Have you ever gone out shopping in your community? Have you ever shopped online at the webstore of one of your favorite local businesses? If the answer is yes, then you’ve been on the other end of a credit card processing solution. You took your credit card or debit card, entered the checkout process, and completed your payment easily and quickly. Every business needs a reliable payments solution--it’s how they accept payments for the goods and services that they render. However, it sounds much simpler than it is. Finding a payments solution that meets the needs of their business can be challenging. You can help your local businesses solve this problem by starting a credit card processing business of your own--selling merchant accounts from home.

What does being a merchant account salesperson mean?

If you’re going to sell merchants services, you first want to know what exactly that means and what it is going to involve. Merchant accounts are services rendered to merchants that are essential to the business to operate such as payment processing and facilitation. As a merchant services representative, you will be the person in charge of identifying businesses that aren’t quite getting as much as they would like to out of their existing processing solution or new businesses that are looking for a reliable partner to start with. You would be speaking with these businesses, presenting them with options, and signing them to merchant services contracts.

While the literal definition is one thing, what you will be doing as a merchant services representative is expanded far beyond that. Yes, you would be selling merchant accounts to businesses, but the process of making that happen includes much more. As a merchant services sales professional, you will meet with businesses to have a long-form conversation whether in person or on the phone to determine what they need out of a payment processing provider and how you can meet those needs.

As a merchant services representative, you will be critical support staff to businesses all over that need reliable merchant services such as processing and POS systems. In many ways, you would be essential to one of the most important sectors in our economy--small businesses. If you are passionate about helping small businesses and coming up with creative solutions to solve the problems of business owners, then this could be a great career path for you.

Benefits of being a merchant account sales professional

There are many benefits to becoming a merchant services representative, and there are definitely reasons for why it is considered one of the most desirable positions to do from home. If you want to become a merchant sales representative, then you can expect to enjoy these benefits as a result.

Earn from home

Perhaps the greatest thing about being in merchant services sales is that  you can earn an income from home. Many people dream about earning a living from home, but very few are able to achieve it. There are scams out there that promise this flexibility, but our program is a very legitimate opportunity to earn a full-time living from home or earn some side money as a representative. When you are able to work from home and earn an income, many opportunities for life improvement open up. All in all, working from home as a merchant services representative makes for a very desirable living.

Have flexibility in your schedule

If you value flexibility in your schedule and having more free time to enjoy with friends and family, then being a merchant services representative might be the right option for you. Because you will be earning an income on a commission basis, there is no supervisor to tell you when to work or for how long. This means that while you should be providing basic support and communication to your merchants, you can take a vacation as needed or switch around your hours as you see fit. It’s the ideal situation for anyone that wants to have maximum flexibility in their life and achieve the ideal work-home balance.

High earnings potential

The main reason that so many people find merchant services sales to be such a desirable industry is because the earnings potential is high. The amount of money that you earn in merchant services sales is entirely dependent on how you perform as a salesperson, so the sky's the limit when it comes to your earnings. In addition to regular commissions that you earn from sales, there are also frequent opportunities for performance-based bonuses that you can use to increase your income.

Help your local businesses

One of the main benefits of working as a merchant sales representative is that with the solutions that we have to offer, you’ll be able to help your local businesses. For anyone that is passionate about small and local businesses, this is a great career choice. When you work as a merchant services representative, you’ll be able to work closely with businesses in your area and around the country to find solutions to the problems that they face on an everyday basis. With the help and services that you are able to provide to your clients, you’ll help them function with more efficiency, increased profit, and better customer service. Enhancing your local economy and businesses is truly a passion worth exploring.

No sales experience required

While being a salesperson might be new and intimidating to you, you should know that becoming a merchant services sales rep requires no prior experience and can be done by anyone that has a passion for helping businesses find the solutions that they need. With our training modules and comprehensive suite of solutions, you’ll have everything you need to learn about this industry and thrive while on the job.

Are most merchant account salespeople successful?

If you are thinking of making the leap into merchant services sales, you might be wondering if most people enjoy success. While not everyone enjoys success in sales or is cut out for sales, those that work hard and are determined to help local businesses find the ideal payment solution for them have a higher chance of success than those that are just in it for the income. If you want to have success in merchant sales, you should be ready to make a strong effort and be persistent.

If you are in merchant sales, you have probably already figured out that the main key in succeeding in merchant services sales is having a positive relationship with the merchants that you are selling to. This doesn’t differ that much from any other sales position. Having good, positive relationships with your merchants will almost always translate into success. However, merchant services sales are a bit unique in that most merchants already have a provider and are difficult to reach. In this industry, you need to find a way to stand out from the waves of competition that you’ll be facing.

One of the best ways to do this is by asking the right questions. Merchants want to know that you are actively trying to learn about their business and solve their problems, not just make your sale and move on. If you can show that you are interested in the challenges that they are facing and meet those challenges with a solution that you are able to provide, then you have a much greater chance of success in selling merchant services.

It’s important to remember that it’s more than just asking questions, though. To have success in selling payment processing services, you need to be able to follow up your questions with actionable solutions that will solve the problems that your merchant faces today. With these things in mind, let’s dive into what you should be asking when you meet with a merchant.

Ask Yes/No Questions

If you prefer to get to the point and address the problems head on, then one of the best strategies is to ask questions that have a yes or no answer. This provides you with direct negative or positive feedback right off the bat and allows you to address the problems in the most direct way possible. During this line of questioning, you want to get direct answers instead of getting off-track. Keep your merchant focused on the facts of what is in place now and you’ll have an easier time showing them how you can help. This is also a great time to get in your questions that you already know the answers to such as “wouldn’t it be nice if you could get more margin on your sales by switching merchant providers?”. This can lead them to a positive decision easier than you might think.

Identify The Challenges

Another step that you should take is ask questions that help you to identify the challenges that the business is facing. You should ask them about any current issues with their processing solutions to get an idea of how you can help improve the situation. If you truly want to connect with your merchants, then you need to empathize with their situation and provide them with an alternative solution. A failure to do this will lead to decreased success, as you won’t be connecting with your merchant as much. Always ask questions that lead to you useful knowledge and conclusions about what your merchant is going through and how you can help.

Learn About Their Current Solution

If you hope to draw your merchant away from their current solution, the best thing that you can do is gather intelligence on that solution. This means finding out the rates, weaknesses, and strengths of the competitor and doing an analysis on whether you can beat their current solution or not. However, this strategy cannot be used if you don’t find out the benefits and downfalls of their current provider. When you are asking questions to your merchant, be sure to ask these questions and learn more about who they currently work with.

Are you facing major competition in the market because most of the merchants are working with Square? Well, Square does have a big share of the market, but that doesn't mean that they will take over every industry, and you will not be left with anything.

This guide will help you find out how you can become better at selling credit card processing against Square and convince the merchant to make a switch to your merchant services ISO program. To know all of this, make sure to read this guide till the very end:

Difference Between Merchant Accounts And Square:

Stability of Account:

There is a major difference between both service providers when it comes to the stability of the merchant account. With Square, the merchant can get slapped with payment hold anytime Square thinks the transaction is a risk or that it is very large in volume. This can cause delays in receiving the payment, causing problems for the merchant.

However, with the merchant accounts, this is not really an issue. Since the merchant services ISO program accepts a merchant's application after a rigorous vetting process, they trust them more. There is a very minimal chance of them holding any transaction.

Furthermore, you need to understand that if a business is considered as high risk as if it deals in niches such as CBD or entertainment, then Square will not work with you. They have less risk tolerance, but with big ISO agent programs like North American Bancard, high-risk industries are accepted as well.

There are Significant Price Differences:

No matter whether you are running a big business or a small one, every single penny matters. With Square, the merchants will be paying a flat 2.6% fee per transaction and along with a $0.10 fee. The cost will further increase in offline or manual transactions. There are no hidden charges or contract fees, and merchants only pay for every transaction.

However, with merchant accounts, the pricing structures are different. Although they vary from company to company, it is usually a low-cost model. Furthermore, with some of the best cash discounting programs like EDGE credit card processing by North American Bancard, merchants don't even have to pay that fee. It is offset to the customers, so they bear the cost of their transaction.

Customer Service and Support:

Companies like Square will never offer as fast, and thorough support as the merchant account reseller programs do. The reason is that they are one company handling thousands of merchants, they cannot have a massive team in place to handle queries the minute they are entered in their system. Customers need to get a code to be able to call the support of the Square, and even then, the live support won't be available 24/7.

So in case of any technical difficulty, getting the payment held or account suspended, merchants cannot quickly communicate with them. Merchant programs, on the other hand, offer excellent customer service and fast responses. Although not all of them will offer better customer support, the top ones usually do.

Software and Hardware Compatibility:

For basic features, Square works great. Their systems are very easy to set up and perfect for very basic and small businesses. However, the costs for their hardware are very high. The contactless, Chip Reader, will cost only $49, but this is without the cost of receipt printer, which is an additional $299. Furthermore, their register plus POS system can cost around $800 while the simple Square terminal sells for $299.

If we talk about selling credit card processing equipment for merchant account providers, then besides having robust and more advanced technology, their EMV compliant POS terminals with built-in printer for a receipt can be sold for as low as $229. Some of the big merchant account providers also offer free POS while you cannot expect that from Square. So businesses that are operating on a very small level and can shell out a few extra bucks at the start, the Square is the best choice. However, those that need advanced features can opt for a merchant services account..

Training for Merchants:

Training is the key part when it comes to learning how to use the POS equipment, the mobile payments systems, and how the whole merchant account thing works in general. However, if a business is working with Square, they are less likely to receive the kind of training that helps them understand the game better. Square has no reps working in the field that can train the merchants.

However, there are thousands of merchant services agents roaming around the streets, engaging with merchants, and helping them learn the ropes of the service they offer. This helps with credibility as well because you put a face to the merchant ISO program you are promoting, so the merchant is likely to convert.

How to Sell Merchant Accounts Against Square?

Now that you understand the main, key differences between both models, it will be easier for you to pitch the unique selling points and benefits of the merchant services ISO program and change a merchant's mind. Here are some things you should do:

Discuss the Fees and Pricing:

The first thing you should do to break the ice is to ask for the fee the merchant is paying for the account. You can ask, 'so are you paying a 2.6% fee, and you like it because there are no hidden charges, right?' He will likely say 'yes' to that.

You can then take out your phone, go to the pricing page of Square and show them that there are different types of costs, like for non-swipe cost is 3.5% + $0.15, and the cost for the online purchase is 2.9% + $0.3.

This will definitely throw them into doubt, and they will be ready to listen to you further. You can now do two things here, either offer lower pricing or offer a zero-fee solution. With low pricing, you will do exactly as it sounds, you will offer a lower fee like 2.4%, but this might not really motivate them to make the switch unless you offer a really low price.

You can also go for the zero-fee, or as we call it, cash discounting route. Here you can suggest the merchant that you will offer them a solution that will eliminate their fees altogether. Now, this is something that will get the merchant's attention, and he will be ready to listen further. So here, you will start telling him about the cash discounting program. The cost for each transaction will be shifted to the customer who is making the transaction.

This way, the merchant doesn't have to pay any fee at all, and since the customer is using the facility of credit card, they would not have much problem paying the fee. If the merchant pays the fee for every customer, then he will be paying a lot on a monthly basis. So it is better to shift the fee on to the customers and let them handle the cost for the convenience they are getting.

Offer Buy Back to Close the Deal:

Now once you offer the cash discounting program to the merchant, he will likely take your offer. But because he paid a lot of money in the equipment from the Square program, he will be hesitant to make the switch. This is where you can offer him a buy back offer, which is just buying the square equipment from him, and then you can sell it on eBay.

You might not just recover your cost, but you might also make a good profit on the equipment. Once you solve this problem as well, there will be no way for the merchant to refuse your offer, and he will likely make the switch and convert.

Tip: Reach Out to High-Risk Industry Businesses:

A small but very useful tip that will help you a lot is to reach out to the high-risk industry businesses. These are the kind of merchants that are likely not going to be accepted by Square, or they may have been rejected by them.

So there is always a greater chance that you can convert them. You can pitch your offer and tell them that not only will they be accepted by your merchant services agents program, but they will also be getting more benefits than they would have with Square. So this is something that can help you further scale your business as well.

Over to You:

Selling credit card processing service against the Square program is not really that hard if you know what you are really doing and if you know the difference between both. By knowing where the square program lacks, you can make a better offer to the merchant. You can tell him the benefits that he will be getting with the ISO partner program. This will likely and any kind of merchant and increase your chances of making the sale.