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Shaw Merchant Group
Tuesday, January 19 2021
Merchant Cash Advance: ISO Agent Broker Program

If you have any sales experience, you probably already know that it can be an extremely lucrative field to get into. As a merchant cash advance agent, you are basically in charge of your income, and as you get better at serving your clients, you see more and more returns. This is no different when you're working with businesses instead of simply consumers. If you've ever sold POS equipment or other necessities to business owners, then you likely realize the huge potential for income that such a venture represents. Businesses always need more products and better technology, and if you can help them to succeed, chances are that you will be able to benefit lucratively when it is time for them to upgrade.

However, there is a little known opportunity in the world of credit card processing that many people are unaware of. As consumers, some us might have dealt with cash advances at some point in our lives. Did you know that businesses have a similar option, as well? In the case of small enterprises that need quick liquid cash to get things flowing, they can strike up a deal with their merchant account agents and get some cash immediately without the need to go through a lengthy approval process as they would with a bank.

This process is not a loan, exactly, but rather the merchant account company makes a short-term investment in the business by buying future credit card and debit card payments. In other words, they pay a certain amount upfront to the business, and when customers pay with a credit cards, a percentage of these transactions are sent directly to the merchant account company to pay them pack. It's not as risky as a normal loan because there is much less of a chance of the debtors defaulting; they would essentially have to go out of business to not be able to pay. The business owner is happy because he has the liquid cash that he needs without the need for any monthly loan payments to worry about; the payment processor company is happy because they receive what is essentially interest for their trouble and are practically guaranteed to be automatically paid back, and the sales agent is happy because he makes a portion of this. It is a win-win-win situation.

Now, you may not be a sales processor and you might not be interested in exploring the red tape that it might take to get into the position where you might provide people with merchant accounts. This is perfectly fine because, you see, you can simply work as a sales agent for a payment processing company and receive a cut of these profits. There's a lot of opportunity out there and plenty of companies are looking for sales representatives that can send leads their way. On your end, you would be getting a hefty commission for every one of these cash advances.

Let's take a look at a rough sample of the possibilities. For example, let's say that you start working for a merchant cash advance company and they offer you the usual 5 to 10% comission on the merchant cash advance ISO program that your prospect takes out. If the merchant agrees to a merchant cash advance of $30,000 dollars, you would be making $1500 to $3000 on just that single sale. As you can see, this is far more than if you were working selling, say, electronics or other expensive merchandise. Offering financial services greatly expands your income potential because you're working directly with businesses and directly with money. The best part is that there's less red tape for you to deal with in a case like this because you're not working for a bank. Merchant cash advances are simple, fast, low-risk, and don't require much paperwork at all.

If you thought that the initial commission seemed like a lot, most companies that you work with will allow you to receive even more cuts of the earnings. For example, you might receive another cut after the merchant has successfully paid off the merchant cash advance (usually a single-digit percentage). In addition, you might be able to lock in that particular merchant, where you receive a certain percentage of future credit card processing revenue simply because you were the one who brought in the lead. This merchant account residual income can really accumulate, and there's certainly nothing like making money even when you're not working.

In addition to these income streams, there's also an added opportunity in upselling products. The merchant services company probably has many other products that could be useful to your prospect, and you can make a handsome amount by simply offering these as well. After all, when someone buys from you once, they are much more likely to buy other services from you, so you should always try to upsell if the opportunity presents itself. These “added value” products could be anything from marketing services that the merchant service company might offer to POS equipment and other physical goods. Just focus on what problems you think the merchant may have and try to find a way to solve it. Put yourself in his shoes, and you'll be bound to make money.

Finally, when you work as a merchant cash advance agent selling cash advances and other products for a merchant service company, they will probably compensate you for helping them find other sales agents. Unfortunately, not everyone is cut out for sales, so there might be a high turnover. Because of this, a lot of merchant service companies are hungry for new recruits.. Again, this can be a residual income opportunity, where you can make a small percentage of what your recruits are making. This give agents incentive to help each other succeed.

With all these possible sources of income, sales agents can easily make thousands of dollars per month, even working part time. If you have experience in sales and you want to expand your horizons, or even if you just have an interest in sales and need a place to get your start, you should consider getting into selling merchant cash advances. There really is a lot of money there, just waiting to be taken by ambitious salespeople.

 

Posted by: SMG Admin AT 03:34 pm   |  Permalink   |  Email

Becoming a Payment Service Provider?

To become a payment service provider, you need to establish a business entity and obtain the necessary licenses and permits to operate in the financial services industry. Additionally, you will need to build relationships with acquiring banks, payment processors, and other key partners to set up the infrastructure for processing payments for merchants.

Becoming a merchant service provider can be a lucrative and rewarding career choice. As a merchant service provider, you will be responsible for helping businesses accept debit and credit card payments, as well as providing other financial services. To become a successful merchant service provider, there are several key steps you need to follow. In this comprehensive guide, we will outline the process of becoming a merchant service provider, including the necessary qualifications, skills, and steps to take to launch your business.

Qualifications and Skills Required:

Obtain a High School Diploma or Equivalent: While a college degree is not required to become a merchant service provider, having a high school diploma or equivalent is typically necessary.

Obtain Industry Certifications: Many merchant service providers obtain certifications such as the Certified Payment Professional (CPP) designation from the Electronic Transactions Association (ETA) to demonstrate their expertise in the industry.

Develop Sales Skills: As a merchant service provider, you will need to be skilled in sales and marketing in order to attract clients and grow your business.

Technical Skills: You will also need to have a good understanding of technology and how payment processing systems work.

Steps to Become a Merchant Service Provider:

1. Research the Industry: Before launching your business as a merchant service provider, it's important to research the industry and understand the key players, trends, and regulations that govern the industry.

2. Create a Business Plan: Develop a detailed business plan that outlines your target market, services offered, pricing structure, marketing strategy, and financial projections.

3. Obtain Necessary Licenses and Permits: Depending on your location, you may need to obtain specific licenses and permits to operate as a merchant service provider. Check with your local government or regulatory agency to determine what licenses are required.

4. Choose a Payment Processing Partner: To process payments for your clients, you will need to partner with a payment processing company. Research different payment processors to find one that offers competitive rates, reliable service, and the features you need to serve your clients.

5. Develop Your Sales Strategy: As a merchant service provider, your success will depend on your ability to attract and retain clients. Develop a sales strategy that includes identifying target markets, creating marketing materials, and networking with potential clients.

6. Set Up Your Business Operations: Set up your business operations, including creating a website, establishing a business bank account, and setting up accounting and invoicing systems.

7. Provide Excellent Customer Service: To stand out in the competitive merchant services industry, it's important to provide excellent customer service to your clients. Be responsive to their needs and concerns, and go above and beyond to ensure their satisfaction.

8. Stay Current with Industry Trends: The merchant services industry is constantly evolving, with new technologies and regulations shaping the landscape. Stay current with industry trends by attending conferences, networking with other professionals in the industry, and reading industry publications.

9. Continuously Improve Your Skills: To succeed as a merchant service provider, it's important to continuously improve your skills and knowledge of the industry. Consider obtaining additional certifications, taking courses, or attending workshops to enhance your expertise.

10. Grow Your Business: As your business grows, consider expanding your services to offer additional financial products and services to your clients. Continuously look for ways to differentiate your business and attract new clients.

Becoming a merchant service provider can be a rewarding career choice for individuals with strong sales skills, a passion for technology, and a desire to help businesses succeed. By following the steps outlined in this comprehensive guide, you can launch your own merchant service provider business and build a successful career in the industry. Remember to stay current with industry trends, provide excellent customer service, and continuously improve your skills to stay competitive in the dynamic merchant services industry.

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