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Monday, May 18 2020
Selling Merchant Services: The Do's and Don't's

If you are in sales, you may have heard about what a lucrative and enjoyable industry selling merchant services can be. Merchant services are always going to be in demand because businesses will always need to accept payments. While the payment methods may change, the need for a professional and reliable company to facilitate those payments will never waver. In addition, merchant services packages are often lucrative deals that definitely can pay out in a big way.

 

However, just like any other industry, there are things that you should do and things that you shouldn’t do when it comes to merchant services. If you want to have success with merchant services or you are considering selling merchant services, then you should consult with this list of do’s and don’t’s to get a better feel for the merchant services industry and whether you would be a good fit as a merchant services salesman.

 

What are merchant services?

Before you dive into the possibility of selling merchant services, it’s a good idea that you know what merchant services are and why they are so integral to our economy on multiple levels. Merchant services are the services that are critical to merchants both large and small to allow them to process payments of all kinds. This can also include short-term lending, software solutions, and anything else that can help merchants be more efficient and functional.

 

As a merchant services salesman, you would be responsible for selling these services to your merchants.

What does a merchant services agent do?

An agent is a person that is responsible for working with businesses to find them the right fit when it comes to their POS software or payment processing solutions. An agent operates another organization such as an ISP or larger program that provides a commission for sales that a merchant services agent makes.

 

Commissions vary, but this is an industry with a lot of opportunities for bonuses and higher income. Given those circumstances, merchant services is one of the industries with the highest potential income when it comes to sales. If you’re looking to increase your earnings potential and work in a reputable industry, then merchant services could very well be the industry that you are looking for.

 

Top tips for selling merchant services

Whether you are new to merchant services or a seasoned professional, we could all use some help with selling merchant services from time to time. If you want to get the most out of your merchant services career, then follow these simple tips to get you started and increase your conversion rate when working with merchants.

Be cautious when offering lower rates

When you are selling merchant services, one of the tactics that you might want to use on a regular basis is offering lower rates to help close the deal with your merchant. While this might be effective a high percentage of the time, you’re going to want to be very careful when using this tactic. The reason is because in merchant services, there is not a lot of margin to play with. Costs are already pretty low for the services being rendered, and as an agent you are really only seeing a small portion of what is earned from that merchant. When you offer drastically reduced prices, it makes it harder to make the account that you opened up very profitable at all.

 

Opening up a merchant account is not as simple as signing a piece of paper. There is customer service, account management, equipment installation and maintenance, and other things that must be done to maintain the account. As such, even a small dip in rates could harm the bottom line quite drastically. You obviously have some wiggle room when negotiating rates with larger companies that you want to close the deal with, but for smaller businesses it’s often folly to lower rates by that much. If you open up many of these deals with smaller companies, all you might end up with is a portfolio of high-maintenance, low (or negative) margin merchant accounts.

Always follow up

In the merchant services industry, following up is one of the most important thing that you can do if you want to close more sales and be more successful as a merchant services agent. Business owners are often wary of switching payment systems, but if you provide merchants with a friendly face that they can turn to when they have questions or need help, they can open up to you and be more willing to take the leap of faith to your services.

 

The best way to build credibility and prove that you are trustworthy to a merchant is to reach out to them to see if they have any questions or concerns about your solutions. A simple question like this could lead to a flourishing partnership and more sales.

 

Carry the necessary equipment

When you are out in the field meeting with merchants, you must be sure that you have enough equipment. While being a merchant services agent doesn’t sound like a profession that would require a lot of tools or equipment, it is actually very important when you are in the field to carry basics such as tape measures, wrenches, screwdrivers, etc. This is because a full assessment of the current solution that your merchant is using will often require some tools so that you can access the hardware and layout of the solution. With this knowledge in hand, you can advise them on a solution that you offer that might be more suited to your needs.

Use your phone

If you want to be successful in sales, then one of the most important skills that you can learn is cold-calling. While not always the most fun activity to do, cold-calling is a very important part of the success process when selling merchant services. Cold-calling gives you an opportunity to speak to the clients that you’ll be selling services to. If you are comfortable cold-calling, then you will greatly increase your chances of establishing meaningful connections with your clients and building trust right off the bat.

 

Posted by: Scott Shaw AT 08:43 pm   |  Permalink   |  Email
Saturday, May 16 2020
Selling Merchant Accounts From Home: Earning a Stable Income by Helping Businesses

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 business of your own--selling merchant accounts from home.

 

What does being a merchant account salesperson mean?

If you’re going to sell merchants accounts, 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 account salesperson, 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 salesperson 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 salesperson, 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 salesperson

There are many benefits to becoming a merchant account salesperson, 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 an account salesperson, 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 account salesperson 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 account salesperson 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 services salesperson 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 salesperson, 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 salesperson 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.

 

Posted by: Scott Shaw AT 06:40 am   |  Permalink   |  Email

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    © Shaw Merchant Group, LLC. Our goal is to gather accurate, updated information and assist you in your research. We recommended that you check with your service provider or financial institution directly and get independent financial advice before making any commitments or business decisions. 

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