3 Common Mistakes When Selling Treasury Services

BASYS - 3 Common Mistakes When Selling Treasury Services

3 Common Mistakes When Selling Treasury Services

A key difference between a top performing bank and an average bank can usually be found in the quality and usage of the needs assessment when selling Treasury Services.  The needs assessment should be introduced by the Treasury Services professional very early in the discovery phase of the potential client relationship.  A thorough assessment with many investigative questions can help you avoid mistakes that derail new business proposals, and shorten the life of the relationships on deals you do close.  Here are 3 common mistakes when selling Treasury Services.


1. Bundling products instead of customizing a proposal to specific needs

There is a tendency for banks to offer a cash management bundle to new prospects. This often happens without a needs assessment. It’s true that these bundles are fine in some situations.  But, for most customers, they are just not a good fit.  Research from Financial Shop Solutions (FSS) has found that representatives at a majority of banks are concerned that they might be “scaring” the prospect with actual service costs, so they elect to place the customer in a small business bundled version of a service, rather than placing the prospect in the appropriate service level for their business.  This reduces the cost per service in the mind of the customer, however they are now paying for services they don’t need or will never use.  This type of response frequently backfires.  Prospects end up feeling their requests aren’t being heard, or worse, that bank representatives do not care enough about their business to present a well-thought-out proposal.

SOLUTION:  Listen to your customers, and provide a customized proposal to address their specific needs.


2. Not talking about merchant services

Many times, Treasury Management specialists aren’t comfortable with the complexities of Merchant Services and Credit Card Processing.  The result is that they are hesitant to talk with customers about it, or lack confidence when the topic arises.  Here’s a secret:  at top performing banks, Merchant Services provides the GREATEST amount of revenue for the Treasury Management Department.

SOLUTION:  Take the time to learn and fully understand the products and services offered within Merchant Services, and the value they will bring to your customers.

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3. Not responding to customers in a timely manner with a proposal

You would be absolutely shocked at the number of times a proper needs assessment is done, but the specialist gets bogged down with other work or other customers, and never creates the proposal with the customized solutions for the client.  The business owner is left scratching their heads as they ponder why the bank professional took 2 hours of their time to ask questions, but can’t take the time to turn that information into action steps for a relationship.  This results in leaving money on the table, a disappointed client, and a large waste of bank resources.

SOLUTION:  After doing the needs assessment, make it a priority to create a customized proposal for the client within 2 business days.

BASYS Processing as a business partner 

If your processor isn’t delivering strategies to help grow your program and personal service to your customers, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a business partnership that will help you meet and exceed your goals. 

BASYS Processing features: 

• A friendly, live voice will answer the phone when you or your customers call; no automated phone systems.
• In-house PCI Compliance team to walk your customers through the process step-by-step, improving security and reducing costs.
• Thorough Market Analysis followed by mutual plans and goals to grow your portfolio.
• In-depth initial training and ongoing bootcamp training for bank staff.
• A full suite of turnkey marketing assets that can be customized with your bank branding. 

About BASYS Processing 

BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need.  Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe and affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing. 

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