Earning Consistent Sales Generation & How To Get Business Referrals With Pat Murphy
Welcome to another edition of the do this sell more show I'm your host Dave Lorenzo and, today we have my. Friend of 30 years a gentleman. By the name of Patrick. Murphy and he is an, executive, with, a company, called Global, Payments, he works specifically, for Heartland payments which was acquired by global, and there's a reason why it's important, for us to talk to Pat today and I'll get into that in a minute but, the, reason I wanted Pat on the show for, no other reason other than I wanted to talk to somebody who I have, great conversations. With all the time specifically. About. Relationship. Based sales, I think. This, interview if you haven't thought about sales, from a relationship based perspective this interview will probably, convince you but before we get to that let me make sure I do Pat justice by reading his fantastic. Bio so. Pat's got 23, years working, in the electronics, payment the electronic, payments, industry and that includes 18, with Heartland Payment Systems and, they're a global, payments company and Pat can give us two minutes on global payments versus Heartland and Pat's, held sales leadership positions, for the last 13, years with Heartland prior, to that he worked for Marriott, for seven, years in probably. Half, a dozen to a dozen different management, roles and that's, where that's where I met, Pat and Pat, and I have the unique. Background. Of, being. In a customer, service position where, you not only have to take care of customers all day long but you also have to carry very heavy objects, but, let's let's get into the let's get into the conversation I want to I want to welcome Pat aboard Pat welcome to the do this sell more show thank. You for having me on Dave it's, absolutely. My pleasure so, as I, said Pat and I have known each other for a really long, time Pat tell everybody, what. Heartland. Does and. Why you, know you work for one company but people, may know you as Global, Payments, or Heartland, payments kind of explain to us what Heartland does and, you. Know global and Heartland and the relationship, there sure, Heartland. Is a payments technology, company and we, work with, business. Owners all, across the country, to. Basically, help them get paid whether it's a credit debit card transactions. Gifted. And loyalty, programs. Point-of-sale. Systems, payroll. Human. Capital management. All those, types, of products and services and, Heartland. Has been around for almost, twenty years now and, three. Years ago we're, acquired, by Global, Payments, and. One. Of the reasons why we kept our Heartland. A name here in the United States is that it. Really carried a lot of weight because Heartland. Had a direct. Sales. Team of about, a thousand, people, all, across the country, serving. Business owners isn't in the communities that they live with live in and global.
Itself Didn't really have a us-based. Sales. Channel they had a very small one but they relied a lot on third. Parties, to help. Build their sales so. Global. Kept out the Heartland, brand and that. Is basically, the new United States Channel is. Is Heartland so that's. Why it just as you read it dave. Harland. A Global. Payments company and. Exciting. News that was just an outside this past Tuesday or, maybe. Many Tuesday's ago depending on when you're listening to this podcast is. We. Merged, with a company called tesis, which. Is another company, in the electronic payments industry that's, obviously subject to regulatory, approval and. We'll. Probably have that. All completed in the fourth quarter of this year, perfect. Thank you. Tell everybody first, of all about the, sales team at Heartland, how they're compensated. And and how sales, works and then in. You, know in in about a minute minute and a half describe, what your day is like and what your role is with them first tell us about the sales team sure. Are as I mentioned before Dave our sales team is made, up of about a thousand, people across the United States and, all. Locally. Based serving, business owners in the community that they live in one. Unique, thing about our sales team is, the. Way they're compensated. Is 100 percent performance based and. Obviously. That can. Sound, pretty, intimidating, to, somebody that is new to the role or considering, career change to us but, on, the other hand the, income, opportunity. Is one, totally. Untapped, uncapped. And, to. Our. Our sales. Representatives we call them relationship. Managers, and territory. Managers, they. Actually have court, foot they have residual, income meaning they're paid every, month for. Based. On the profitability, of their accounts, no, matter what products, they are they're, paid every month, for. As long as that. Customer, is processing, with us so I. Still. Get paid, for accounts. That started processing with us in 2000. And. We. Do have portfolio, equity, so we do have ownership, of that, recurring. Revenue stream and we, can sell it back to the company for 30 times its. Monthly value so again, although the, that.
100%, Commission tag, is is, kind. Of scary for somebody. Who's starting out and sometimes, may be more scary for the spouse that it is the sales rep yeah I'm sighing I. But. The raziel. Recurring, residual, income and the portfolio equity, just. Just make it an excellent opportunity for the right person and tell. Us about your day what do you what's your job what do you do and how to you. Know and how does how does what, you do fit in to what the guy on the street does sure. I am the senior, director of business development I'm, one of four, people in this, role here at Heartland and I. Work a territory. That. Includes the. New England all the way down to Virginia, across to Michigan, and my. Job is to work with any type of strategic, business. Partner, somebody. That works. With the same types of target, business owners as us that, has influence, over the business decisions, of their customers, and it. Is a good fit for us. So. Associations. Financial. Institutions. Accounting. Practices. Insurance. Brokers. Technology. Partners, such as point-of-sale. Companies, or web. Developers, all. Good, referral, sources for, our sales team so I work to develop a lot of those partnerships and also. A good amount of my time is spent. Training. Our sales team to. Work. Those partnerships. So. That they can, reach. Their goals and. You. Know make the income that they came here to, Heartland. To do and just. Like we've, said over the years Dave make a good living have a great life, get home in time for dinner yeah. Yeah, so, let's, talk a little bit about the. The, sales process as, the. Average, Heartland. Relationship. Manager, views, it you know for, the purposes of our discussion Heartland does a lot of things but for our discussion, today let's. Talk about the. The guy on the street who sells payroll, or the, gal on the street who sells payroll and card processing, right those are your those are your two big. Ways. To initiate. Relationships. So, I'm. A guy on the street or I'm a gal on the street and I. Just started working for Heartland what's. The what's the general mentality. Of those people when they start the job. The. Key to succeeding here at Heartland Dave is to have a strong pipeline, and the. Best way to develop that pipeline is to have a minimum, of five. First-time. Appointments, with business owners each week so this isn't this. Is an including follow up or, or. Any. Of those types of appointments. Down the road these are five first-time. Opportunities. With a business, owner and. If they're consistent, with those five first time appointments, each week and obviously, the the appointment. Said that fallen though in the process then. They. Should have a good a, good. Career here at Heartland we found over the years that we. Do a good job closing, appointments, but. Maintaining. That pipeline is something. That sometimes falls by the wayside so, how. They get those five. First-time opportunities, each week it, is, really totally up to them. If. They have strong partners, that, are bringing. Them good opportunities, on a regular basis, then. That's. Great and those are those, five, for five. First-time appointments, will definitely, fall, into place, pretty, easily however I usually. When they're starting out. They. Have to they. Have to develop those get. Those appointments on their own until. They've developed a solid portfolio, of partners, and you. Know though those are the traditional sales. Methods, that you. And I have talked about a lot over the years just that there's.
The Grinding it out knocking on the doors all. That. Type of stuff that, is. Really, difficult and. Hard. To sustain a career here at Heartland. Skills. Career at all days yeah, no kidding so I picture, I picture a you know a Heartland rep first day on his or her own they're in their car they pull into a shopping center and there's there's, 11 stores in the shopping center and they just start at one end and walk in and say hey let me see your statement, and go all the way to the other end right exactly. Yeah, so, you're. You're, the Unicorn at Heartland or you always have been you, devote you started, in that same role pretty much I mean you, you owned your own your own your own company in Heartland bought you guys out but you, started, in the payment, processing, business, doing. That after, a career in hotels, what. What, made you different from, everybody else who who, is doing what you did at Heartland I mean obviously I know the answer but I want the people watching on YouTube and listen on the podcast to hear the answer what made you different and why were you so much more successful than everybody else. One, of the things I did right off the bat when I joined Heartland as a relationship. Was, rather. Than. Go. Out and cultivate. Individual. Businesses, to work with us is I spend a lot of time cultivating. Referral. Sources that. Could bring me business on a regular basis. Although. You know right off the bat there were some business owners I had a real good relationship with, that he, gave me appointments. Right away but, I also worked. Really hard on. Some. Community. Banks to to. You know some of the smaller locally. Based banks, that, can, that you. Know if you if you go to every town there's probably a couple of national. Banks like TD and citizens, and Bank of America but. There's usually the the. First, National Bank of fill. In the name of this town in. That area and and and those are the banks, that I focused, on because. Those. Were people that had a, higher, level of service less. Focused. On revenue. And the bottom line but, just more focused on taking care of their customers and I. Was. Fortunate enough within the first year and a half to, bring. On for. Community bank partners, and it. Did, it. Wasn't something that closed, overnight but. What's. Once I got those Bank partners up, and running and. And. And working, with me on a regular basis then that really took me to the next level, so. That you as. Even. As a relationship, manager, as a as a sales executive a, guy on the street you, went out and looked to develop, relationships. And use leverage, you, focused, on people who had the ability to connect, you with multiple. Opportunities. As, opposed to just kicking in doors and making one sale you used your time as effectively, as you could and that was the key to your success and, you've been promoted up the ranks because of it right. Right. I'd, like to think that I definitely. Was a good example of working. Smarter, and not necessarily working harder I did work hard but but. I work, really smart as well, and and just, when you when you think about banks. Rather. Than me knocking on doors one individual, opportunity. At a time by. Bringing on a backhand and let's say one, of these community, backs had eight branches. Well, that's eight branches with, on average I would. Say maybe. Conservatively. Six customer-facing. Employees. At each. Of those those. Branches so eight. Times six, that. Is, 48. Yeah. 8, times 6 is 48 so that's, 48. Eyes. And ears that are good potential referral, sources right, there for me and it definitely paid off so some, of these banks were in far-reaching. Places, like one, was three hours away from me in southern New Hampshire one, was two-and-a-half hours away from me on the coast of Maine but it was worthwhile because every. Time they. Called me for a referral one. It that. Customer, enrolled with us on, that, first appointment, very. Rarely to require, multiple appointments and, getting. Beaten down on on price so. III, was, able. To sign them up faster. Holds. A higher, margin.
What We call is our, term for profitability, and also, retention, because, that, referral came from somebody, at the, bank that that customer trusted. Those. Customers stayed with us a lot longer so, the. So the benefits, the benefits of, targeting, evangelists. Are targeting referral, sources and our, leverage. You get you get more time higher. Higher, margin, higher profitability. Longer. Retention. And an, easier, close. I mean a quicker, path to the close you, in your business it's not uncommon for these reps to go in there to, do an initial pitch they have to get a statement then. They go back and do the analysis, of the statement then they come in and make a presentation, and, then they have to wait for a decision you. By targeting, referral, sources particularly banks, at the outset would, you your first introduction, you have all the credibility in the world the, business owner says well Pat if the bank trusts you I trust you so basically you just convert them over and then these people stay with you forever because, they have a relationship with you they have a relationship with the bank there's just a high degree of trust and as long as the customer service, remains you know as high as you guys provide, then, you, have no trouble. Exactly. And in in our industries, and in payroll, and electronic, payment services, there's, people knocking on their doors every, day making. All the promises, in the world and by, having, the the backing, of that local bank, that, you know there's, so many so. Many times that they come to bat for us when the the banker, goes, oops I got a mosquito here it's bug season good. Catch yeah. But when that when, the customer, goes the bank and say hey I'm getting all these people knocking on my door saying, Heartland, is overcharging, me and they can save me all kinds of money, the. Banks, always do a nice job of saying hey listen Heartland works with X. Number of customers here at the bank they're all very happy the. Grass, might not be greener on the other side so, I would. Recommend talking, to Pat, and, just. Making sure that everything's. All set so. Tell me about is, there is there a difference, between, establishing. A relationship with. An evangelist, with a referral source versus. Establishing, a relationship with an end user and end customer, and your experience, was there ever a difference, in in. Developing those relationships. Well. When it comes down to it Dave they. All want to work with somebody that they know and, that they like and that they trust and. Business. Partner of mine many, years ago he's. From Pennsylvania and, he helped me, getting. A bank on get it back on board with us in May. And, we're. Coming out of that meeting and he. Said really, what it comes down to it's all relationships, and, people. Just want to work with other people that talk just as funny as they do I. Love. It I, think taking a shot at us. From New England up here so that. That, was it but it's. Like what you and I talk about all the time to him it just comes. Down to relationships and, and. Getting, people to know you like. You and trust you, and also. Finding. Problems. Of theirs to solve and obviously, a pizza. Shop owner or a nail salon owner or, an innkeeper, their. Problems, may be different. Than what a banker. Or an accountant, or an insurance broker it. May have. So. You. Know the the individual, business. Owner aside where, I think about partners you, know the. The best partners that we have are the. Ones that are like-minded like. Us and right. Our Heartland reps are our best Heartland rep state they wake up in the morning and the first thing they're thinking about is how am I gonna get more business today and what. Do I go do to keep my existing, book of business happy, today, yeah. The. The bankers. Accountants. Insurance, brokers. Point-of-sale. Dealers. Other. Other, types of partners that we have. The. Ones we have the strong partnerships, are. The ones that are like mine and if. They, have that same mindset of. Waking. Up in the morning or going, into their office and and wondering where. Their next customer is coming from or. Keeping. Their existing customers happy, those, are the ones that result in business, not only to us but it. Makes it easier for us to help them as well and, when we help them that motivates them to send business our way yeah. That's great let's. Talk a little bit about about. The the sales rep role at Heartland and for those of you if you're if you're just jumping in in the middle here where maybe you are watching this this, interview on YouTube and, and you you, left and you're coming back and you're picking it up in the middle we're talking with Pat Murphy he's an executive with Heartland Payment Systems they're, a Global Payments company and Pat, helps, people, make.
More Money, by. Focusing. On relationships he, helps the sales reps at Heartland make more money by focusing, on relationships and, I want to spend a couple of minutes Pat talking. About your. Reps because you've, before. You were in this role you were in a direct, management, role of dozens. And dozens of, reps tell, me a little bit about how your account, relationship. People when they get onboard, what's, the ramp up time because I think a lot of people who are listening to this interview or watching it on YouTube are, going to say to themselves wow, you know what, Pat says really resonates, with me and credit, card processing, people very rarely change, card processors, because they, don't know how to and, it's a the cost of switching is huge, so they may want to work at Heartland, tell, me tell me about the ramp up time how long does it take a rep from the time he or she starts to, make say. $3,000. A month and, then to make like $5,000. A month because $3,000. A month would be like 30s would be $36,000. A year, $5,000. A month is gonna be $60,000. A year you, have reps that make a lot more than that but give us an overview what's the average time for people to make $3,000. A month and pay some of their bills and then make $5,000. A month and cover all their bills how long does that take. Well. Our art, division, managers, Dave though those are the people we, have a hundred of them across the country, and, they're responsible, for a. Certain. Geography, but it generally, may. Be anywhere, between 15, to 25 reps who, work underneath them and and and those are the people that are, doing. A lot of the recruiting and hiring. And. Developing. We also have a territory, manager role that say I entry-level. Sales, leadership position, that, is also very hands-on, in addition. To training. Developing, the team that territory managers are also selling, and. Still building their own portfolio. But the division managers are the ones that really. Are. The key to to our growth and the key to somebody making a good living here at Heartland and it's it's really their. Goal to ensure that in, this 100, percent of performance-based, position. That, each. Of the reps gets, a paycheck every week, for. From the time that they start and, part. Of our hiring. Process is what. We, call, the jump start is when. When they, start on day one we kind of prepped them ahead of time to have, opportunities. In mind an appointment. Set so. That they. Can get, out and close these deals right. Away and.
Get. Their new, reps. Paid. The. Following Friday so. The. Way it works Dave is our, reps. Do get a a signing bonus for. New accounts that are brought on whether. It's on in payments, or payroll. So, to you. Know obviously help help. That they they, they, get paid regularly, on a regular basis, we. Pay them that signing bonus based on the profitability of the account so. There's, a chance, well not chance but our strategy is, that they. Come to us with opportunities. Our. Division managers and territory managers are committed to, to. Joining. Them on every, appointment, that. They have during their what we call their rookie period. With the company to, ensure that they get paid every week and that. That's in addition that. They get those signing bonuses based at paid every Friday for the new, business that was that. Started processing, the prior week but. They also get residual, income every month. For. For the the. Processing, every every month of that that, account, that's. Great so so yeah so when they when the people first start with you they sign up ten accounts they're in theory getting ten sign up bonus at ten signing, bonuses, so those. Signing, bonuses, will help get them over the get, them over the hump in the in the, beginning of the time when they're with you so they make money right. From the right from the get-go and then as, time goes on their. Residuals. Are gonna start to kick in and they're gonna make more money when the residuals, start to kick in exactly. The, the, the the true sign of success gave to, a rep, with our company when, they get going is when they come to me and say hey, I guess. What I'm, already making more, in my monthly residuals. Than. I did in my entire, paycheck. My entire monthly pay check out my previous career and plus. I get my signing bonuses on top of that. Yeah. And in addition to that like, I said they get their portfolio, equity, so if. If, it's. Great to see people that I hired 10, years ago that now have. Kids going to college and, they've got that portfolio equity, where they could sell off part of their residuals, to pay, those college tuition, or, another. Rep that that's i, recruited. 13 years ago she. When. She got vested she bought a piece of land on. A lake that she's always wanted for, her and her husband, and her family and. This. Year they actually built a house they finally were able to build a house on that property and you know that's wonderful, so it's, great to hear those stories of. Really. You know not, not only people paying their bills like you and I were talking about a couple minutes ago Dave but, really, their dreams coming true it's, sending kids to college and. And. And and building their dream house do, most of your reps I would imagine all of your raps work from home so, they have to be they have to be motivated, to get out on the road right yeah. That's. A key and one thing we've always taught. People is you, know you those. 5 first-time appointments, each week minimum, and and obviously we require more than that. In. The earlier stages but I always. Thought scheduled. That first appointment at like 8:30 in the morning you. Know it discipline, yourself to force yourself to to. Be. Out, and another. Another. Part of our job Dave that we always promote in addition to those five first-time, requirements, is have, to. To. Networking, meetings, to meetings, with a either a current. Referral. Source or, maybe. A potential, new referral, source and it could could be any, of those people we talked about before a web. Developer, point of sale deal or banker. Insurance, agent accountant. But. We also we. Did some brainstorming, at. A team. Meeting that I was at a couple years ago, one. Of our biggest vertical. Markets, here at Heartland is the restaurant industry and. We, did some brainstorming and, putting, ourselves in, the shoes of a. Restauranteur. And a, lot of us became you know just like you and I'd a Vitamix. Came from the hospitality, industry brand. We. Came up with a list of 30 other vendors, to, the restaurant, industry and, these, are all 30 other people that we could network with the, the.
Liquor, Rep the. Us, foods rep the. Music. Licensing company the. Pest, control company, and, when. I was a relationship. Manager here at Heartland Dave I was part of what, we call the contact Club, and, it was myself and, usually. Five other people sometimes the the membership fluctuated, but anyway, five and ten other people all, serving, the hospitality, industry and we. Got, together once, a month and had a meeting and we had it at a restaurant that was either, a. One. Of our customers, or, one. Of our a. Prospect. Of one of the people in the group because you know we want to be present support the the business. Owners that supported us we didn't go to uh we're. Gonna go to Chili's of the Olive Garden or anything right so, we. Had a meeting once a month in order to come to that meeting it. Had to bring five referrals and or. Five, leads so they didn't have to be actually, warm referrals, but some sort of opportunity. In the restaurant industry maybe, a new restaurant opening, maybe, a change of ownership. Some. Other really. Restaurant, scuttlebutt right. And. And. So if there are five other people if, it was myself and five other people, coming to that meeting and. Everybody. For part five opportunities that means I'd come away with twenty five of them sure. And so, there's. People representing, different, industries. There's. Myself again. Point of sale dealer, a. The. The membership person for the local hotel, Association. Pest. Control company music licensing company, so. We all came from different backgrounds, and the. Rule was there was you, couldn't have anybody from competing industry. In. The club so I have, to worry about any another. Credit card company. Being. At the meeting and and working, on the same leads so. There's, good motivation, because one you. Had to bring those five leads in order to get the rest of the leads and two. If you missed the meet if you missed three meetings and you were out and I, knew there's some competitors. That were, banging. On the door to try you try and get into this networking, group, so. You, know is good motivation, to obviously. One benefit from these referrals and to keep the competition out but his good group of people it, was good, not. Only to get these referrals but you know just good camaraderie. With. With, other sales professionals, that that worked in the hospitality industry, know. That's great so we've, been talking with Pat Murphy he's an executive with heartland payment systems are a global payments company Pat if people want to reach out to you if they if they really are, excited. By unlimited. Earning potential, and, they, want to talk to you about a career, at heartland what's the best way for people to get a hold of you, sure. My name is Patrick, Murphy senior. Director of business development at, Heartland Payment Systems they they people. Can not find, me on LinkedIn. Or. My. Contact, information, my phone, number is, 603. Three. Eight seven three four. Nine three and, my. Email address is Patrick. Dot, Murphy, at Heartland. Dot, US, perfect. We'll put all that in the show notes we'll make sure it's on on, the YouTube show notes as well as on the show notes on my website, and on, iTunes, and stitcher and, Spotify, and, Google Play and wherever you get your podcasts. It has, been a fantastic, conversation. With Pat Murphy really a clinic, on relationship. Based sales Pat, thanks for joining us it was it, was wonderful having you glad. To join you and it, excited. Excited, to do it again sometime hopefully well, when we do it again we're going to talk about recruiting, because I know you're a wealth of information on, on recruiting, great, salespeople so we're definitely going to have you back to talk about that and to those of you watching on YouTube be sure and hit the subscribe button we need you to subscribe so that you get notifications when we do other interviews, just like this it was our honor today to have Pat Murphy from Heartland Payment Systems with, us and until, next time here's hoping you do this and sell.