Wednesday, July 01 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.