Sunday, July 05 2020
If you've done any research at all, you've probably already realized that getting into the credit card processing field can be extremely profitable. Just about every serious business needs a merchant account, so the number of prospects that you could work with are countless and the market is ever-expanding as the economy recovers.
You might also realize, though, that becoming an ISO or a credit card processing company yourself can be expensive, but luckily this is not your only option when you're looking to break into this field. One of the best ways to get into the credit card processing industry is to start your career out as a sales agent. The upfront costs are minimal, and you can learn the business inside and out with a lot of room for growth. It's one of those coveted sales positions where you not only get commission at the time of the sale, but you usually receive residuals for the life of the account.....
Saturday, June 27 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 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 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 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 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 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.
Saturday, June 20 2020
When you are selling POS solutions or looking for a merchant services agent program to work with, one of the major things that you will have to consider is whether you want to offer your customers free terminals or whether you want to offer them a leasing deal. As with so many other factors in this business, it really depends on the specific customer. You must spend some time examining their needs before you can decide which option to sell them. You will find that different merchants have different goals, as well as different amounts of capital that they can provide upfront.
You might also notice that, more and more, merchants will expect that at least their basic, entry-level terminals will be free to use. Lots of newer, innovative merchant service companies have taken to lending free equipment to their customers, as well as supporting the hardware and software for free, so you will want to take this into consideration as well.
Let's go over what these two options really are in a bit more detail:
Free Terminals - “Free” isn't exactly accurate here, since the merchant doesn't really keep the equipment. Basically, they are allowed by the service provider to borrow the POS terminal at no charge until they end their contract, and then the equipment is returned. You can think of this as being similar to how many broadband Internet companies loan routers or modems to their customers, which are then returned when the customer terminates their service.
This is an easy option for many businesses, especially those that are just opening their doors, because it requires essentially no upfront cost. There are sometimes monthly fees tacked onto this option, such as the cost to insure the machine, but for the most part, the merchant pays a lot less than they would have if they opted to buy their own equipment. Since POS terminals can be expensive, this is not a bad option for you to suggest to very lean startups.
Always make sure that a partner company that you are signing up with has some kind of free terminal plan, since a lot of merchants will want this. “Free” is also not a very hard sell, so you might find that it will be easier to close deals with a loaned terminal. Your job is first and foremost to sell your clients on the merchant account, and you will want to do everything in your power to make it easier for them to use it—that means making it easy for them to get the terminal that they need.
Leasing Terminals - With the popularity of free terminals, this has sort of fallen out of favor as of late, but it still has a certain amount of relevancy. Some merchants want to have their own equipment, and this could be for a number of reasons. Most commonly, a merchant may simply want to be able to switch service providers without going through the arduous process of re-learning how to use a completely new terminal.
Leasing terminals is not without its problems, however. Compared to simply buying a terminal outright, leasing one may actually be a raw deal for the merchant. Because they will be paying little by little for their equipment, they may not even notice that their money is trickling away over the course of months or years, and that they might end up paying five or ten times the market price for their POS system. It's nice to make small monthly payments, but as business owners, these merchants can't afford the delusion that those costs don't add up.
On the other end of things, leasing equipment can make lots of money for an ISO and a sales agent. Just as those monthly fees add up for the merchant, they can add up for the agent, and leasing equipment can mean a handsome addition to ones residuals. The bigger question is, however, should you sell merchants on such an unfavorable deal?
In general, the answer is no. Now, not all leasing deals are bad. Some equipment is actually quite cost-effective, especially modern, more simple POS systems that are based on popular mobile operating systems and touch interfaces. The leasing options from popular service providers are sometimes quite fair. However, there are still a lot of merchant service companies in existence that use these tactics to rip off potential merchants, and it's best that you avoid associating with them.
Your goal should be to build a long-term, sustainable relationship with your merchants. After all, this is what is going to give you sustainable, long-term residuals month after month. Being honestly concerned with your merchant's problems and offering them the best solution is also what will get you repeat business whenever it is time for them to buy added value products and services. You will want to cultivate trust, and it is difficult for a merchant to trust you if they feel that you have been trying to take them for all they have right from the beginning.
That being said, there is nothing wrong with selling a fair leasing option to a merchant if that is what they honestly want. By all means, listen carefully to the client's needs, and if you feel that leasing a terminal is a better fit than providing one for free, then give them what they need.
Regardless of what option you ultimately decide to give to your merchants, remember that no terminal is the least bit useful if your clients don't know how to use it. Make sure to partner with a company that not only offers various terminal options for your clients, but that has great training material and customer service to get your customers up to speed. After all, the sooner they are using your terminals to take in revenue, the sooner both you and the merchant service company can start seeing a new income stream. Make sure that your clients get what they need from the beginning, and you will be rewarded with few complaints, a strong reputation, and a consistent stream of residuals trickling into your bank account every month.
Saturday, June 20 2020
If you are looking for a fast-paced, rewarding, and lucrative career in merchant services, then now is the time to become a North American Bancard sales partner. North American Bancard sales partners enjoy a variety of benefits that set the program apart from all the rest. For those that want to make a difference in the industry and build a vast network of revenue-generating accounts, this partner program is the solution for you. Our suite of best-in-class products combined with premium sales support set you up for success in this very lucrative sales industry.
As a partner of the North American Bancard Agent ISO Program, you will have access to various benefits and bonuses that can be achieved through hard work and diligence. These available bonus programs will maximize your earnings potential and make it easier for you to achieve the salary that you want. With various bonuses available to all sales reps, you can create a robust and passive income that increases with time.
When you work with North American Bancard, you will be able to predict when you are getting paid, and how much. This differs in comparison to other sales programs that make it difficult to know when you will be paid and in what amount it will be.
For maximum control and insight into what your seller metrics are, you can also access an intuitive and easy-to-navigate partner dashboard that will give you access to analytics, payment information, and a visual aid to help you learn about your residuals.
In addition to payment information, there are other benefits of our robust partners' dashboard.
Joining our North American Bancard merchant services sales partner program comes with dozens of benefits. Here are some of the amazing perks that you can look forward to when you join our program and elite force of account managers.
When you join the North American Bancard agent program, you’ll be coming on board a team that has shown, through decades of success and excellence, that this is one of the best ways to increase your earnings potential and break into a field that maximizes your salary.
If you want to earn a lot in a lucrative field, then this program is the right choice for you.
One of the main ways to earn income in the North American Bancard agent program is through our various selection of bonuses. Our suite of bonuses includes a lucrative signing bonus that is enhanced with each account you are able to successfully gain. We are happy to be able to offer these benefits to our partner participants and increase their income in a variety of ways.
One of the most restricting factors that affect sales reps from other merchant services companies is their failure to serve high-risk merchants. High-risk merchants do have a place in merchant services and the North American Bancard agent program is able to serve these merchants and gain the lucrative contracts that they often present.
As a participant in this program, you will be able to share in the profits that come from working with these clients and expand your network of earnings potential exponentially. When you join our program, you’ll be opening up the world of possibilities to increase your earnings potential and grow your accounts under management.
Part of being successful as a merchant services agent is being able to provide your merchant with maximum benefits. Working with the North American Bancard partner program allows you to offer benefits, unlike any other partner program. We allow our representatives to entice merchants with POS systems to modernize small businesses and give them the tools that they need to succeed in this hyper-competitive business environment.
If you’re looking to diversify your income and increase your earnings potential, then you will love being able to offer ATM services to your merchant clients. ATMs have long-proven to be a sustainable source of income and when you work with North American Bancard, you’ll be able to bring in a share of ATM revenue in your merchants’ places of business.
ATMs will always be in demand and the ability to offer them to your clients will enable you to build income streams that could last for decades.
In addition to all of the other services that North American Bancard is able to offer merchants, you will also be able to provide your merchants with cash advance short-term loans, which carry high-interest rates and create a mutually beneficial situation. You will earn commissions on cash advance services and build even more trust between you and your merchants in being able to offer them funding for basic operations, expansions, and emergency situations.
Of all the benefits of working with North American Bancard in our partners' program, perhaps the most important is the EDGE Cash Discount Program. The EDGE Cash Discount Program was created as a way to help the consumer, merchant, and account representative all save money and earn more revenue. Being able to offer the EDGE Cash Discount Program puts you ahead of other reps in your industry because of the benefits that it is able to offer to merchants.
If you want to thrive in merchant services, then join the North American Bancard agent program, considered to be the best merchant services agent program in the country and well-known for providing reps with the tools they need to succeed.