Thursday, February 01 2024
All around the world, there are thousands of businesses that use vital services that are referred to as merchant services. These are services such as payment processing, which is what allows businesses to accept and process payments so that they can make a profit on their product. Without these services, businesses would be unable to function in the modern world. You might think that the fact that these services are an absolute necessity to these businesses make them an easy target for selling, but that is now always the case. There are definitely some positives as well as some negatives when selling merchant services.
This guide will show you some of each and hopefully give you some insight as to whether a career selling merchant services is right for you.
Undoubtedly, there are some very positive aspects of selling merchant services for a living. If you have had a sales job that is similar in the past, you already have known some of these benefits. Here are some of the best things about selling merchant services.
There is Always a Market
One of the best things about working in the merchant services industry is that there is never a lack of demand for these services. There are always new businesses sprouting up as people chase their passion for owning their own business. And existing businesses are always evaluating their options and ensuring that they are getting the best deal on the market. For that reason, you won’t ever have to worry about the industry as a whole drying up. People will always need to spend digital money and businesses will always need to find a way to accept it.
Set Your Schedule
For many that are in a commission-based sales job, one of the greatest benefits of it is being able to get to the point where you are working when you want to work instead of punching a time clock when you get to work. When you are a partner in a merchant services ISO agent program, you will be able to set your appointments on a schedule that works well for you.
Build Passive Income
Finding and signing clients to lucrative merchant processing contracts is hard work, nobody denies that. However, all of the hard work that you put into this process could end up paying out tenfold throughout the years. One of the greatest things about being a merchant services salesperson is that your accounts can earn you passive and residual income long after you have closed them to a contract. This could help you build passive income for years to come and eventually phase out the bulk of the labor that is involved in this career.
High Commission Rates
When you compare merchant services to other industries out there, you will find that it has a very competitive and comparatively high commission rate compared to those other industries. The high price of the contracts and the fact that they continue to pay out for years to come is what makes these sales so valuable and why some of the best salespeople in the world turn to merchant services when they want to increase their earning potential.
Just as there are many pros to selling merchant services, there are also some aspects that could prove difficult. You should watch out for these aspects and consider whether they are something that you are able to overcome and overlook.
Highly Competitive Industry
There is always a lot of demand for merchant services, but this fact also means that there is a lot of competition. One of the hardest aspects of selling merchant services is that you will always have competition breathing down your neck, waiting to provide your client with a better rate. This is really where your ability to create and nurture relationships will come in handy with client retention. This industry is not for those that don’t like competition and healthy capitalist tendencies.
Dependent on Success to Make Money
When you are a merchant services representative in any industry, you know that your ability to make money is heavily dependent on the success that you have when selling your product or service. It’s no different in selling credit card processing accounts. If you want to have a good income, then you will need to become skilled at selling these products. If you don’t feel confident that you can do that, then it might not be the right choice for you.
Wednesday, January 31 2024
Are you excited to become a credit card processing agent? Do you want to start a credit card processing company? If your answer is YES, then you have come to the right place.
In this article, I am going to teach you ways to start a successful credit card processing company. I am also going to take you through the fine details of planning, setting up, and starting a credit card processing company.
You are going to learn about what it takes to become a successful credit card processing agent, how to conduct market and niche research, how to create a great business plan, how to get funding for your venture, and also tips to run a successful credit card processing company.
It is important to note that when you become a merchant service provider you will be helping corporate and businesses to process payment for their customers.
Your credit card processing services will involve offering the platform and equipment to facilitate the sending, approval, and processing of payments and transactions between customer’s bank accounts and your clients' bank accounts.
What It Takes To Become a Credit Card Processing Agent:
The credit card processing industry is very dynamic, and the success of becoming a merchant services agent is both easy and hard.
There are a few things that you need to know; some of these include having a clear understanding of how selling credit card processing works. You will also need to have deep knowledge of how credit cards work and what they do.
Another overly important thing that you will need to understand is your market and, most importantly, your niche market. This way, you will be able to connect with your customers on a personal level. In addition, you will also be able to create a solid relationship with banks for financial transactions and payment processing.
Market Feasibility and Niche Research
It is critical to note that any successful venture always starts with thorough research. When you want to become a credit card processing agent, you will need to do thorough market research.
Understand the type of services or products you will be offering and where your clients are and their needs.
Make sure that you look at the services offered by your competitors, their rates, and also how satisfied their customers are with the services they get.
The few steps you can take to become a merchant services reseller are to first create a survey on several businesses in your area, determine the most common services they use, and evaluate the satisfaction level of customers with their current payment providers.
Another important step that you need to take is to gather client information, such as phone numbers or email addresses. These details will help you when you start sending out pitches.
Crafting a Comprehensive Business Plan
For you to become a credit card processing agent and be successful in it, you will need to come up with a detailed business plan.
It is okay if you are not a seasoned writer, but you can hire one to do the work for you. Better still, there are several business plan templates available online that you can use.
There are several details that need to be included in your business plan; some of these details include:
Ideally, the business plan for a credit card processing company can serve as proof to investors and stakeholders that you are serious about with your venture as the document shows all the strategies.
A great business plan can help you win funding from various investors and banks.
How to Finance Your Credit Card Processing Business
Most business requires a startup capital; the same case applies to credit card processing companies.
To become a credit card processing agent, you need to consider where you are going to get funding to start your venture. You will also need to cater for all the operational costs until you start realizing some profits.
According to research, on average, a minimum of $51,000 is needed to start a payment processing company.
There are options that you can use to get financing for your credit card processing company, some of these options include;
Startinging Your Merchant Services Company
Once all the above are set up, you can go ahead and launch your credit card processing company. There are other finer details that you will need to consider before you do this. These include finding the appropriate location for your business, understanding the requirements which you must have beforehand, and understanding the manpower needed to run the business.
To become a payment service provider, you should fully implement your business plan. The best way is to strictly follow the plan without cutting corners.
Tip: Due to the competitive nature of the credit card processing business, it is critical to ensure that your business stands out.
Put more efforts to stand out among your competitions. The best way to do this is to have a business network. You can reach out to organizations and corporations to widen your reach and customer base.
Marketing Plan for Your Credit Card Processing Company
To further increase your reach to potential clients, you can create business cards, flyers, pamphlets, or business website.
Tips to Help You Run a Successful Credit Card Processing Business
In order to succeed in starting a processing processing company, understand that you will not only be providing requirements and services to help process payment for customers BUT also, you will be selling yourself. As a credit card processor, you will need to clearly show potential clients why they need your services. Show them the benefits they will get from your services. Never seize to reach out to potential customers. In addition, ensure that you do a follow up on those pitches. To simplify the process of becoming a credit card processing agent, Shaw Merchant Group provides all the tools you need for a successful credit card processing business.
Tuesday, January 30 2024
If you want to enter into the massive merchant services sales industry, then we would like you to stop right there. Before taking the plunge, there are a few things you should know. You need to have a clear idea of this industry and whether a credit card processing sales job is even your cup of tea or not.
We will help you know some simple yet important facts about selling credit card processing in this guide and will also provide you with useful tips to jumpstart your career as a merchant services agent. So with that said, let’s get started:
Why is it Important to Know?
Before we move towards knowing some important facts about the merchant services sales programs, the question that might come to your mind is, why bother knowing these things? Well, to be honest, there are a lot of factors involved when it comes to getting merchant services sales jobs, it’s not as easy as approaching the merchant, pitching the service and closing the deal.
Things can be both easy and difficult, which is why you need to set your expectations straight. So instead of jumping into a river without gauging its depth, it is better that you know how deep it runs. Therefore, we will tell you both the good and the bad of the merchant services sales industry.
These advantages and drawbacks will help you understand what to expect from it and whether it is the right field of work for you or not. So follow along and learn some of the most important things about selling credit card processing.
Benefits of Selling Merchant Services
There are plenty of benefits in the merchant services careers, which is why many opt for this route. If you are persistent and work very hard, you will enjoy a high income and many benefits that come with it. Here are a few advantages of working in the credit card processing sales industry:
Excellent Earning Potential
The basic need for everyone is the money, the sole motivating factor that makes you want to work for hours without looking at the clock. Well, the good thing is that this job is based on commissions. So you will be paid for the amount of work you put in and not like corporate jobs where you give 12 hours daily for a fixed pay.
However, if you ask an accomplished merchant services agent, he will tell you that the money doesn’t come easy and is certainly not handed to you on a silver platter. To make a killing in the industry, you need to work very hard, build a network, and be persistent.
There are also several bonuses offered by credit card processors for achieving X amount of sales that add to your overall earnings. So once your business takes off, you can then enjoy a vacation on the beaches of Bali while sipping your fresh piña colada.
The best thing about working in the merchant services sales industry is that you are your own boss. There is no one looking at you with a microscope waiting for you to make a mistake. You can work on your own terms and in your timings as long as you are getting sales because sales pay the bills in this game.
You can approach any business you want, wherever you want and whenever you want to make your pitch. There will be no one calling you and asking you why you haven’t reached the office yet; your dining table is your office.
Tons of Surprises
If you are someone who cannot deal with a monotonous routine and the same kind of office-based work, then this is the job for you. You will start your day not knowing what’s in store for you because you get to meet lots of new people in this line of work.
Different merchants will need different tactics and pitches for the deal to close. So you will have to adapt to the situation, work any problems that may arise, and learn something new every day. If you are someone who loves this kind of work, then you will definitely have higher job satisfaction.
Drawbacks of Selling Merchant Accounts
Remember, nothing, and I repeat nothing is always rainbows and sunshine. Not even rainbows and sunshine are always there on the sky. So you cannot expect the merchant services sales job to be a walk in the park. There will be some drawbacks, just like there are with all types of jobs. If you are someone who is ready to face challenges and come up with new ways to achieve their goals, then you might not be affected by these downsides very much. That being said, let’s see what they are:
Yes, this will happen. Every sales job comes with complimentary rejections, which an agent has to accept. Selling merchant services is no different. You will likely face two types of merchants when it comes to rejections. The first ones are those who already have a credit card processing provider, and they are satisfied with it.
The second ones will be those who just don’t want this facility or those who don’t have time to talk to you. You can persuade these people to an extent, and some might convert. I know getting rejected is tough, but you will have to take it like a man and move one to another merchant, there are plenty of them out there.
Yes, there are thousands of merchant services agents out there just like you. But don’t let the high competitive environment bring you down. If you have the key ingredients of becoming a successful credit card processing agent then nothing will stop you from getting ahead of the competition.
Plus, you have to be a bit creative in selecting the location to target, maybe a new mall, or a complex? You will have to figure things out as you go and not leave any stones unturned in getting ahead of the competition.
Things You Can Do To Have a Strong Start as Merchant Services Agent:
Now that you know the good and bad sides of the merchant services sales industry, it is time we give you a few pointers on kick-starting your career.
Many jump into the credit card processing sales industry hoping to build successful merchant services ISO; however, only a handful of them manage to do so. Do you know why? Because the ones that fail expect a lot at the initial level. And the ones that win just keep their heads down until they can live with their heads high. There is a difference in IMPOSSIBLE and IMPOSSIBLE. You just need to be persistent, work hard, and have patience; you will make a successful career a possibility one day.
Monday, November 06 2023
Want to become a merchant services agent but don’t know which merchant services ISO agent program is right for you? Well, why don’t we solve this problem for you? This guide is specifically created to help people who are stepping their toe into the vast sea of merchant processing. By the end of it, you will have a pretty clear idea of how to find a good processor.
10 Things You Need to Consider in a Merchant Services Agent Program
We will tell you 10 factors that you need to consider when looking for a viable, credible merchant services agent program. This way, you will ensure that there are no problems later on in your career as a credit card processing agent. With that said, let’s get started:
1. Fast Funding:
One of the most important things to look for in a merchant services ISO agent program is their funding period. Clients should not have to face delays in terms of funds transfer after a transaction is made. One of the most attractive and compelling features of a good merchant services ISO program is that the merchants get their funds the same day.
This is what attracts most of the merchants as they do not want their earnings to be kept by a 3rd party for more than a day. You will also be able to sell this kind of program better because of the speedy service.
2. Several Discounts:
When you are deciding to become a merchant services agent, go for the processor that offers a cash discount program. Simply put, it is a payment processing tactic where the fee of a particular credit card transaction is offset to the customers. This means that the merchant will not have to pay any transaction fee, the customers are using the facility instead of paying in cash, so it should be them who bear the cost.
The best cash discount program allows merchants to do just that! The algorithm of POS software is already trained to charge the percentage of fees levied on each transaction from the customer. Plus, some of the top merchants also provide free signage that educates customers about the fee on a credit card transaction, so there are no surprises at the end.
3. Dealing in High-Risk Industry:
There are many that become a credit card processor, but they have a very low-risk appetite. This means they will only deal in safer industries and not offer services to risky businesses like medical marijuana stores, travel agencies, and pharmacies etc. Now you might not work with these businesses when starting out, but soon, when your business grows, you will have to get clients from high-risk industries.
So if the credit card processor doesn’t deal with these industries, then you will be limited to a few fields which will put a cap on your growth potential. So instead of finding a merchant dealing with high-risk industries later on, you need to work with one from the start.
4. Assistance in Marketing:
As a credit card processing agent, you will need several marketing resources at your disposal to close sales. One of them is a team assisting you with lead capturing and turning the cold ones into warm leads. A terrific processor will have excellent merchant support that will help you convert more merchants with minimal energy, time, and resource exhaustion.
Plus, some of the excellent credit card processors also have their own landing pages designed to show to your potential customers. These landing pages can take several hundred dollars to make, but the processor will offer you for free, making your conversion process easier.
5. Flexible Plans:
One of the most necessary parts of working with a merchant services ISO program is to get paid properly and on time. You do not want to be underpaid, so make sure to work with a processor that offers a fair share of the income to you. Also, they must have lucrative bonuses if you go out of your way to close a specific number of sales in X amount of time.
You need to properly analyze the contract you will sign with them and check their payment terms, make sure to work with a company that pays on time.
6. Merchant and Income Analytics:
The best part of working with the top credit card processors in the industry is that they leverage technology to make things easier for their agents. A good processor will provide you with your own dashboard that will display various performance metrics like the number of sales you closed, your earnings, number of clients, and more.
Some even go the extra mile and provide data on merchants as well. You might be able to see the number of transactions they make and even get information on individual transactions.
7. Equipment and Software:
Many become a registered ISO for merchant service providers, but they do not work on their equipment and its advancement. The credit card processor must provide you with the necessary technology that you can offer to your clients and seal the deal. A good processor should offer these equipment and facilities:
8. Excellent Support:
Besides the marketing assistance that we discussed above, the merchant services provider should offer fast, responsive, and friendly customer services. You don’t want to find yourself in a situation where your customers are facing any issues that need to be solved, and you cannot get in touch with the processor’s customer support to fix them.
In this case, even if the problem is not caused by you, you will be the one facing the consequences if you cannot get a customer support agent to solve the problem. The merchant might stop using the processor, and that will result in your financial loss.
So before you decide on working with a merchant, you need to ensure that they have a dedicated customer support team that can quickly answer your questions and solve any problems as soon as possible.
9. Multiple Boarding Options:
Look for a program that provides different boarding options from big payment processing platforms like EPX, First Data and Global Payments. Being able to access these programs means complete peace of mind for both you and the merchants.
Because there will be fewer chances of facing any integration or technological problems when connecting the POS or billing software of the merchant with the platforms your program uses. This will ensure your whole sales process goes smoothly, and you don’t lose a ready-to-convert client at the last moment.
10. Must Be Credible:
Lastly, you need to do your complete due diligence in finding everything about the company you can. They should not have a shady track record, damaged reputation, or bad reviews on the internet.
You need to work with a company that has the face of its CEO attached to it, has a brick and mortar headquarter, and is licensed to operate.
Plus, keep your eyes peeled for any too good to be true bonuses or discounts; these things come with bad surprises later on.
Is There Any Program With These Qualities?
Glad you asked, I was wondering that I have written 10 points for you to look in a company so it might be challenging to find one that meets this criterion. Well, let me make things simple for you by introducting North American Bancard. They are excellent at what they do, and their core focus is to benefit their agents and merchants. Have a look at a few of their key features:
If you have successfully made it to the end, then it means you already know about the key things to look for to find the cream of the crop credit card processing company. We have also suggested the leading program with all the qualities discussed in this guide. So it is fair to say that you have everything you need to get started on your journey to working as a merchant services representative. You just need to take the first step and make a career doing what you really want to do.
Becoming a credit card processing agent can be a lucrative and rewarding career choice for individuals looking to enter the world of sales and financial services. By partnering with a reputable ISO (Independent Sales Organization) and offering point of sale solutions to businesses, you can earn a substantial income while helping merchants streamline their payment processing operations. In this comprehensive guide, we will cover the steps to becoming a credit card processing agent, explore the best ISO agent programs for selling point of sale solutions, and provide insights into the earning potential in the merchant services industry.
With the rapid growth of e-commerce and online transactions, the demand for payment processing services has increased substantially. White label payment processing is a business model where a company offers payment processing services to merchants under their own brand name.