and give you the sales support that you need to be the best.

GS: What criteria should MLSs consider when choosing an ISO/processor?

CM: If I was an independent agent, if I was going out there to find a processor, the very first thing I think I would look for is stability: How long have they been a business? Then I would read about the company and talk to other people who have been with the company. You want a solid reputation, someone that will pay you on time.

If you call, there is a live person [and] they give great customer service. There is nothing more frustrating than trying to call and getting a recording.

GS: How do you generate leads?

CM: We have through BPS many people setting appointments. They are strictly on the phone all day long. They are the appointment setters. Not everybody likes that. There are a lot of reps that want to do cold calling and generate their own business.

I particularly don't like to do that. I'm a bit older now and not made for pounding the sidewalks. This way they know I'm coming, so they're prepared for when I walk in the door. I still get surprises, believe me, but it's better than not knowing at all.

GS: What types of clients do you prefer to work with?

CM: I prefer larger corporate clients ... Larger accounts for me are a piece of cake. I like nothing better than to sit across from a Controller, CFO or Chairman of the Board. They approach things from a more business-oriented aspect.

GS: Merchants are savvier now about credit card processing. How does this affect MLSs?

CM: That is the biggest thing that we as reps have to look at. It's a plastic market. There's a large restaurant chain in [my] area that's running 93% credit cards. Plastic is just overall what's paying for the industry. People now have to become somewhat savvy with their credit card processing.

You have to be prepared to answer [questions from] this new type of merchant that's out there. You really need to have [everything] in a row and if not, that merchant is going to move somewhere else, to someone that's more knowledgeable because they've become more knowledgeable.

GS: What special methods do you use to close a sale?

CM: I tell it like it is. If I cannot save clients money, I will tell them. If I can, I will show them how with every tool I have, proposals, spreadsheets, etc. I tailor each call to meet with that client's industry and standards. My appointments will keep me in one specific area at a time. Let's say I'm in the South Jersey area. I'll look at my appointments a week earlier, and if I don't see anything big that I am aware of, I will definitely go online.

I may call and ask preliminary questions so that I am more prepared. But with my large clients, those doing over $10 million a year ... I spend months preparing. I do spreadsheets; I do analytical work. And when I go for that final appointment, I am very well prepared.

GS: How do you explain interchange rates to prospects?

CM: I deal with large colleges, the hotel industry and large restaurant chains. They are well versed on interchange. If they are not I will sit down with them with the [Electronic Transactions Association] charts, and we look at the rates together. I explain from point A to point Z. It makes your job easier if the merchant understands.

GS: Why is it important to have a full arsenal of products to offer merchants?

CM: Gift cards, ATMs, check programs, prepaid programs, Web design ... the list goes on and on. I truly use every product I have available to me to keep the merchant in place and [for] one-stop shopping. If you don't have them, you're not going to hold your customer. If I go out and sell a restaurant credit card processing because I'm saving them $0.10 a transaction, then Mr. X comes along and beats my rates and has the gift card program they need, he will get the deal.

GS: Do you set goals for yourself?

CM: I am a goal achiever, a goal setter, and I look at my credit card processing and sales ability as I set goals for myself. My very first residual check was $1.47, and my residuals now are up in the thousands per month. So I set goals for myself. I started out [with] "maybe I can write five deals a month, then maybe I can do eight, then maybe 10." Now I am up to my goal of 25 deals a month, but if I fall into the 20 range or the teen range, I'm not upset. I just say "Next month is another month." The beautiful part of this business is that most of the goals are set by yourself, and I feel that people need to be goal oriented. If you don't have goals, then you are not productive.

GS: What is your business philosophy?

CM: Everyone you meet is a potential customer. Having customer service that would knock your socks off and not being greedy. No overkill or you will not keep that merchant for long.

GS: What do you mean by overkill?

CM: There are people, no matter what the ISO, that sell at very high rates. My philosophy is that the person selling at, for example $2.05 - $0.25 on a retail swipe, is going to lose that client within three months. They may sign them, but they will lose them. The reason is that there are people like me out there that will sell for 10 points above buy rate, and I'm not going to kill that client. I use what I call "kindness selling." People will laugh and say what's that? Kindness selling is if I was that merchant, what would I be willing to pay above and beyond the cost?

GS: What do you think about cardholder data security?

CM: Our job is to set up credit card processing by the terms and conditions set forth by the processor. NPC [BPS' processing partner] has many policies that are in place and must be completed in order to get your merchant up and running. These policies protect the merchant, you and the processor. I feel that every agent should have to [attend] some form of workshop yearly on industry changes and updates.

GS: What is the most noticeable change in the industry since you started?

CM: There are things happening in this market that I have never seen before. A major food supplier, who supplies 80% of the restaurants, now [offers] credit card processing. They make deals that say "If you buy your food with us and we do your credit card processing, we'll deduct 2% off the total bill for the year."

You can't compete with stuff like this. There is no way. I don't have anything to give them. I had already gone rock bottom on my interchange rate, and there was nothing left for me to give. At that point I threw my hands up in the air and said, "Good luck, keep me in mind."

GS: Describe a typical day in your life.

CM: I work five days a week. Mondays and Fridays are office days needed to do proposals, updates and general paperwork. I am on the road, booked every hour, Tuesday through Thursday. I try to stop my day at 4:00 p.m. or so, but I am connected to my cell phone if a client needs me.

MapQuest.com is a big part of my life. I spend a lot of hours preparing for large merchants: RFPs, spreadsheets, presentations. I like nothing better than to meet some hard-nosed CPA sitting across from me who thinks I am a dumb blonde. Let the battle begin!

GS: How has The Green Sheet helped you?

CM: It tells you exactly what is going on in our industry. It opens up employment for those in search. It puts new products out. It's the ISO's survival tool.

GS: What are your career goals?

CM: I have some good years left. I love what I do, [although] sometimes it is very frustrating, but I get over that quickly. I want to build my portfolio. It is like a huge chess game, but you reap the monetary rewards.

GS: Are you satisfied with your progress so far? CM: I still have room for growth, and BPS Worldwide helps me with this growth every day. They have my back. But, yes, I am very happy.

I am somewhat awed that I am even doing this interview. I am happy and content with what I do and who I am.

GS: Would you have done anything differently?

CM: I would have paid more attention to the banking industry. They all need credit card processing. I feel that I am on the right path and would not make many changes.

GS: Any advice for newcomers?

CM: Feel confident, walk before you run, and sell, sell, sell.