Thursday, July 09 2020
Wondering how to become a merchant services agent and just crush it in the sales game? Well, it is both easy and challenging. It’s easy for those who know what they need to do to become a successful credit card processing agent and difficult for those who are clueless.
So to help you have a pretty good idea of things, we have come up with this guide. It will help you up your merchant account selling game with just a few practical approaches. So with that said, let’s start:
5 Core Elements to Work on to Become a Successful Merchant Services Agent:
1. Decide Your Approach:
One of the most important parts of not just the merchant services agent program, but any business, is that you have the groundwork laid out. When you become a merchant services agent, you will have to make a complete business plan and decide your approach before stepping out into the field. There are various aspects that you need to consider, and some of the main ones are:
Everyone wants to become a credit card processing agent because of the freedom this job grants; no more bosses micromanaging you! However, this also means that you are mostly on your own in the field. You need to come up with a strategy, decide your approach, take action, and keep refining the strategy based on results.
2. Spread the Word:
Sales business benefits a lot from social networking. The more contacts you have, the more clients you can expect from every direction. People in today’s world don’t blindly trust any business, which is why they ask their friends and family for referrals and usually end up trying out the referred business.
According to BigCommerce; 92% of people believe in suggestions coming from friends/family more than advertising. This shows how powerful referrals can be, which is why you need them! You will work on two types of referrals besides the general business contacts.
3. Choose the Right Credit Card Processor:
Choosing ISO credit card processing is the most careful thing to do. It can either make your merchant account reseller career or break it. Most of the credit card processing programs will promise to bring the moon for you if you bring sales, but not everyone will really live up to their promises. So to help you find the right program, we have outlined some tips below:
Check your contract with them, check your fee schedule, and see how much you will be paid in commission; it should be fair. Also, they should have various bonuses available for achieving good sales.
• You should not be bound to make X number of sales to continue receiving residual income from your previous client; they should be yours no matter what your sales numbers are.
• You should not be bound to only work with them until the contract ends, working with other processors simultaneously should be an option.
You also want to ensure that the ISO credit card processing program you are working with offers amply training resources so you can better equip yourself with knowledge about the product.
Tip: Try exploring North American Bancard Agent program; they fit this criteria and have been in the game for several years. You might find your perfect match without having to comb through the market.
4. Be a Sponge and Absorb Knowledge:
Be it merchant services partner program or any other business; knowledge is power, which is why you need to be the sponge. Absorb as much knowledge as you can about your business, the market, the customers, and, more importantly, the product.
Start by devouring the educational and training material provided by your merchant services agent program. Side note; North American Bancard agent program offers a wealth of resources for gaining knowledge and proper sales training.
Once you are done by company training material, take courses on platforms like Lynda, Udemy and Coursera, etc. Not only you need to learn about your market, product, and target audience, but you also need to know about the tactics of selling effectively.
5. Honesty is the Best Policy:
They say Honesty is the first chapter in the book of wisdom, and I say you need to read this whole book. To become a merchant services agent who gets results and is loved by his customers, you need both honesty and wisdom.
You need to have wisdom allowing you to help your potential clients without asking anything in return as they will bring you good business once they trust you. You need to be an absolute truthful person so that merchants can rely on you for their credit card processing needs.
Once they do, they won’t go anywhere, and you’ll be getting continuous residual income. So being wise and honest will only add wings to your business, keep practicing both.
Practical Tips for Selling the Merchant Accounts:
Over to You:
To become a credit card processing agent, you will have to do a lot than just wearing a shoulder bag and using gel in your hair. You need to have a plan, a network of referrals, the right type of processor, a wealth of knowledge, and an honest approach. Only with these core elements, you can make it to the top.