obert Sorrell has been involved in the banking and finance realm for over three decades and in the payments industry for the past 15 years. He is now an independent contractor working in business development for Optimal Payments Corp. and supervises a staff of 11 agents. His job takes him all over the Southeastern United States.

In this interview, Sorrell describes how he explains interchange to merchants, how he uses mini-goals to achieve larger goals, and how he saves accounts he's about to lose.

The Green Sheet: What brought you into this business?

Robert Sorrell: I worked initially in the financial services representative area for Fulton Bank in credit, risk analysis and loans. After watching how the bankcard industry constantly evolves, I decided it was time to make the leap, and it has proven to be a challenging and financially rewarding career.

GS: What other relevant education or experience do you have?

RS: Speaking foreign languages can be a real bonus when dealing with international clients. I speak German, Italian and some Hebrew, and I want to master Chinese someday. Also, I enrolled in the Dale Carnegie Institute to hone my skills for presentations and effective speech so as to build my confidence in all areas of the sales spectrum. After completing the course, awards were presented, and to my surprise, I received the award for most effective speaking and human-relations skills. It was the most enriching course, and to this day, I think what I learned from that training will last an eternity.

GS: What do you like best about your career?

RS: The best thing about being in bankcard sales is the opportunity to generate peoples' interest and see them rewarded, as well as the opportunity to make a commitment to an explosive industry in the global market. I like getting customers to sign on with us and being with them every step of the way.

GS: What's been most challenging for you so far?

RS: I would have to say, most definitely, it's when technical issues arise.

GS: What's your experience with agent training?

RS: I started my bankcard sales career at Fulton Bank's merchant account division. Being in banking, I had a basic knowledge of this field. However, I was taught the inner workings of rates, pitching and customer support to ensure customer retention and build a stronger network. Most important was the one-on-one training I received. I was privileged to get such personal attention.

GS: What would a good training program consist of?

RS: A good training program would consist of being taught the assessments, interchange and processing fees, and how they all figure into the equation; then learning all about the issuing bank, acquiring bank and the merchant structure; and lastly, learning how it all calculates to long-term, easily understandable relationships.

GS: How has the industry changed since you started?

RS: What amazes me most are 1) the speed in which processing is done and the technology that accompanies it, and 2) the number of players that are in bankcard sales.

GS: What has kept you in the industry?

RS: The main reason for sticking in this industry is residual income. It's a wonderful source of constantly growing income streams. You can be writing a new deal while making income from your already existing portfolio.

GS: What unique qualities do you bring to the table?

RS: Selling is what you make of it. My style may be radically different from others. I like to get the feel of the prospect, let them ask questions and open up to me so I can find out just how much they know about their merchant account. It's shocking that the majority do not know much. Then, I help them make the right decision.

GS: How do you generate leads?

RS: I use a variety of methods: cold calls, business listings, county license listings and, most importantly, referrals. They are without doubt the foundation of any solid portfolio. I also pass my business card out everywhere I go.

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

RS: I have found that it's smart to ask for the account and to tell them, "We want to earn your business." Then build on that relationship.

GS: How do you explain interchange rates to prospects?

RS: When I first began in this industry, interchange was easy to understand. Nowadays there are over 120 different rates, and you must be careful to simplify your explanation so that the merchant can grasp it. Avoid getting into so many details that you get them confused and blow the sale. The approach I find most effective is the simplest one: Give them the standard retail or other rate that is applicable to their business model.

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

RS: In today's global market you must be adequately armed with all the necessary tools for an effective presentation and have the full complement of products available to meet the merchants' needs now and in the future. A merchant may have a particular type of unit they prefer, and you want to make sure that your MLS or ISO can support it.

GS: How do you ensure account retention?

RS: On average, one third of your accounts are lost to attrition each year. To retain them, it's important to show that the relationship is not just about getting the deal but includes doing the extra perk.

For example, a round of golf for four, birthday and anniversary cards or lunch for the employees. These little things go a long way in making the merchant feel they made the right choice.

GS: What do you do when it looks like you're on the verge of losing an account or sale?

RS: This is quite common in bankcard sales at times. My first approach is to ask what we can do to continue our relationship and extend the contract for a number of years (therefore protecting the account).

Another approach is to ask, "Where are we going with this?" Or if they say, "I need to talk to others about this," I always say, "Then there is genuine interest on your part to present our proposal." It's been most effective.

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

RS: The larger-volume businesses are the ones I deal with. They are more familiar with the mechanics of bankcard sales. When you go to a meeting or appointment, it's good to know others are taking an interest in this otherwise unknown industry.

GS: How should a merchant level salesperson go about choosing an ISO partner?

RS: First, do your homework. Research, investigate and verify what kind of an agreement you are entering into with the ISO. Check references, ask questions and make sure it's the kind of relationship that will be long term. Determine what the benefits are and what both parties want to get out of the deal. Those are key elements to making the right choice.

GS: What do you think about cardholder data security?

RS: This is without doubt the most frightening aspect of our business, especially when you read about the merits of debit and then read later that the reality is contrary to what you heard. This issue is ongoing, and there don't seem to be any easy answers.

However, knowledge, education and making sure that our technology has the best defense and deterrent possible will help allay the fears of merchants and consumers. Even now the credit versus debit question is still open to interpretation.

GS: How should dishonest reps be dealt with?

RS: It's important to get both sides of the problem before taking any action. With this industry, you are bound by ethical and moral laws that should never be violated or compromised. Merchants are entrusting you with personal and business financial information. It's our obligation to see that this is safeguarded.

GS: What is your business philosophy?

RS: Work smart and do the best job I can do. Also, educate merchants and have them refer others to do business with me. That is the essence of the successful philosophy which I follow daily.

GS: Do you set goals for yourself? If so, what are your current career goals?

RS: I have set goals for both my family and my career. I set mini-goals instead of one big goal. This way you have a wonderful feeling of accomplishment and can then set forth your next mini-goals. With bankcard sales, my goals are to educate myself on the ever-changing technology and the interchange rates and to increase my business-to-business accounts and larger-volume businesses.

GS: What's been your greatest success so far as an agent?

RS: My greatest success was bringing to the table a large corporate account, and it was a referral from a mom-and-pop business I signed up. We got the deal, and it's all because of a small deal I did. Referrals are the building blocks to this bankcard industry.

GS: Describe a typical day in your life.

RS: I start with a nutritious breakfast, read the newspaper, check e-mails (reply to the most urgent ones), review my daily plan, return calls, do prospecting, formulate proposals with my staff, close deals and then exercise in the evening.

GS: How do you balance the demands of your work and personal lives?

RS: Very carefully. In today's global society, things move at such a fast pace. It's easy to lose sight of your business and personal priorities, so it's essential to maintain a good balance of both. Using a day planner and sticking to it can go a long way to ensuring a more balanced lifestyle.

GS: How has The Green Sheet helped you?

RS: It has been an indispensable tool in my blueprint to success. I look forward to each issue, for it educates, informs and keeps me current on this most rapidly changing of all industries: bankcard sales.

GS: Would you have done anything differently in your career?

RS: If I had to make a change in my career, it would be to go to law school and become a prosecuting attorney. Law fascinates me.

GS: Have you considered breaking out on your own to form your own company?

RS: No, I think the risks are too great, and the amount of leveraging needed to formulate a strong standing on your own is daunting. Also, while not insurmountable, requirements and legal policies are way cumbersome for me at present. But if the right arrangement were to show up, sure, I would delve into it.

GS: Any advice for newcomers?

RS: Be patient, organized and focused and know what you want from this career. It can be the most exciting and financially rewarding business ever. But like all jobs, it's one you must build toward a future in. If you're going to wait for the phone to ring, then this is not the job for you.