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Sunday, February 25 2024
Payment Processing Reseller Programs: Success Guide

Becoming a merchant services reseller can be a lucrative business opportunity for individuals or companies looking to enter the payment processing industry. Merchant services resellers act as intermediaries between merchants (businesses) and payment processing companies, helping merchants set up and manage their payment processing accounts.

In this guide, we will discuss how to become a merchant services reseller, how the commission structure works for a merchant account reseller, and what a payment processing reseller program is.

How to Become a Merchant Services Reseller

1. Understand the payment processing industry: Before becoming a merchant services reseller, it is important to have a good understanding of the payment processing industry. Research the different types of payment processing services, fees, equipment, and technology used in the industry.

2. Choose a payment processing partner: Once you have a good understanding of the industry, you will need to choose a payment processing partner to work with. Look for a reputable payment processing company that offers a reseller program and has a good track record of providing reliable services to merchants.

3. Sign up for a reseller program: Most payment processing companies offer reseller programs that allow individuals or companies to resell their services to merchants. Sign up for a reseller program with your chosen payment processing partner and complete any required training or certification.

4. Set up your business: As a merchant services reseller, you will be running your own business, so it is important to set up your business properly. Register your business with the appropriate authorities, set up a website, and create marketing materials to promote your services.

5. Start selling merchant services: Once you have completed the necessary steps, you can start selling merchant services to businesses. Reach out to potential merchants in your area or industry, and offer them payment processing solutions that meet their needs.

How Does the Commission Structure Work for a Merchant Account Reseller?

1. Residual commissions: As a merchant account reseller, you will earn residual commissions on the transactions processed by the merchants you sign up. Residual commissions are usually a percentage of the transaction volume processed by the merchant each month.

2. Upfront commissions: In addition to residual commissions, you may also earn upfront commissions for signing up new merchants. Upfront commissions are one-time payments that are usually based on the size of the merchant's transaction volume.

3. Bonus commissions: Some payment processing companies offer bonus commissions to resellers who meet certain sales targets or performance goals. Bonus commissions can provide additional income opportunities for resellers.

4. Revenue sharing: Some payment processing companies offer revenue sharing programs to resellers, where the reseller receives a percentage of the revenue generated by the merchants they sign up. Revenue sharing can provide a steady stream of income for resellers.

5. Chargebacks and fees: It is important to understand how chargebacks and fees will affect your commissions as a merchant account reseller. Chargebacks occur when a customer disputes a transaction, and can result in a loss of revenue for the reseller. Make sure to factor in chargebacks and fees when calculating your potential earnings as a reseller.

What is a Payment Processing Reseller Program?

1. Reseller program: A payment processing reseller program is a partnership between a payment processing company and a reseller, where the reseller sells the payment processing services of the company to merchants.

2. Benefits of a reseller program: Payment processing reseller programs offer a number of benefits to resellers, including access to a wide range of payment processing services, marketing and sales support, training and certification programs, and the opportunity to earn commissions on the transactions processed by merchants.

3. Types of reseller programs: There are different types of payment processing reseller programs, including white-label reseller programs, referral programs, and independent sales organization (ISO) programs. Each program has its own set of requirements and benefits for resellers.

4. White-label reseller program: In a white-label reseller program, the reseller can brand the payment processing services as their own and sell them to merchants under their own brand name. White-label reseller programs offer the most flexibility and control for resellers.

5. Referral program: In a referral program, the reseller refers merchants to the payment processing company, and earns a commission when the merchant signs up for the company's services. Referral programs are a good option for resellers who do not want to handle the sales and support of merchants directly.

6. Independent sales organization (ISO) program: In an ISO program, the reseller acts as an independent sales organization for the payment processing company, and is responsible for signing up and supporting merchants. ISO programs offer higher commissions and more control over the sales process for resellers.

Conclusion

Becoming a merchant services reseller can be a rewarding business opportunity for individuals or companies looking to enter the payment processing industry. By following the steps outlined in this guide, you can become a successful merchant services reseller and earn commissions on the transactions processed by the merchants you sign up. Remember to choose a reputable payment processing partner, understand the commission structure, and take advantage of the benefits offered by payment processing reseller programs. With hard work and dedication, you can build a successful business as a merchant services reseller.

Posted by: Admin AT 08:06 pm   |  Permalink   |  Email
 

Merchant Services Reseller Program

A merchant services reseller program is a partnership between a merchant services provider and an independent sales organization (ISO) or individual looking to resell payment processing services to merchants. The reseller acts as a middleman between the merchant and the provider, offering a range of services such as credit card processing, mobile payment solutions, and point-of-sale systems. Resellers earn commissions on the sales they generate and often receive training and support from the provider to help them succeed in the industry. This program allows individuals or organizations to start their own business in the merchant services industry without the need for significant upfront capital or expertise.

To become a merchant services reseller, you typically need to submit an application to a merchant services provider or ISO that offers a reseller program. The application process may involve providing information about your business, your sales experience, and your goals as a reseller. Once approved, you will receive training on the provider's products and services, as well as access to marketing materials and support to help you start selling. As a reseller, you will work independently to find and sign up new merchants to use the provider's services, earning commissions on each sale. With the right combination of sales skills and dedication, you can build a successful business as a merchant services reseller.

Becoming a payment processing reseller and selling merchant services to small businesses can be a lucrative and rewarding career. With the rise of online shopping and the increasing demand for secure payment processing solutions, there is a growing need for payment processing resellers to help businesses facilitate transactions efficiently. In this comprehensive guide, we will cover everything you need to know about becoming a payment processing reseller, how to sell merchant services to small businesses, and highlight some of the best merchant services reseller programs available.

Becoming a Payment Processing Reseller

1. Understand the Industry:

  • Familiarize yourself with the payment processing industry, including key players, trends, and challenges.
  • Research different types of payment processing solutions, such as credit card processing, online payments, and mobile payments.

2. Obtain the Necessary Licenses and Certifications:

  • Check with your state and local regulatory agencies to determine if you need a license to operate as a payment processing reseller.
  • Consider obtaining certifications from organizations like the Electronic Transactions Association (ETA) to enhance your credibility.

3. Choose a Payment Processing Partner:

  • Research and compare different payment processing providers to find one that offers competitive rates, reliable customer support, and innovative solutions.
  • Consider partnering with a payment processing company that offers a reseller program to simplify the process of becoming a reseller.

4. Set Up Your Business:

  • Register your business with the appropriate authorities and obtain any necessary permits or licenses.
  • Set up a professional website and marketing materials to promote your services to potential clients.

5. Develop a Sales Strategy:

  • Identify your target market and create a sales pitch that highlights the benefits of your payment processing services.
  • Consider offering value-added services, such as customized payment solutions or ongoing support, to attract more clients.

6. Start Selling:

  • Reach out to small businesses in your area and offer them a free consultation to discuss their payment processing needs.
  • Build relationships with local business associations and networking groups to generate leads and referrals.

Selling Merchant Services to Small Businesses

1. Understand the Needs of Small Businesses:

  • Small businesses have unique payment processing needs, such as affordable rates, user-friendly technology, and responsive customer support.
  • Tailor your sales pitch to address these specific needs and demonstrate how your services can help businesses grow.

2. Offer Competitive Rates and Fees:

  • Small businesses are often price-sensitive, so it's essential to offer competitive rates and transparent fees to attract and retain clients.
  • Be upfront about any hidden costs or additional charges to build trust with your clients.


3. Provide Exceptional Customer Service:

  • Small businesses value personalized service and quick response times, so be responsive to their inquiries and provide ongoing support.
  • Offer training and resources to help businesses optimize their payment processing systems and maximize their revenue.

4. Customize Solutions to Fit Each Client's Needs:

  • Listen to your clients' concerns and preferences and tailor your payment processing solutions to meet their unique requirements.
  • Offer a range of payment processing options, such as in-person, online, and mobile payments, to accommodate different business models.

5. Demonstrate the Value of Your Services:

  • Highlight the benefits of your payment processing services, such as increased security, faster transactions, and improved cash flow.
  • Provide case studies and testimonials from satisfied clients to showcase the positive impact of your services on small businesses.

6. Follow up and Maintain Relationships:

  • Stay in touch with your clients regularly to address any issues or concerns and ensure their satisfaction with your services.
  • Offer incentives or promotions to encourage repeat business and referrals from your existing clients.

Best Merchant Services Reseller Programs

1. Square:

  • Square offers a comprehensive reseller program that enables you to sell its suite of payment processing solutions, including point-of-sale systems, online payments, and invoicing tools.
  • Benefits of Square's reseller program include competitive pricing, marketing support, and ongoing training and resources to help you succeed as a reseller.

2. Payment Depot:

  • Payment Depot's reseller program provides resellers with access to its innovative payment processing solutions, including interchange-plus pricing, flat-rate fees, and customizable reporting tools.
  • Resellers can benefit from Payment Depot's dedicated support team, co-branded marketing materials, and generous commission structure.

3. Dharma Merchant Services:

  • Dharma Merchant Services offers a reseller program that allows resellers to sell its ethically sourced and sustainable payment processing solutions to small businesses.
  • Benefits of Dharma's reseller program include competitive pricing, transparent fees, and access to a wide range of payment processing options to meet the needs of diverse clients.

4. Payline Data:

  • Payline Data's reseller program offers resellers the opportunity to sell its cutting-edge payment processing solutions, including virtual terminals, mobile payments, and e-commerce integrations.
  • Resellers can take advantage of Payline Data's robust reporting tools, dedicated account managers, and ongoing training and support to help them grow their reseller businesses.

In conclusion, becoming a payment processing reseller and selling merchant services to small businesses requires a combination of industry knowledge, sales skills, and dedication to providing exceptional service to your clients. By following the steps outlined in this comprehensive guide and partnering with a reputable payment processing provider that offers a reseller program, you can build a successful reseller business and help small businesses thrive in today's competitive market.

    Shaw Merchant Group is a registered DBA of EPX, a registered ISO of BMO Harris Bank N.A., Chicago, IL, Fresno First Bank, Fresno, CA, and Citizens Bank N.A., Providence, RI.

    © Shaw Merchant Group, LLC.