Let's be real for a second. The payment processing world is full of old-school advice and tired sales tactics. You've probably heard it all before: "Just lead with the lowest rate," or "It's all a numbers game." If you're out there cold-calling and getting shut down, it’s easy to believe that closing deals in fintech is just a grind. But what if the playbook you’re using is based on a bunch of myths?
Many partners are spinning their wheels because they’re clinging to outdated ideas about what merchants actually want. Success isn't about working harder; it's about working smarter. It’s time to bust these payment processing myths so you can stop leaving money on the table.
We’re going to debunk five of the biggest misconceptions in the industry. By the end, you’ll have a fresh perspective and some actionable partner success tips to help you stand out and start closing more deals.
Myth #1: Merchants Only Care About the Lowest Rate
This is the oldest and most destructive myth in the book. Of course, merchants want a good deal, but competing solely on price is a race to the bottom that no one wins. If your entire pitch hinges on saving a business owner a few basis points, you’re making yourself a commodity. And in a crowded market, commodities are easily replaced.
The reality is that business owners are overwhelmed. They’re juggling inventory, marketing, employees, and a million other things. Their time is their most valuable asset. A slightly lower processing rate is nice, but a solution that saves them hours of work each week is a game-changer.
How to Bust This Myth:
Stop selling rates and start selling solutions. Instead of opening with "I can save you money," try "I can eliminate your processing fees entirely." Lead with a high-impact program like Dual Pricing, which passes processing costs to the card-paying customer. This immediately changes the conversation from a price haggle to a strategic discussion about solving one of their biggest operational headaches. Show them how modern POS systems can automate inventory or how software integrations can streamline their accounting. When you solve a bigger problem, the rate becomes a footnote.
Myth #2: All Payment Processors Are the Same
Many partners believe that once you strip away the branding, every payment processor offers the same basic service. This couldn't be further from the truth. The processor you partner with is your backbone. Their technology, support, and business practices directly impact your ability to succeed.
Thinking all processors are the same is like saying all cars are the same. Sure, they all get you from A to B, but the experience, reliability, and performance are wildly different. A subpar partner will leave you with clunky technology, slow onboarding, and non-existent support, making you look bad in front of your merchants.
How to Bust This Myth:
Position yourself by highlighting your partner's unique strengths. Can you offer your merchants 24/7, human-powered customer support? Do you have access to a suite of cutting-edge POS systems and omnichannel solutions? Can your merchants get next-day funding? These are powerful differentiators. Don't just sell payment processing; sell the exceptional service and superior technology that comes with it. Your processor's strengths are your secret weapons for closing deals in fintech.
Myth #3: Technology Is Too Complicated for Most Merchants
There's a lingering belief that small business owners are tech-phobic and just want a simple, "dumb" terminal that swipes cards. While some may prefer simplicity, most merchants are savvy and understand that technology is essential for growth. They use software to manage their accounting, marketing, and scheduling. They expect their payment system to be just as smart.
Failing to offer modern tech solutions is a huge missed opportunity. You're not just selling a payment device; you’re providing the central nervous system for their business. A simple terminal that only takes payments is a missed chance to add real, tangible value.
How to Bust This Myth:
Become a technology consultant, not just a sales rep. Take the time to understand a merchant's operations and identify their pain points. Does they spend hours manually entering sales data into QuickBooks? Show them a POS system that integrates seamlessly. Do they struggle with tracking inventory? Introduce them to a system that does it automatically. Frame the technology not as a complex gadget but as a simple solution to a frustrating problem. When you make their life easier, the sale becomes effortless.
Myth #4: A Signed Contract Is the End of the Road
One of the biggest payment processing myths is that the job is done once the merchant signs on the dotted line. This "set it and forget it" mentality is why so many merchants feel abandoned by their providers. It creates distrust and makes them prime targets for your competitors.
The initial sale is just the beginning of the relationship. Your long-term success as a partner is built on a portfolio of happy, loyal clients who stick with you for years. A transactional approach will force you to constantly be on the hunt for new leads to replace the clients you're inevitably losing.
How to Bust This Myth:
Focus on building relationships, not just a roster of clients. Leverage your partner's support system to ensure your merchants always have a lifeline when issues arise. Schedule quarterly check-ins to see how things are going and identify new needs. A happy client is not only a source of stable recurring revenue but also your best source of referrals. A warm introduction from a satisfied business owner is infinitely more powerful than a cold call.
Myth #5: Dual Pricing Is Too Confusing for Customers
Some partners shy away from offering Dual Pricing because they worry that showing two prices—a card price and a cash price—will confuse or anger customers. This is one of the more recent payment processing myths, born from a misunderstanding of how the program works and how consumers think.
In reality, customers are already used to seeing service fees for things like concert tickets, food delivery, and airline baggage. When presented clearly, a small fee for the convenience of using a credit card is widely accepted. The key is transparency. Trying to hide the fee is what causes problems; being upfront about it does not.
How to Bust This Myth:
Educate your merchants on how to implement Dual Pricing effectively. Provide them with the right signage and talking points to explain the program to their customers. Frame it as a way to keep their base prices low for everyone, rather than raising all prices to cover processing costs. When merchants understand how to roll it out, they find that customer pushback is minimal, and the benefit of eliminating their processing bill is enormous. For you, it becomes the ultimate tool for closing deals.
Rethink Your Approach and Start Winning
The payment processing landscape has changed. The old tactics don't work anymore because merchants expect more. By letting go of these five myths, you can shift your approach from being just another sales rep to becoming a valuable consultant.
At AFS, our Partner Program is built for the modern world. We arm you with the game-changing solutions like Dual Pricing, the cutting-edge technology that solves real problems, and the dedicated support you need to build lasting relationships. We empower you to bust these myths every single day.
Ready to leave the old playbook behind? Explore the AFS Partner Program and discover how we can help you stand out and close more deals.
Contact AFS today.