POS MACHINE

WHAT IS POS (POINT OF SALE)

It is an electronic retail payment device which reads a customers bank name and account number when a bank credit card or debit card is swiped through the machine, then it contacts the bank and transfers the customer approved amount to the sellers account and gives a receipt to both the seller and customer.

OBJECTIVE OF THE PROJECT To get understand the process of selling financial products.

STEPS OF SELLING

1. To understand Psychology of selling.

The most important thing we have to understand in the world of selling is that nothing happens until the sale takes place. The most successful organizations in the world have superb selling organizations. They rise or fall on the quality of their sales effort. We can be proud to be salespeople because it is depend upon our efforts that the whole economy floats. There is no limit to where we can go in this profession if we are properly trained and skilled in selling.

In selling, the 80-20 rule or the Pareto principle, prevails. According to the 80-20 rule, 80 percentages of sales are made by 20 percentages of the salespeople. Once you get into the top 20 percentage, you dont have to worry about money or employment again. Your job is to get into the top 20 percentage and then into the top 4 percentage. In the top 4 percentage, you become one of the highest paid people in the world. The purpose of The Psychology of Selling is to show you how to achieve that goal.

The winning edge theory says that the difference between top performers and average or mediocre performers is not a great one. It is always just a small difference: Top performers just do certain things a certain way a little bit better each day. If you develop that winning edge, theres no reason why you cannot move rapidly into the top 4 percentage.

Selling is an inner game. That is, what is going on inside the mind of the salesperson makes all the difference in his success. We know there is a direct relationship between a salespersons self-concept and his sales performance and effectiveness. We feel uncomfortable if we dont act in accordance with our self-concept. We will never earn much more or much less than our self-concept level of income. Our job is to raise this self-concept level of income.

We always sell in a manner consistent with our self- concept. Some of us are uneasy about picking up the phone and calling somebody. Some of us feel uncomfortable about closing. By becoming more skilled, we feel more competent, raise our selfconcept and become more successful. The core of self-concept is self-esteem. A person with high self-esteem likes himself. How much you like yourself is the key determinant of your performance and your effectiveness in everything you do. There are two major obstacles in selling. The first obstacle is the customers fear of making a mistake. The second major obstacle in selling is the salespersons fear of rejection. Until a salesperson develops confidence, a high self-concept and sufficient resilience to bounce back from inevitable rejection, he cannot sell successfully. All outstanding salespersons have reached the point where they no longer fear rejection.

Sales are usually based on friendship. People will not buy from you until they are genuinely convinced that you are their friend and are acting in their best interest. There is a direct relationship between your level of self- esteem and how well you get along with different people. The best salespeople have a natural ability to make friends easily with perspective customers.

A key element in selling is enthusiasm. A sale is a transfer of your enthusiasm about the product or service into the mind and heart of the other person.

The reason so many people fail in sales is that they do not stay with it long enough to get those first few winning experiences that raise their self-esteem and self-concept and set them off on a successful career in selling. Thats why its so important that from the very beginning you say to yourself that nothing is going to stop you until you are successful.

To understand whole process of personnel selling there are 5 steps. Following are 5 steps.

Close sales.

Clear Objections

Selecting customer

Preplan sales call and presentation

Approach

Point of sale machine :

This machine is very useful to merchant. Benefits from machine : Increase sales Converts foot falls into sales Customer may buy more against cards as they get freedom from carriying cash. Customer who may not have proper amount of cash with them can purchase Time can be saved Cash handling risk can be reduce Improves customer service. SBI has largest market share in terms of debit cards which are 40 %.

MDR ( merchant discount rate)

Particulars

MDR for SBI Debit cards

MDR other bank

for MDR

for MDR

for

credit cards

foreign cards

Debit cards

Transaction upto 2000 Transaction above 2000

0.65

+ 0.75

+ 1.5

+ 2 % + service tax + 2 % + service tax

service tax 0.65 %

service tax

service tax %

+ 1 % + service 1.5 tax

service tax

service tax

THREE TYPES OF MACHINES AVAILABLE

INSURANCE POLICIES
FLEXI SMART INSURANCE

Key Features:

Guaranteed Interest Rate: Guaranteed interest rate of 2.50% p.a., will be guaranteed for the entire policy term. Interim Interest Rate: An interim interest rate will be declared at the beginning of every financial year, which will be equal to or more than Guaranteed Interest Rate and will be guaranteed for that year. Additional Interest Rate: An additional interest rate may also be declared, as on 31st March, every year, based on the performance of the Company. Your policy account will be credited with interim interest rate and additional interest rate, if any

Flexibilities: Flexibility in premium frequency - Yearly, Half Yearly, Quarterly and Monthly. Option of premium holiday during the policy term. Enjoy complete flexibility to increase or decrease your Sum Assured. Option to choose sum assured multiplier factor (SAMF). Option to boost your investments through Top-ups.

Triple Plan Benefit of guaranteed interest rate, additional interest rate and flexibilities.

Benefits: On Death Death benefit is payable only when your policy is in force. In case of death of the life assured during the policy term, death benefit will be sum of: Balance of Policy Account at the time of death intimation and sum assured.

In case of death of life assured, when policy is in premium holiday mode, death benefit will be sum of:

Balance of policy Account at the time of death intimation Sum Assured MINUS unpaid risk premium component along with applicable taxes. Balance of policy Account at the time of death intimation. Sum Assured MINUS unpaid risk premium component along with applicable taxes. In case of minor life assured, if the proposer dies, no benefit will be paid. For the policy to be in force, guardian of the life assured should continue paying premiums.

On Maturity At maturity we would be declaring terminal interest rate, which will be attached to your balance policy account and will be paid to you as on the date of maturity in lump sum.

Tax Benefits Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Interim Interest rate will be declared at the beginning of every Financial Year. Additional Interest Rate may also be declared, as on 31st March, every year. The guarantee is applicable to policies which are in force and within the revival period.

SMART PERFORMER
The equity market may have its ups and downs, but you now have a protective shield that will safeguard your investments, while providing upside potential. SBI Life brings you Smart Performer, a Unit Linked, Non-Participating insurance product that offers you the twin benefits of Higher than the Highest of the daily NAV Guarantee and the prospect of market upside. Whats more, it also allows you to protect your gains through Automatic Rebalancing facility and offers you a choice of Single and Limited Premium Payment options.

Key Features: Guarantee at maturity based on 5% Higher than Highest Guaranteed NAV during the first seven years or prevailing NAV at Maturity, whichever is higher, subject to conditions. Enjoy the best of both worlds - Guarantee only or Guarantee and Market Upside through our Plan offerings - Secure Plan and Secure N Grow Plan respectively. Automatic Rebalancing facility to lock-in your gains, available under Secure N Grow Plan option. Life Insurance coverage with minimum Sum Assured of 10 times or 7 times of your Annualised Premium (AP), based on your age. Convenience through single premium (SP) or 5 year Premium Paying Term (PPT). Liquidity through Partial Withdrawal(s). Option to customize the product with Accidental Death Benefit.

CHILD PLAN A traditional participating plan, SBI Life - Scholar II has guaranteed benefits which are payable at the regular intervals during the term of the policy. In an unfortunate event, your nominee would receive full sum assured along with vested bonus, plus regular guaranteed survival benefit. Key features: Twin benefit of saving for your childs education and securing a bright future despite the uncertainties of life. Full risk cover throughout the policy term irrespective of payment of survival benefits instalments. Option to receive the instalments in lump sum at the due date of first instalment of Survival benefit. Rebate for Female lives and High Sum Assured. 15 days Free Look Period.

EXPERIENCE AND LEARNING IN SBI

POS MACHINE

In target of POS machine I did lots of preparation. First of all I had to understand our rate for swapping the card and the competitors rate for swapping the card. Compare both of them and know in which department we are better, According to this i had prepare the strategy for selling the POS machine. Then I had to understand the all requirements regarding current account. I filled it up by my own self. In the form of current account where, what type of details will come I clarified it. Where I will have to take all signatures of owners I also knew it. I also learnt which types of documents are required to open current account. Following documents are required to open current account: Sole Proprietor Form of current account Residence proof License of shop, company 2 passport size photos Pan card Partnership Agreement deed 2 photos of each partner License Pan card of both the partners Residence proof

Current account statement if there Current account statement if there shop current account in any bank shop current account in any bank

INSURANCE POLICY

I understood all 3 plans of policies. I prepared all plans in detailed printouts with clear writing. I made segment wise target where which type of form is required in which policy I had planned it.

Following documents are required in insurance policy.

Smart Performer Main from Form of personal detail Residence Proof Photo id of person

Child Plan Main from Form of personal detail Residence Proof Photo id of person Birth certificate of child

Flexi Smart Main from Form of personal detail Residence Proof Photo id of person

APPROACH

It is the first step to approach to the customer take all documents and pamphlets, broachers etc., your first contact with the prospect will begin the process that will or will not conclude with a sale. Therefore, every word of your approach, or introduction, must be planned in advance. Your approach must break the preoccupation of the prospect. Unless you break that preoccupation, you never get to first base in making a presentation. You have only 40 to 45 seconds at the beginning of the approach to get the persons complete attention. So your opening question has to be planned word for word, memorized and practiced over and over.

Always be extremely polite and courteous. Be considerate with prospects and spouses, partners, employees and receptionists. One of the basic rules of selling is to treat everybody like a million-dollar prospect or client, and youll never go wrong. SELECTING THE CUSTOMER

Selecting the customer is the major step we should select the proper customer as per our and his requirement. If I am going for sale of point of sale then it is necessary for correct customer and they should not be households but they should be Jewellers, Hotels, Hospitals, Schools, Travels, Garment shops, Provision store etc.

 CLEAR OBJECTIONS

There are no sales without objections. The best way to respond to objections is to take every objection and interpret it as a question requesting more information. For example, if a person says, I cant afford it, interpret it as a question that says, Please show me how I can afford this.

If the person is ready then we can go for a final close sale and we explained the procedure and guidelines for the product. CLOSING

Closing is the most painful part of a sales presentation. Closing is the part that we, as salespeople, hate, and it is also the part that the customer hates. We have an obligation to our client to go smoothly through the close, so it is as painless as possible.

Plan your close in detail, and then build your sales presentation on top of it. There are several major requirements for closing. You must be positive, enthusiastic, and eager to close the sale. The customers requirements must be clear to you. The customer must understand what you are offering and must understand the value of what you are offering to him. The customer must believe you and your company. He must trust you, and there must be a degree of rapport and friendship. The customer must desire to enjoy the advantage of the offer. The only pressure that you use in a professional selling presentation is the pressure of silence after the closing question. FOLLOW-UP TO MAINTAIN

When all process complete than those targets must be finally follow up because it is very important to finally follow up. Selling is not just sign of completion. After selling, following is the main important task. How to maintain permanently is main task because after sales service is also very important. Customer relationship management is very important because when we build relation with customer we must have to maintain it for permanently because it is not very easy to leave the customers.