Thursday, August 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 service 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.
ISO Agent Partnerships
Become a payment service provider today and take your business to the next level. If you are a sales-oriented individual with vast experience in the world of payment processing or you are a driven and motivated professional looking for a new challenge, the SMG ISO agent program might be a great fit for you. With the highest paying commission structure in the industry, superior products, and sales support, our program will see to it that you are rewarded for your efforts.
For anyone with a sales background or a passion for the payments industry, SMG is the ideal partnership. There are dozens of reasons to become a sales partner with Shaw Merchant Group, but don’t just take our word for it. Here are some of the top reasons that we were given when we asked our ISO agent participants why they chose us and why they continue to work with our highly lucrative program.
Sales Partner Portal
With our industry leading partner portal, you’ll have access to online enrollment, training sessions, marketing materials, and you’ll always be ahead of the game with the latest news and promotions.
Stay up-to-date on merchant issues and their resolutions via automated emails and text messages that include a detailed ticket number describing what the merchant’s concern was and how it was resolved.
Registered DBA (White Label)
With our program, you’ll be able to market under your own brand, without paying costly fees! Your brand will be seen on the partner portal, marketing communications, merchant statements, and more.
Free Equipment for Your Merchants
Selling businesses on a new processing plan is much easier when you are able to effortlessly jump over the hurdle of the cost of the equipment. With this program, you can offer your clients free equipment that they will need for their processing provider change. This lowers the barrier to switching and creates a higher conversion rate for you.
Lifetime Passive Income
You will recieve 50–70% of residual income based on the pay structure you select. You will share income on every available revenue stream. With SMG, you get a True Interchange Revenue Split. Unlike other ISO agent programs, there is no basis points off the top for BIN sponsorship or for what they call hidden losses. Our sales partners earn more residual income with our 50/50 partner program than you would with our competition who claim to offer a higher percentage because thier interchange cost (buy rate) is higher.
$20K Performance Bonus
We offer a performance-based fast start bonus that is payable for anyone that onboards more than the standard threshold of clients in the first 4 months. This program is designed to reward those experienced sales members that join our team and quickly learn how to sell this product. The bonus can reach up to $20,000, making it one of the most lucrative and competitive in the industry.
Profitability Based Bonuses
We will look at how much profit is generated on the account after they have been processing for one month and you earn 14 times of the total profit. Example: If we retain $100 in residuals in that month, the bonus would be 14 x $100 or $1,400. You would have already been paid $600, so we would pay you an additional $800 on that account. This bonus is capped at a max of $10,000 per merchant per location. With our dual pricing program it is easier than ever to earn huge bonuses with a 14x profitability bonus. This dual pricing model enables you to maximize your bonus at $10,000 on almost every merchant processing over $90k.
Dual Pricing Program
When you are selling merchant services, one of the best assets of any partner program is more rewards and incentive programs that save your client money. The Edge dual pricing program is one of the hottest new commodities in credit card processing, as it is designed to save the client thousands of dollars in credit card processing cost, instead passing on the fee to the consumer in a way that isn’t damaging to their own conversion rate and revenue. We offer this program to our clients and make it easy to understand and present for our sales partners.
With some sales jobs, you don’t even have the option for medical coverage. With the SMG ISO agent program, you’ll have the resources that you need to provide healthcare coverage to you and your family at an affordable rate. We take care of our own, and when you are in our program you will have access to these benefits.
White Label ISO Program
Grow Your Merchant Services ISO with White-Label Payment Solutions
As an independent sales organization (ISO), you can upgrade your business by providing merchant processing services under your own brand. You may dismiss the idea at first, probably thinking that you don’t have the infrastructure or expertise to set up your own payment processing company. However, with white label payment processing, all you really need is a good ISO partner.
How a White Label ISO Program Works
To offer payment processing services under your own brand, your ISO partner will provide you with an online application page that doesn’t identify their company. This “white label” solution is ready for your brand and includes your logo, colors, and contact information, so your merchants only identify the payment solutions with your company. It eliminates any confusion among your merchant customers about who their service provider and primary contact should be. Your brand is the only thing the merchant will see on your website, merchant portal, and marketing materials.
Your payments ISO partner becomes a silent partner, providing technology, payments functionality, and services. This puts you in more control, allowing you to deliver seamless, consistent customer experiences in all interactions – and enhance your brand’s reputation. With this white label payment solution, you won’t need to overcome negative perceptions a prospect may have about the company your working with. This is because you are creating a unique customer experience. Better still, you don't have to fall in line with another company's existing customer experience.
Once you start providing white label payment services, you will also find that you build stronger, longer lasting relationships with your merchants. They'll begin to view you as a payments expert and an expert in the other solutions you provide. You may even find you are able to grow your customer base, as merchants in every vertical or niche can benefit from accepting payments, enabling you to market to more types of businesses.
Remember: white label payment processing enables you to earn huge residual income.
Our White Label Program Will Save You Thousands in Fees
Put your brand on merchant statements and applications — build your brand with your sub-agents and merchants. Full white label payment solution with your logo and branding on applications, statements, online enrollment, merchant and partner portals.
We at Shaw Merchant Group have an awesome white label solution. There is no huge package of documents for you to fill out, no approval process by Visa and Mastercard and the sponsor banks, and best of all no annual dues. Here are some details on the “White Label ISO” program:
What do we brand?
What we need: