How to CLOSE THE SALE when the prospect says, “I left my wallet at home..”
Summary
- As an expert in sales with a company that does about $85 million, I suggest reducing the likelihood of a customer forgetting their wallet by changing your approach to the sale.
- One common mistake is not setting up the sale properly, which may result in the "I forgot my wallet" objection.
- Personally, I've found it's rare for someone to actually leave home without a payment method, so often that excuse isn't genuine.
- To prevent this excuse, at the end of the sale, always ask the customer if they have their ID. Most people keep their ID with their payment methods, which prevents the "forgotten wallet" situation.
- Taking a customer's ID and returning it builds trust because it demonstrates that you can be trusted with personal items.
- If the customer objects with not having the preferred payment card, you can ask them to open their banking app on their phone. Nearly everyone has their bank app, and you can use their account number for a direct ACH transaction.
- If ACH isn't an option, suggest using Apple Wallet if the customer has it set up.
- Offer to use a different card they have and delay the payment for 24 hours, so the customer has the opportunity to change to their preferred card later.
- Communicate clearly with the customer, set an appointment to finalize the payment details, and ensure they are committed to their purchase.
- Address any concerns about payment, such as whether they have sufficient funds, by aligning the payment date with the day they get paid.
- Close the sale by reinforcing their commitment to the program and reminding them what they came in for, securing their spot and then letting them sort out the preferred card at home.
- My extensive experience in sales has taught me to add these tweaks gradually to ensure a higher likelihood of closing deals without experiencing obstacles like the "forgotten wallet."
Video
How To Take Action
I would suggest reducing any hiccups during sales by making sure customers are ready to pay. Here is a simple plan:
- At the end of a sale, casually ask if the customer has their ID. This way, they’ll show where they keep their payment methods too.
- If they act like they forgot their wallet, check if the customer has their phone. Most people have banking apps nowadays.
- Teach them to open their banking app to get their account number for a direct ACH transaction if they don’t have their payment card.
- If ACH isn't possible, suggest they use Apple Wallet or any card they have on them. You can delay the payment, giving them 24 hours to switch to their preferred card.
- Set up a time to call them and finish the payment. Make them set an alarm as a reminder.
- Build trust by taking their ID, chatting for a moment, and then giving it back.
- Remind them why they wanted the product or service in the first place and reinforce their commitment.
- If money is the issue, align the payment with their payday.
Remember to add these steps gradually and adjust based on what you're selling. Always stay calm and keep the customer at ease. Each tweak should make it easier to close deals without hearing the 'forgotten wallet' excuse.
Quotes by Alex Hormozi
"No one ever leaves their home without something to pay with"
– Alex Hormozi
"It's much easier to ask someone for their ID than it is to ask them for their payment method"
– Alex Hormozi
"It actually builds trust when you give it back"
– Alex Hormozi
"Let me trade you for the card you want to use"
– Alex Hormozi
"You have to identify what the issue is"
– Alex Hormozi
Full Transcript
in this video i'm going to walk you through exactly how you can overcome i forgot my wallet at home if you don't know hi my name is dr mozy i own acquisition.com it's a portfolio of e-learning and coaching businesses that does about 85 million and so what i want to talk to you about today is how do you overcome this and you can do this in person or you can do it over the phone and there's a process that we've used and this is just i had to learn this the hard way was figuring out how can i set this up so that i can decrease the likelihood someone says they forgot their wallet now notwithstanding you probably messed something else up in the sale earlier which would make them say that because realistically no one ever leaves their home without something to pay with like think about yourself you've literally never left home without a way to pay for stuff all right so like it's not actually real but it's nice to have stuff in your back pocket to know how to decrease the likelihood that it comes up and then how to address it if it does okay and so once we've gotten to the end of the sale and we say like fair enough and they'll say yes and you say cool let me see your id do you have your id on you which is the question that i would and i would always do this like if you're in person or you probably do it on zoom you just look at them you're like give your id on you and i do this and then they know that they take out their id right and so what happens is they'll either take out their purse if it's a lady or it's a guy who'll take out his phone or his wallet wherever he keeps his id now the next part that's important here is that especially if you're in person but you can also see this on zoom is that when they're taking it out they usually have their id next to the things that they do payment with and so once they have given you the id because it's much easier to ask someone for their id than it is to ask them for their payment method you then say awesome and so you take it you see it you take a picture of it if it's on zoom because you need it for your stuff or if you're in person you should take it from them and the reason you do this is because it actually builds trust when you give it back all right because it means that like hey you have nothing to fear here i grabbed it from you and i'm giving it back but it's much easier to grab someone's id than to describe someone's credit card all right so hey do you have your id on you right they say yes they pull their wallet out you can see the fact that they have cards you say great you take it you write down the stuff you make oh you're from so and so oh that's so cool i know i have a dog in michigan blah blah blah but whatever right you write it down and then you hold it back and you hold on to it and you look at them and you say let me trade you for the card you want to use okay let me trade you for the card you want to use and so when you say that you're literally staring and ideally if you're in person i would shake the card in the direction of the wallet that's sitting on the table or the phone that they have that has like the slots in it or whatever or their purse whatever it is like you're shaking in the direction so they know that they need that you're indicating that they need to take out their wallet okay so at this point though usually you've already you've already set the scene so that you're not going to have an issue with this now this is the only thing they can possibly say at this point because they've now shown you that they have payment methods in front of them they will then say i don't have the card that i want to use okay and so in this instance there's two things that you can do from this point besides like and depending on the level of rapport you can back up a second be like hey sandy listen i don't want to make you feel like you know uncomfortable in any way and this is where you have to ask questions based on some of the information you've had up to this point it's like what would make this not a fit for you right sometimes it's like you just you just skip all the you just ask like hey let's just pivot for a second don't worry about signing up i just want to talk to you like what did you come in here for i want to lose weight okay cool what have you done like you basically have to re-remind them in the sale but if you don't have to do that here's the two ways you can overcome this number one is they'll always have their phone on them okay now if they don't have their phone on them like every single human being on planet earth has their phone on them right for everybody who's uh online of course there are countries that don't have phones and that is unfortunate but you're on youtube and you're watching this so you have a phone okay so you ask them to take their phone out or and then you say cool what bank do you bank with and then they'll say whatever bank they bank with they're like cool can you pull up your banking app real quick and they'll be like okay cool go to statements as soon as they go to statements you say cool there you go you can click any of the months it doesn't really matter and on the top right you'll see your account number and so right there it's the full account number for their their account and you can write that down in lieu of a credit card it's an ach transaction if you can't do acs transactions you should get that set up with whoever processes your money because it opens up another way for you to make a sale the other alternative is to say hey no worries do you have your apple wallet set up now i wouldn't do that as my go-to i would do the bank statement and ach play first because just about everybody who banks has their banking app on their phone and a way to pull the statements and see the account number so the likelihood that you do that is virtually 100 and so this works especially well for in-person sales because like they're right there they have their phone you can say pool cool do you have your phone on you they'll say yes obviously you say cool pull your banking app up they pull it up you walk them through statements account numbers in the top right and you write down if you don't do ach go get it set up so that you can do this to overcome these issues right and then option two is you have them pull up apple wallet and if they don't have apple wallet then you're like cool how about this why don't you put one of the cards you don't want to use down right now because i have to do that it's policy right so you put it outside of yourself like hey this is just how we've always done it right and you get them to write down the card that they don't want to use we say no worries what i'll do is i'll delay the payment for for for 24 hours and so that you can go home and just and just swap whatever card you want you want to use for it okay so it'll run tomorrow so just make sure that when you get back and i'll shoot you a text what time you're going to get at home okay cool i'll set no alarm on my phone why don't you send an alarm on your phone cause you have your phone out um and i'll call you at that time cool great and then so you can get it and so to walk you through this you write down the info and make a joke about where they're from and you build you reinforce rapport indicate you shake it back to them and say hey let me let me trade you for the cards you want to use most times this will like this will handle 80 of the scenarios anyways they'll give you the card if they don't give you the card right because they say i don't have the card that i want to use because it's the only thing they can really say in this instance is you say cool pull your banking app up get ach if you can't do that you've got apple wallet which you can see do you use apple wallet if they say no then you go to the final step that you can do which is let me just use one of the other cards you have we'll delay the date and then i'll text you in a minute or when you get home so that we can swap the cards fair enough right now either way the deal was closed with that credit card and you have the contract on file that says that okay so you're fine but it's up to them to swap it out now the key point here is that you can ask questions like hey um you still want to do this right and they're like yeah of course and you're like okay cool then let's just put this other card in and then when you go home you can stop it out for me all right fair enough easy okay cool now sometimes it's like well i don't have enough money and so then you're like cool what day do you get paid and a lot of times it's like whenever i'd have like fridays coming up awesome so what today's wednesday let's put it on friday and that's when you get paid cool okay great boom and a lot of times you can just close the deal because we just have to identify what the issue is and you can usually tell based on the rapport of the person that sometimes they're hesitant because they actually don't know if they have money or they're hesitant because they don't want to do the program and that's why it's important to ask like hey you sure you still want to do this like i just want you to get what you said you wanted to come in here for they said yeah no no i want to do it it's like cool then let's just put that card down that gets you in you locked your spot up like you're in the program you're good and then when you get home just swap the card you want to use right and it's like cool got it that is the four or five step process a i walk through to decrease the likelihood that someone says they left their wallet at home and we can prove that they didn't leave their wallet at home if they say they left the type of payment that they wanted the steps to overcome that so that that doesn't blow up the deal for you all right and i learned this just from doing a zillion sales um in my life and step by step adding these little tweaks that improve the likelihood that i was actually going to close the deal and so my hope is that you can use this immediately and not have to go through all those sales uh to use this stuff in your life all right so keeping awesome lots of mozy nation i'll see you guys next video bye
