In our experience, getting merchants compliant is not unlike carrying out a sales campaign, it can sometimes take quite a few calls to successfully engage merchants in the process. Studies show that 80 Percent of successful sales require five follow-up calls.
Though it seldom takes that many calls to get merchants compliant, sometimes a warming up process is needed to get them to engage with the process.
In sales, most salespeople don’t expect to close a deal on that first call. They are aware that only a few of their targets will know what they want and be familiar with the service or product on offer. When it comes to compliance, our experience is that merchants don’t often fully appreciate or understand what is being asked of them the first time they are approached.
It can sometimes take multiple outbound approaches to successfully get them on board and compliant.
Having a strategy of follow-up communications can help to build relationships. In some ways this is similar to a romantic relationship between two people, it often takes a few dates before things become steadier and trust is established.
Understanding what is holding a merchant back from getting compliant and letting them know that you understand them is often the key to engaging them in the compliance process.
Successful salespeople are often those who truly understand the needs of potential clients and more importantly they don’t give up after the first few calls. Persistence is what separates the average from the great, and in merchant compliance this often means being consistent and steadfast with a combination of communications; warming the merchant up with posted letters and emails and closing the deal with outbound phone calls if needed.
Working with some of the largest acquiring organistions in the world and across the full range of merchant levels, gives Sysnet a very unique insight into how compliance is managed from a merchant as well as an acquirer perspective.
Merchant Contact Services is a scalable, on-demand merchant support service that provides acquiring organisations with a range of inbound and outbound contact services, including tailored compliance outreach programmes.
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