Wednesday, January 04 2023
Merchant services is quickly becoming one of the hottest industries to be in. There are a variety of factors that are attracting people in masses to this industry including flexible work schedule, increased earnings, and an exciting, fast-paced career in business. However, not every corner of this industry is a cookie-cutter example of the perfect life. There are certainly benefits to be had by working in merchant services, but there are also things that you should know beforehand if you want to really get the most out of your experience. With these facts in hand, you can be sure that your career in merchant services more closely follows what you actually want to be doing and how you envision your perfect work life.
The first thing to understand if you are thinking of a career in merchant services is that there are several different areas within the broad umbrella of merchant services that you can do. Merchant services such as processing are offered by more than one company and is a highly competitive industry. This means that not only agent positions are available, but also various other support positions that surround sales. If you want to become a merchant services agent, there are a couple different ways that you can go.
The first way to become a merchant services agent is to apply for a position at a large corporation or bank in a standard sales role. In this role you would be expected to meet sales goals, have a manager to answer to, and otherwise be restricted by the rigidity of how they do business. The other option is to become a merchant services agent that is independent and works with a merchant services partner program to earn a commission of each sale. Each of these positions have their benefits, and we will review them here.
The first type of merchant services sales position that we mentioned was with a larger company that has a manager to answer to. In a position like this, a merchant services sales professional would have a very small territory that doesn’t generally expand much beyond where they are based out of. As a result, commission opportunities are rather limited. Someone that works in this position would have very limited upside potential and room for error if they want to earn a good living with selling merchant services. In addition, they would be limited by the corporate structure of the company that they are working for. In this situation, it is hard to find passion in the job because you feel more like an account manager than a real sales professional with control over their destiny.
That brings us to the other type of merchant services sales position. This sales position is much more independent and operates on a commission structure out of their home or wherever they would like their office to be. Because they are not beholden to corporate offices or territories, their sales scope is much larger and they can serve almost anybody that they please. They can travel to visit their merchants, forming a tighter and more lucrative bond. Their earnings potential is unlimited because their merchant selection is also unlimited. They are happier in their job, make more money, have more flexibility, and are not tied to the desk. Someone in this position is usually much more pleased with their career in merchant services and generally makes more money, as well.
If you are choosing a career in merchant services, knowing about the two different paths that you can take is absolutely essential. When people talk about the benefits of being in merchant services and what a great career it can be, they are generally referring to those that choose to work independently with a merchant services partner program and earn commissions on their own schedule instead of being restricted by a desk in a corporate office. You should think carefully about which of these situations is better for you before you select a career pathway in merchant services so that you can plan accordingly and ensure that you put yourself in a good situation to succeed.
One of the most stark differences between those that work for large corporations to sell merchant services and those that choose a more independent path is the earnings potential. For those stuck in a corporate job, the earnings potential is far more restricted and the path to a high income is basically impossible. The reason is that these individuals are mainly restricted by their contracts which award them very little for a sale and instead keep more of the profits for the company. In this structure, sales professionals are hardly incentivized to sell and are rarely rewarded for their hard work.
In contrast, those that decide to work for themselves have a much different experience. Yes, you risk more upfront because nothing is guaranteed in this line of work, but the long-term payoff can be so much better. When you work independently or under a ISO agent program, the earnings potential is unlimited and restricted only by how hard and how much you work. If you want to achieve a high income, you can put in the work to attain it. You are rewarded for how hard you work and you have flexibility in what you do.
With this information in mind, the decision you must make is whether merchant services are right for you. WIth the right career path, a job in merchant services sales can be one of the most liberating careers out there. However, if you choose to restrict yourself in a corporate merchant services job, you might quickly find that this type of merchant services sales doesn’t make for a very fulfilling career. You should carefully consider these two possible pathways before you jump into merchant services sales and decide which one is going to be right for you.
Tuesday, January 03 2023
If you are in sales or are considering a career in sales, then you might have heard of the payment processing industry and the various benefits that can come along with a career in merchant sales. Merchant services are indeed becoming one of the most coveted sales positions on the market, but if you are going to pursue a career in merchant sales, then it is imperative that you learn more about being a merchant sales agent and what it entails. This brief guide will give you information that you need to learn more about selling merchant services and whether it is a viable option for you.
What Are Merchant Sales Agents?
Before you decide whether a career as a independent merchant service agent is the right choice for you, you'll first need to learn more about what exactly merchant sales agents are and what's entailed. Merchant services sales is the industry that provides merchants with services that are essential to their operation. They often have a lot to do with payments and finance. The best example is credit card processing. Merchants all around the world need digital payment processing, and merchant services sales reps provide it to them.
A professional in merchant services sales is someone that specializes in communicating with these businesses, finding out what their needs are when it comes to merchant services, and meeting those needs using a comprehensive product suite that is designed to give merchants the resources that they need.
Benefits of Selling Merchant Services
The reason that merchant sales careers are so highly sought after is because of all the benefits that they are able to offer independent agents that are successful in merchant services sales. If you want to learn more about what merchant services sales is really about and discover why so many sales agents find it a desirable career path, then read more below to see the benefits of a career like this.
One of the main benefits to a career in merchant services is that it is generally fast and easy to get started. With a low barrier to entry, you can get started right away! Plus you will get fast start bonuses up to $20,000 based on your performance in the first 180 days.
Being a merchant services agent generally means that you are your own boss and you get to decide how you grow your business and what strategies you use to earn your income.
High Earnings Potential
With an income that is based on upfront commission and residual, you have a high earnings potential as long as you work hard and establish a steady influx of clients. Most successful sales agents make between $60-$100K in the first year.
Since you are your own boss, there are no set hours. This means you can set your own schedule and work at your leisure from home or anywhere else that you want to work.
Passive Income Building
With enough merchants and enough hard work in the industry, you can build an almost entirely passive stream of income from residual and commissions that are recurring. You can make a huge residual up to 70% split paid and vested for the life of the account.
All things considered, a career in merchant sales is not all that bad. For those that are passionate about sales and willing to put in the work required to enjoy success in merchant sales, it is one of the best industries that you can choose if you are looking for a lucrative sales career.
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