Skip to main content
#
Shaw Merchant Group
Wednesday, February 14 2024
Basic Facts About Selling Payment Processing Services

If you want to enter into the massive merchant services sales industry, then we would like you to stop right there. Before taking the plunge, there are a few things you should know. You need to have a clear idea of this industry and whether a credit card processing sales job is even your cup of tea or not.

We will help you know some simple yet important facts about selling credit card processing in this guide and will also provide you with useful tips to jumpstart your career as a merchant services agent. So with that said, let’s get started:

Why is it Important to Know?

Before we move towards knowing some important facts about the merchant services ISO agent programs, the question that might come to your mind is, why bother knowing these things? Well, to be honest, there are a lot of factors involved when it comes to getting merchant services sales jobs, it’s not as easy as approaching the merchant, pitching the service and closing the deal.

Things can be both easy and difficult, which is why you need to set your expectations straight. So instead of jumping into a river without gauging its depth, it is better that you know how deep it runs. Therefore, we will tell you both the good and the bad of the merchant services industry.

These advantages and drawbacks will help you understand what to expect from it and whether it is the right field of work for you or not. So follow along and learn some of the most important things about selling credit card processing.

Benefits of Selling Merchant Services:

There are plenty of benefits in the merchant services careers, which is why many opt for this route. If you are persistent and work very hard, you will enjoy a high income and many benefits that come with it. Here are a few advantages of working in the credit card processing industry:

Excellent Earning Potential

The basic need for everyone is the money, the sole motivating factor that makes you want to work for hours without looking at the clock. Well, the good thing is that this job is based on commissions. So you will be paid for the amount of work you put in and not like corporate jobs where you give 12 hours daily for a fixed pay.

However, if you ask an accomplished merchant services agent, he will tell you that the money doesn’t come easy and is certainly not handed to you on a silver platter. To make a killing in the industry, you need to work very hard, build a network, and be persistent.

There are also several bonuses offered by credit card processors for achieving X amount of sales that add to your overall earnings. So once your business takes off, you can then enjoy a vacation on the beaches of Bali while sipping your fresh piña colada.

Flexible Schedule

The best thing about working in the merchant services business is that you are your own boss. There is no one looking at you with a microscope waiting for you to make a mistake. You can work on your own terms and in your timings as long as you are getting sales because sales pay the bills in this game.

You can approach any business you want, wherever you want and whenever you want to make your pitch. There will be no one calling you and asking you why you haven’t reached the office yet; your dining table is your office.

Tons of Surprises

If you are someone who cannot deal with a monotonous routine and the same kind of office-based work, then this is the job for you. You will start your day not knowing what’s in store for you because you get to meet lots of new people in this line of work.

Different merchants will need different tactics and pitches for the deal to close. So you will have to adapt to the situation, work any problems that may arise, and learn something new every day. If you are someone who loves this kind of work, then you will definitely have higher job satisfaction.

Drawbacks of Selling Merchant Accounts:

Remember, nothing, and I repeat nothing is always rainbows and sunshine. Not even rainbows and sunshine are always there on the sky. So you cannot expect the merchant services sales job to be a walk in the park. There will be some drawbacks, just like there are with all types of jobs. If you are someone who is ready to face challenges and come up with new ways to achieve their goals, then you might not be affected by these downsides very much. That being said, let’s see what they are:

Repeated Rejections

Yes, this will happen. Every sales job comes with complimentary rejections, which an agent has to accept. Selling merchant services is no different. You will likely face two types of merchants when it comes to rejections. The first ones are those who already have a credit card processing provider, and they are satisfied with it.

The second ones will be those who just don’t want this facility or those who don’t have time to talk to you. You can persuade these people to an extent, and some might convert. I know getting rejected is tough, but you will have to take it like a man and move one to another merchant, there are plenty of them out there.

Soaring Competition

Yes, there are thousands of merchant services agents out there just like you. But don’t let the high competitive environment bring you down. If you have the key ingredients of becoming a successful credit card processing agent then nothing will stop you from getting ahead of the competition.

Plus, you have to be a bit creative in selecting the location to target, maybe a new mall, or a complex? You will have to figure things out as you go and not leave any stones unturned in getting ahead of the competition.

Things You Can Do To Have a Strong Start as Merchant Services Agent:

Now that you know the good and bad sides of the merchant services industry, it is time we give you a few pointers on kick-starting your career.

  • Establish Goals: Being a sales agent means you need to manage yourself because there is no one at your back, making plans for you. You need to set targets like closing X amount of deals in Y number of days. And then work with all your strength and capabilities towards achieving the targets. Once you do, reward yourself with something you like.
  • Strong Networking: Being a new agent means no one really knows you. So you need to get yourself out there and have more exposure. Visit potential merchants, have a chat with them, help them out with anything related to credit card processing for free, and slowly and gradually build trust. Once they know you are knowledgeable and helpful, they will either get your service or refer their fellow merchants to you.
  • Understand What You Offer: Speaking of knowledge, you should first increase it to be able to help and educate merchants. Credit card processing is a vast sea, and you need to cover its every aspect. Learn about the services, equipment, and value you are offering so you can better communicate with the potential merchants and pitch them more effectively.
  • Follow Up: No matter how the dealing with a potential merchant went, always follow up. After contacting a merchant for the first time, don’t let them forget who you are or what you offer. This doesn’t mean you start visiting their home, but rather, say Hi every now and then. If, after some time, you feel your efforts are going somewhere, keep pursuing otherwise move on to a different merchant.
  • Offer Excellent Support: One of the main things that you will sell is support and not the service itself. When things are a bit technical, like credit card processing, people purchase the person selling them and not just the product/service. This means that they will buy trusting your word, and you will have to be there for them whenever you are required. This will not only retain your current merchants but also build your credibility in the industry.

Parting Words

Many jump into the credit card processing business hoping to build successful merchant services careers; however, only a handful of them manage to do so. Do you know why? Because the ones that fail expect a lot at the initial level. And the ones that win just keep their heads down until they can live with their heads high. There is a difference in IMPOSSIBLE and IMPOSSIBLE. You just need to be persistent, work hard, and have patience; you will make a successful career a possibility one day.

Posted by: Admin AT 01:49 pm   |  Permalink   |  Email

Payment processing agents play a crucial role in facilitating electronic transactions for businesses. As the world becomes increasingly digital, more and more businesses are turning to payment processing agents to help them securely process credit and debit card payments. Becoming a payment processing agent can be a lucrative and rewarding career, but it requires a strong understanding of the industry, excellent communication skills, and a dedication to helping businesses streamline their payment processes.

In this article, we will discuss the steps to becoming a payment processing agent, as well as how to effectively sell merchant services to businesses.

What is a Payment Processing Agent?

A payment processing agent is a professional who helps businesses securely process electronic transactions, such as credit and debit card payments. Payment processing agents work with businesses to set up merchant accounts, which allow them to accept credit and debit card payments from customers. These agents also provide businesses with the necessary equipment and software to process payments, as well as ongoing support and technical assistance.

Becoming a Payment Processing Agent

Becoming a payment processing agent requires a combination of education, training, and experience. Here are the steps you can take to become a successful payment processing agent:

1. Research the industry: Before pursuing a career as a payment processing agent, it’s important to understand the ins and outs of the industry. Research the types of services that payment processing agents offer, as well as the key players in the industry. This will help you determine if a career as a payment processing agent is the right fit for you.

2. Obtain relevant certifications: Many payment processing agents obtain certifications from organizations such as the Electronic Transactions Association (ETA) or the Payment Card Industry Data Security Standard (PCI DSS). These certifications demonstrate to businesses that you have the knowledge and skills necessary to securely process electronic transactions.

3. Gain experience in sales: Payment processing agents are often responsible for selling merchant services to businesses. To succeed in this role, it’s important to have strong sales skills. Consider gaining experience in sales by working in a related field, such as retail or marketing.

4. Build relationships with industry professionals: Networking is key to success as a payment processing agent. Attend industry events, join professional organizations, and connect with other payment processing agents to build relationships and learn from experienced professionals.

5. Partner with payment processing companies: Many payment processing agents partner with payment processing companies to offer their services to businesses. Research different payment processing companies and find one that aligns with your values and goals. Partnering with a reputable payment processing company can help you access the resources and support you need to succeed as a payment processing agent.

Selling Merchant Services to Businesses

Once you have become a payment processing agent, it’s time to start selling merchant services to businesses. Here are some tips for effectively selling merchant services to businesses:

1. Understand the needs of the business: Before reaching out to a business, take the time to understand their specific needs and challenges. Consider how your payment processing services can help the business streamline their payment processes, reduce costs, and improve customer satisfaction.

2. Communicate the benefits of your services: When selling merchant services to businesses, it’s important to clearly communicate the benefits of your services. Explain how your payment processing solutions can help the business increase revenue, reduce fraud, and improve efficiency.

3. Offer competitive pricing: Businesses are always looking for ways to reduce costs and improve their bottom line. When selling merchant services, be sure to offer competitive pricing that provides value to the business while also allowing you to make a profit.

4. Provide excellent customer service: Building strong relationships with your clients is key to success as a payment processing agent. Provide excellent customer service by being responsive to clients’ needs, addressing any issues promptly, and going above and beyond to exceed their expectations.

5. Stay up-to-date on industry trends: The payment processing industry is constantly evolving, with new technologies and regulations shaping the way businesses process payments. Stay up-to-date on industry trends by attending conferences, reading industry publications, and participating in continuing education opportunities.

Conclusion

Becoming a payment processing agent and selling merchant services to businesses can be a rewarding career that offers the opportunity to help businesses streamline their payment processes and improve their bottom line. By following the steps outlined in this article, you can become a successful payment processing agent and effectively sell merchant services to businesses. With a strong understanding of the industry, excellent communication skills, and a dedication to helping businesses succeed, you can build a successful career as a payment processing agent.

In today's digital age, businesses are increasingly turning to electronic payment solutions to streamline their operations and provide a seamless experience for their customers. As a merchant services Independent Sales Organization (ISO), you play a crucial role in helping businesses navigate the world of electronic payments and find the right solutions for their needs. One way to expand your merchant services ISO and attract new clients is by offering white-label payment solutions. In this article, we will explore what white-label payment solutions are, how they can benefit your ISO, and how you can successfully incorporate them into your service offerings.

What are White-Label Payment Solutions?

White-label payment solutions are customizable payment processing platforms that allow businesses to accept electronic payments under their own brand. These solutions are typically offered by payment processing companies to ISOs, who can then rebrand and resell them to their clients. White-label payment solutions are a cost-effective way for ISOs to offer a comprehensive suite of payment processing services without the need to develop and maintain their own payment processing platform.

Benefits of White-Label Payment Solutions for ISOs

There are several benefits to incorporating white-label payment solutions into your merchant services ISO:

1. Branding and customization: White-label payment solutions allow you to rebrand the platform with your ISO's logo and colors, giving your clients a seamless and branded payment experience. You can also customize the platform to meet the specific needs of your clients, providing a tailored solution that sets your ISO apart from the competition.

2. Revenue and growth opportunities: By offering white-label payment solutions, you can attract new clients and expand your ISO's client base. White-label solutions are often more cost-effective than developing your own payment processing platform, allowing you to increase your revenue without the high costs associated with building and maintaining your own platform.

3. Scalability and flexibility: White-label payment solutions are scalable and flexible, allowing you to easily add new clients and adapt to changing market conditions. This scalability is especially important for ISOs looking to grow their business and meet the needs of a diverse client base.

4. Access to advanced features and technology: White-label payment solutions often come with advanced features and technology that can help your clients streamline their payment processes and improve their overall operations. By offering these advanced solutions, you can position your ISO as a leader in the industry and attract clients looking for innovative payment processing solutions.

How to Incorporate White-Label Payment Solutions into Your Merchant Services ISO

Incorporating white-label payment solutions into your merchant services ISO requires careful planning and strategic implementation. Here are some steps you can take to successfully offer white-label payment solutions to your clients:

1. Evaluate your clients' needs: Before selecting a white-label payment solution to offer your clients, take the time to evaluate their specific needs and requirements. Consider factors such as their industry, size, and current payment processing setup to determine which white-label solution would be the best fit for their business.

2. Research white-label payment providers: Once you have a clear understanding of your clients' needs, research white-label payment providers to find a solution that aligns with your ISO's goals and objectives. Look for providers that offer customizable platforms, competitive pricing, and excellent customer support to ensure a positive experience for your clients.

3. Train your sales team: To successfully sell white-label payment solutions to your clients, it's important to train your sales team on the features and benefits of the platform. Provide your team with the necessary tools and resources to effectively communicate the value of white-label solutions to your clients and address any questions or concerns they may have.

4. Develop a marketing strategy: Create a marketing strategy to promote your white-label payment solutions to your clients and attract new business. This may include targeted email campaigns, social media marketing, and networking events to raise awareness of your white-label offerings and showcase your ISO's expertise in payment processing.

5. Provide ongoing support: Once you have onboarded clients onto your white-label payment solution, it's important to provide ongoing support to ensure their success. Offer training and resources to help your clients maximize the features of the platform and address any technical issues or challenges they may encounter.

In conclusion, expanding your merchant services ISO with white-label payment solutions can help you attract new clients, increase revenue, and position your ISO as a leader in the industry. By carefully evaluating your clients' needs, selecting the right white-label provider, training your sales team, developing a marketing strategy, and providing ongoing support, you can successfully incorporate white-label payment solutions into your service offerings and grow your merchant services ISO.

 Popular Topics & Questions 
Credit Card Processing Sales Commission & Residual Income How Much Money Can You Make by Selling Merchant Services? How to be Successful in Merchant Services How to Sell Credit Card Processing: Key Requirements How to Sell Merchant Services From Home & Earn Money How to Sell Merchant Services Over the Phone Is it Hard to Sell Merchant Services? Is Selling Merchant Services a Good Career? Sell Credit Card Processing Services to Businesses Selling Credit Card Processing as a Side Hustle Selling Credit Card Machines: Tips for Success Selling Merchant Services: Success Guide Selling Payment Processing Services Selling Point of Sale Systems: Step by Step Guide Strategies for Selling Credit Card Processing Services Tips on Selling Merchant Services

How to Sell Payment Processing?

To sell payment processing services to small businesses, it is essential to first understand the unique needs and challenges faced by small business owners in managing their payment operations. Develop a targeted sales strategy that highlights the benefits of your payment processing services, such as lower transaction fees, secure payment processing, and seamless integration with other business systems. Utilize a combination of digital marketing tactics, networking events, and direct outreach to reach small business owners and showcase how your services can improve their bottom line. Offer personalized demos and consultations to demonstrate the value of your payment processing solutions and address any concerns or objections the business may have. Follow up with potential clients, provide exceptional customer service, and continue to adapt your offerings to meet the evolving needs of small businesses in today's competitive marketplace.

    ©2023 Shaw Merchant Group is a registered DBA of EPX, a registered ISO of BMO Harris Bank N.A., Chicago, IL, Fresno First Bank, Fresno, CA, and Citizens Bank N.A., Providence, RI.