Thursday, September 24 2020
Are you planning to become a merchant service provider? When it comes to merchant services, there are thousands of merchant services agent programs for you to choose from. It is very exciting to become a merchant services provider. However, without the necessary information and details, it is very easy for you to fail. The merchant services business is both complex and lucrative. There are several merchant services ISO agent programs available. Choosing the one to suit your specific needs can be very tricky, but luckily we are going to give you expert advice and tips on choosing the best one. Some factors to consider in order to become a merchant service provider include the tools offered by the company you chose, technology use, and customer supports. This article paints a clear picture of what a great merchant services agent program should look like.
9 Characteristics of a Good Merchant Service ISO Program
The following are some of the key characteristics that define a reliable merchant service ISO program. A company with the following traits increases your chances of being successful in your credit card processing business.
Exceptional Customer Service
This is one of the most critical characteristics of a good merchant services ISO agent program. However, it is one of the most overlooked things when an agent wants to become a merchant services ISO and when seeking out an ISO partner. In the merchant services business, the worst-case scenario would be to receive complaints from your clients, and you are unable to get in touch with your merchant services agent program. This can really ruin your business. It is a great practice to look for merchant services ISO agent program that provides 24/7 customer support. In addition, the customer care representatives should be able to attend to any questions, both general and technical, within the shortest time possible.
Same-Day Funds Deposits
This is another important feature to look out for when choosing a merchant services agent program. Clients do not have to wait for long to get their funds deposited into their bank account when a transaction is made. The same day funding is a great incentive that will leave your clients happy and also help you when promoting your business.
Ability to Handle High-Risk Merchant Accounts
Though you might not be dealing with clients who have high-risk transactions such as travel agencies, CBD companies, bail bonds, credit collections, medical marijuana, etc. it is important for the merchant services ISO program you choose to handle high-risk merchant account. You might get clients who operate high-risk operations, and therefore the benefit of this is to ensure that the business of your clients is running smoothly without any payment glitches.
Great Discount Opportunities
The fees associated with credit card processing are quite high. These high fees have been causing businesses to scramble. The cash discount programs enable merchants to implement a service fee to customers who pay via credit card and issue discounts to those who pay via cash. The merchant does not have to pay a fee for each transaction they run, and therefore this saves them money. You should, therefore, ensure you find a merchant service agent program that offers discount opportunities.
Assistance on Marketing
When it comes to credit card processing business, marketing can be the hard part. However, with a great team behind you to offer marketing assistance, it becomes easy. For you to turn cold leads to warm leads, you will need an effective marketing team. They will assist in providing marketing information as well as design about merchant services.
Flexible Compensation Plan
Getting paid is one of the most important steps as a merchant services provider. It is critical to get compensated for the work and effort you put into your merchant services business. Look out for a credit card processing agent program that will help you realize your goals and meet your needs. Note: Pay attention to the agreement document to make sure you understand all the details.
Residual Income Tracking
A good credit card processing agent program will help you get residual analytics; this is very important for your business. The use of technology and the latest software to track residual income is a must for a good merchant services ISO agent program that you are going to choose. You should be able to see, at a glance, these details: number of clients, average profit, average ticket, top 10 merchants, and more.
For the success of your credit card processing business, it is critical to look for an ISO partner who readily avails the necessary infrastructure to you. The payment technology is very dynamic, and each year, there are new changes and improvements. There are several other payment methods that have come up. A good credit card processing agent program should give you access to these assortments of payment processing products. All these will give your clients payment processing options to choose from, which helps them to run their business smoothly. A good merchant services agent program should be in the capacity to support most of the following infrastructures:
Multi Relationship with Various Banking Options
A great credit card processing ISO agent program should facilitate a solid relationship with several banks. This creates options to resort to incase one bank declines an account. With this feature, you will have peace of mind and be able to easily close deals and get paid. Shaw Merchant Group Can Help You To become a merchant service provider and to succeed in it can be tricky, especially if you do not have the necessary information, but with the above expert tips, you will be a step closer to being successful. At Shaw Merchant Group, we pride ourselves as being the best merchant services agent program providers. We are ready to help you become a merchant services ISO and succeed in your credit card processing business.
Sunday, September 20 2020
How You Can Make 6-Figures Selling Merchant Services
Selling merchant services is popularly known to be very lucrative, but one of the most asked questions by many potential agents is how much money can you make selling merchant services? They want to know whether they will be able to make a sustainable income from selling merchant services.
There is no straight answer to this popular question because the amount of money you make is dependent on the effort and handwork you put in. Those who have succeeded in selling credit card processing have shown exceptional dedication and hard work.
If you are wondering about how to become a merchant service provider and become successful in it, then hard work and dedication must be part of you.
Showing you the potential income that you can make selling merchant services is the simplest way to answer this burning question; how much money can you make selling credit card processing services?
According to research, selling credit card processing services has the potential to earn hardworking and determined agents over $100k per year.
How You Can Earn $100k Per Year Selling Merchant Accounts
It is important to realize that merchant services agents get about $500 upfront for every new customer they sign up.
This amount is paid instantly after an agent manages to make a deal.
In addition to this, agents also receive a monthly bonus that on average is about $1250 per month. This money is known as residual income. According to experts, $1250 is low, bearing in mind that the credit card processing business doesn't count cash transactions.
Understanding Residual Income
If you are looking into how to start a credit card processing company, then you need to understand about residual income.
When the merchant clients you have signed up for the services use their credit card to receive payments, the processing company will receive a certain percentage of the amount received.
As long as the merchants are continuing to be happy with the credit card processing services, the processing company will continue receiving a certain percentage of the money transfers.
The agent who signed up for a merchant client is supposed usually will receive 50% of this income. This means that every time the merchant client is using their credit card, then the agent will be making money. This is what is known as residual income.
Now that you understand what residual income is, let us take a good example of how to start a credit card processing company and make over $100k in a year.
Assuming that the agent is capable of signing 15 new clients every month. On average, the agent will receive $50 per month as residual income from 15 clients, and this will be $750 a month. Of course these amounts skyrocket if the agent is selling the cash discount program. This program wipes out all fees for the merchant client and produces 5X residual income.
If they are hardworking enough, they will manage to raise their monthly income to about $9000, which will translate to about $108,000 per year. This now answers the question; how much money you are able to make selling merchant services.
Tips To Help You Make $100k as a Merchant Services Provider
There are things that you need to put in place in addition to being hardworking in order to succeed. These tips will help you understand how to become a merchant processor and to easily make $100k per year. In order to make 6 figures in merchant services sales, you need to:
1. Set Your Goal Just: like in any other industry, business goals are very important. These help you to be disciplined and stay focused on what you do. If you wish to make $9000 per month, then set that as your goal and put it the effort to attain that. If you wish to recruit 15 merchants every month, then set it as your goal and work towards attaining that.
2. Join the Right ISO Program: The merchant services agent program you join will determine your success. Look for an agent that provides both the tools and support needed to successfully run your business. North American Bancard is one of the top-rated merchant services agent programs that you can join.
3. Understand Your Product: Ensuring that you understand your merchant products and services is important in helping you stay competitive. The merchant services agent program you choose should be in the capacity to provide firsthand information about the credit card processing business. This will help you to stay up to date in selling merchant accounts and in-turn, attract many leads.
4. Manage Your Time: As an independent sales agent, it can be very difficult for you to stay committed to what you do. Remember that you are 100% responsible for your daily tasks. For you to succeed in merchant services, it is critical to stick to your schedule. Divide your time to tackle things such as following up with your leads and finding new leads. If you find it difficult to manage time by yourself, you can use apps and tools to schedule your daily tasks. This will improve your productivity and bring you a step close to making more money.
5. Invest In Referrals: Referrals are very important in helping you grow your merchant services business. This is very effective when starting out as a merchant services provider. Set a strategy to use and follow up with clients so as to get most referrals from every merchant client you get.
If you offer exceptional services, then your referral list will keep on growing. You will be getting new leads every now and then.
With the above tips, it is easy for you to earn handsome amounts as a merchant services agent.
The ball is on your court; you now know the amount you can make from your credit card processing business. Remember that there is no limit to the amount of money you can make. Put in the effort, and you could possibly make a million dollars in your credit card processing business.
Tuesday, September 15 2020
Merchant services sales is one of the hottest and most lucrative sales industries on the market right now, and for that reason it is incredibly attractive. It is true that you can earn great money being a merchant services agent, but it often requires a strict training program and dedication to the craft. If you want to be successful in merchant sales, then there are some key pillars that you will need to be familiar with that will help you to succeed and thrive in merchant services sales. By following this crucial training structure, you can set yourself up for success in the merchant services industry.
Pursue a quality partnership
The first concept that you will need to be familiar with in your merchant services sales training regimen is that you should pursue a quality partnership and arrangement with a merchant services provider. As a merchant services salesperson, you will work under the umbrella of a merchant services provider that will be the backbone of your business. The partner that you choose will administer these services to the merchants that you sell to, so it’s very important that you find a merchant services provider that is reputable and can provide you with all the benefits that you need for success in the merchant services industry.
There are a few things that you should look for in a quality partnership with a merchant services provider such as prompt payment, good payment structure, frequent bonuses, large share of profits, quality support staff, solutions for every industry, and tools to help you succeed. A quality partner that can provide you with all of these things is one that can help catapult you to success in merchant services and enjoyment of a life that earns passive income. It’s critically important that you make the right decision when it comes to the merchant services provider that you choose.
Optimize your pricing structure
While sales is mostly about making connections with businesses and selling your products, there are a lot of other things that you can do to help yourself have success. One of the more subtle things that you can do is to optimize your pricing structure to provide you with more margin and more opportunities to increase your revenue. There are several ways that you can do this by offering upsells, sticking to strict limitations when offering discounts, and others.
While a change in your pricing structure might not make a large effect right away, when the effects are compounded over hundreds of transactions, you can notice a very large difference that will greatly impact the trajectory of your merchant services sales career.
The more options, the better
When you are going through the preliminary stages of training to be a merchant services agent, one of the most important things that you should be on the lookout for is a merchant services provider that doesn’t limit you by their payment processing capability or options. You should seek to work with a merchant services partner that provides you with a wide range of payment processing options such as debit, credit, cash, ACH, and others. When your partner offers these additional methods, you can offer them to your merchants. Merchants like to be presented with multiple options and flexibility, so if you can offer them flexibility in their payment processing solution, then they are more likely to work with you for their merchant services needs.
Providing good customer service
One of the most important lessons that you will learn in merchant services sales training is that customer service should be your main priority at all times. The customer is the most important party in the entire transaction and without happy customers as your merchants, you will find a very hard time succeeding in merchant services sales.
Providing good customer service is something that you will have to master if you want to get to the point where you are converting more customers and increasing your portfolio of merchants. To do this, you should be sure to always be attentive to customers’ needs, answer questions in a timely manner, and be able to get in touch with them whenever they need something from you.
However, you are not the only important person in the process when it comes to customer service. You should be partnering with a merchant services provider that also values the power of good customer service if you want to have success in merchant services sales. This means evaluating how well your merchant services provider is able to meet the needs of customers and what their reputation is for providing service to the merchants that they oversee.
If you can provide a good customer service experience to your merchants, then they are much more likely to continue coming back to you time and again for their processing needs.
Free terminals included
If you want to have success in merchant services sales, then you’ll quickly learn one of the secrets of the industry is to include a free terminal for your merchant. Not only do merchants love to have free bonuses included in their processing packages, but you’ll also be providing your merchant with a POS that is specifically designed to increase performance and efficiency while using your offering of processing solutions. With a terminal that is specifically designed to help your solution work in the best way possible, you can be sure that they are getting the best possible user experience that they could want.
This also helps your relationship with the merchant. Providing them with incentives is one thing, but they can take additional confidence in knowing that they are partnered with an agent that cares enough about their merchants to ensure that they have the proper equipment to get the job done the right way. If you want to increase your conversion rate and improve the quality of your relationships with your merchants, then offering a free POS system is a great way to do so and is now considered industry-standard.