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North American Bancard
Tuesday, November 07 2023
Simple Facts about Selling Merchant Services

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.

Flexible Schedule:

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:

Repeated Rejections:

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.

Soaring Competition:

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.

  • Establish Goals: Being a sales agent means you need to manage yourself because there is no one at your back, making plans for you. You need to set targets like closing X amount of deals in Y number of days. And then work with all your strength and capabilities towards achieving the targets. Once you do, reward yourself with something you like.
  • Strong Networking: Being a new agent means no one really knows you. So you need to get yourself out there and have more exposure. Visit potential merchants, have a chat with them, help them out with anything related to credit card processing for free, and slowly and gradually build trust. Once they know you are knowledgeable and helpful, they will either get your service or refer their fellow merchants to you.
  • Understand What You Offer: Speaking of knowledge, you should first increase it to be able to help and educate merchants. Credit card processing is a vast sea, and you need to cover its every aspect. Learn about the services, equipment, and value you are offering so you can better communicate with the potential merchants and pitch them more effectively.
  • Follow Up: No matter how the dealing with a potential merchant went, always follow up. After contacting a merchant for the first time, don’t let them forget who you are or what you offer. This doesn’t mean you start visiting their home, but rather, say Hi every now and then. If, after some time, you feel your efforts are going somewhere, keep pursuing otherwise move on to a different merchant.
  • Offer Excellent Support: One of the main things that you will sell is support and not the service itself. When things are a bit technical, like credit card processing, people purchase the person selling them and not just the product/service. This means that they will buy trusting your word, and you will have to be there for them whenever you are required. This will not only retain your current merchants but also build your credibility in the industry.

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.

Posted by: Admin AT 01:07 pm   |  Permalink   |  Email

As the world becomes increasingly reliant on digital payments, there is a growing demand for payment processing services. Independent sales agents have a unique opportunity to capitalize on this trend by selling payment processing solutions to businesses of all sizes. In this comprehensive guide, we will discuss everything you need to know about selling payment processing as an independent sales agent, from choosing the right partner to maximizing your earnings.

What is Payment Processing?

Payment processing is the process of electronically authorizing and facilitating transactions between a customer and a business. This typically involves the use of credit and debit cards, as well as other forms of digital payment such as mobile wallets and ACH transfers. Payment processors act as intermediaries between merchants and financial institutions, ensuring that transactions are secure and efficient.

Why Sell Payment Processing?

There are several reasons why selling payment processing can be a lucrative venture for independent sales agents. First and foremost, the demand for payment processing services is only expected to increase as more businesses transition to digital payments. Additionally, payment processing is a recurring revenue stream, meaning that agents can earn commissions on each transaction processed by their clients.

Choosing the Right Partner

One of the most important decisions you will make as an independent sales agent is choosing the right partner to work with. There are many payment processing companies in the market, but not all of them offer the same level of support and resources for their sales agents. North American Bancard (NAB) is one of the leading payment processing companies in the industry, known for its competitive rates and robust agent support program.

Becoming a Registered ISO

One way to maximize your earning potential as a payment processing agent is to become a Registered ISO, or Independent Sales Organization. Registered ISOs have the ability to sign up sub-agents under their umbrella, allowing them to earn commissions on the sales made by their recruits. To become a Registered ISO, you will need to meet certain requirements set forth by the payment processing company you are working with, as well as obtain the necessary certifications and licenses.

Credit Card Processing ISO

Another option for independent sales agents looking to expand their business is to become a Credit Card Processing ISO, or Independent Sales Agent. Credit Card Processing ISOs have the ability to offer a wide range of payment processing solutions to their clients, including credit card processing, ACH transfers, and mobile payment solutions. This can help you attract a wider range of clients and increase your earning potential.

How to Sell Credit Card Processing

Selling credit card processing services requires a strategic approach and a deep understanding of your clients' needs. To be successful in this competitive market, you will need to differentiate yourself from other agents by offering personalized solutions and excellent customer service. Some key tips for selling credit card processing include:

  • Understanding the needs of your clients and tailoring your solutions to meet their specific requirements
  • Educating your clients on the benefits of payment processing and the security measures in place to protect their transactions
  • Providing excellent customer service and support throughout the sales process and beyond

How to Sell Merchant Services

In addition to credit card processing, many businesses also require a range of other merchant services to operate smoothly. This can include point-of-sale systems, loyalty programs, and inventory management solutions. As an independent sales agent, you can differentiate yourself by offering a comprehensive suite of merchant services to your clients. Some key tips for selling merchant services include:

  • Understanding the unique needs of each client and offering customized solutions that meet their requirements
  • Developing strong relationships with key decision-makers in the businesses you are targeting
  • Providing ongoing support and training to ensure that your clients get the maximum benefit from their merchant services

Merchant Services ISO Program

To take your business to the next level as an independent sales agent, you may want to consider joining a Merchant Services ISO Program. These programs offer additional resources and support to help you grow your client base and increase your earnings. Some key benefits of joining a Merchant Services ISO Program include access to a wider range of payment processing solutions, dedicated support from experienced industry professionals, and higher commission rates on sales.

Credit Card Processing Agent

As a credit card processing agent, your primary goal is to help businesses streamline their payment processing operations and increase their revenue. To be successful in this role, you will need to stay up-to-date on the latest trends and technologies in the payment processing industry, as well as develop strong relationships with your clients. Some key qualities of a successful credit card processing agent include:

  • Excellent communication and negotiation skills
  • A deep understanding of the payment processing industry
  • A proactive approach to sales and marketing

Becoming a Merchant Service Provider

Becoming a merchant service provider is a rewarding career path for independent sales agents looking to take their business to the next level. As a merchant service provider, you will have the opportunity to work with a wide range of businesses and offer them tailored solutions to help them grow and succeed. Some key benefits of becoming a merchant service provider include:

  • The ability to earn commissions on a wide range of payment processing solutions
  • Access to dedicated support and resources to help you succeed in your role
  • The opportunity to build long-lasting relationships with your clients and become a trusted advisor in their business operations

Best ISO Agent Programs

When choosing an ISO Agent Program to join, it is important to consider a few key factors to ensure that you are getting the best support and resources for your business. Some of the best ISO Agent Programs in the industry offer competitive commission rates, dedicated support from experienced industry professionals, and access to a wide range of payment processing solutions. Some key considerations when choosing an ISO Agent Program include:

  • The reputation and track record of the payment processing company offering the program
  • The level of support and resources provided to agents in the program
  • The commission rates and earning potential for agents in the program

Selling payment processing as an independent sales agent can be a lucrative and rewarding career path for those looking to capitalize on the growing demand for digital payments. By choosing the right partner, expanding your services to include merchant solutions, and joining a reputable ISO Agent Program, you can take your business to the next level and maximize your earning potential. With the right skills, knowledge, and support, you can become a successful payment processing agent and help businesses thrive in the digital economy.

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    North American Bancard is a registered ISO of BMO Harris Bank N.A., Chicago, IL, Fresno First Bank, Fresno, CA, and Citizens Bank N.A., Providence, RI.

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