Increase sales team effectiveness with digital account applications

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October 29, 2013

This year a top-five acquirer increase their UK telephone centre close-ratios from 40% to 98% and decreased the sales cycle from twenty-one days down to about three-and-a-half hours by automating their merchant boarding. Together that represents, on average, twenty and a half days of extra processing revenue for new every client, and a big increase in the number of new clients. So how did they do it?

Enable sales with better account applications

They made their sales team more effective by equipping them with a better customer application: they replaced paper applications with digital forms. The new application is easier to fill out because it’s completed on a computer or tablet instead of with a pen and paper. The digital forms help the customer fill everything out correctly and completely the first time.

Because there is no need to print an application out, nor to fax or scan it back in, sales representatives often help the customer complete their application while still on the phone – a big reason close ratios increased and sales cycles decreased so dramatically. Finally sales representatives can see how far a customer has progressed through an application, allowing them to follow-up when a customer gets stuck.

Our client made their sales team more effective by providing them with a better new-account application. The new application decreased the effort required by the customer to complete it, and made it possible for the sales representative to be more effective when helping the customer fill it out.

Want to learn more about how this top acquirer accomplished a 5.6% increased close ratios from 40% to 90%? Book a call with one of our merchant boarding process experts.