When you are looking to enter into the merchant services industry, one of the potential options you may choose is to sell credit card processing.
However, this can be challenging because as more and more people move to online payment platforms, credit card processing becomes a very oversaturated market.
But there are many ways you can be successful at selling credit card processing. Making sure you offer total solutions and showing that you have a good knowledge base in the area is always the first step.
Other things are by offering affordable fees and options as well as being available to your customers at all times.
You can be very successful if you’re patient and dedicated to honing your skills and selling credit card processing services. So we thought we’d give you some tips and ideas on how to do just that.
How Does it Work?
If you’re looking to dive into the merchant service industry, looking particularly at credit card processing, the first thing you have to do is become an independent sales organization.
This means that you are declaring yourself a third-party payment processing company that can handle all the transactions from merchant accounts. In order to do this, there are a couple of things you have to do first:
- Decide whether you’re gonna be a franchise or independent
- Register your business
- Purchase software and equipment
- Hire a team
Who Does This Type of Business?
When it comes to selling credit card processing services, it is, Simply put, a customer service-based job. That means that those that are outgoing and self-motivating are probably the best people for this type of job.
Conversely, those looking to find an easy job to make money should look elsewhere. This job requires lots of long hours and people skills because not only will you be cold calling, but you’ll be interacting with customers.
Therefore, you need to be reliable and have some experience in some form of customer service in order to assuage any of your potential clients.
Is This Legal?
The first thing you always have to think of is doing everything by the book. That means asking yourself if selling credit card processing services is legal.
The truth is that as long as you follow the guidelines and the structure in which you become an individual, you can see Credit card processing services off.
This means checking with your local, state, and federal compliances and laws in regard to selling this type of service. Meeting all the requirements to assure that you will have no future issues with the law.
However, if you then the answer is quite simply no. The only way it’s legal is if you follow the process and guidelines set forth for this industry.
How Much Money Can You Make of It?
Before diving into any new business venture, one of the first things you may think about is how much money you can make.
After all, you’re not starting a business and putting yourself through all the trials and tribulations of that process to come out the other end poorer than you were when you went in.
The thing to understand is there are three different revenue streams that come from offering this type of service-upfront bonuses, conversion bonuses, and equipment bonuses.
Then, on top of that, typically, as a processor, you take a certain percentage of the sales in a Commission form.
Though the numbers were very high, you’re probably going to see between $15 to $25 an hour. The total amount you will accrue during the year depends on how driven you are and how many clients you can sign for your new company.
Tricks that Will Make You a Better Sales Agent
In order to build a successful credit card processing service company, you need to be a good sales agent. So I thought I’d give you a few tips that might help you improve your sales skills:
- You need to understand your business from an analytical aspect. Having the knowledge and understanding of how your numbers are compared to other merchant processors can help you become a better salesperson.
- Previous transparent and honest as possible. The last thing anybody wants to do is put their business and their customer’s experience in a person’s hands that is night completely clear with everything.
- Make sure when you go into any sales meeting or call that you are well-researched and have a plan on how to approach the transaction.
- Be organized and offer a versatile number of channels to go through. The more options you give a client, the means to feel as sure as you have your stuff together.
Final Thoughts on How To Sell Credit Card Processing
As more and more merchants move to digital platforms and are looking for reliable credit card processing services, stepping into this arena seems like a great idea.
That being said, you have to be patient and have a skill in customer service for your credit card processing service company to succeed.