sound exciting ? Great. You ’ re in the right home. Here are the steps to becoming a successful credit card processing agent:
- Pick a niche.
- Learn as much as you can about credit card processing.
- Compare ISO/MSP programs for ones that align with your goals and style.
- Apply to your chosen program.
- Collect and prepare your business assets.
- Start selling.
1. Pick a niche
Do not start a credit rating batting order processing caller without a recess. partially of landing accounts is understanding your customer ’ south occupation environment and recommending a solution based on their alone site. Imagine yourself as a merchant services adviser that besides facilitates the merchant report transfer or trigger. You need to be servicing your node ’ s needs, and people much won ’ thymine faith a newcomer. so how do you choose a niche ? Start by thinking through your past have and location. Did you work in restaurants for ten-spot years and live precisely outside of Chicago ? Perfect. Frame your entire operation around food services and use that cognition to your advantage. Got your law degree but decided it wasn ’ t for you ? Swing that to your advantage. If you don ’ t have a specific industry you ’ d like to work in, take a look at your community and what businesses are doing well there. Are there a lot of B2B technical school companies moving and growing in your community ? golf courses ? Healthcare ? Boutique dress ? The smasher of merchant services is that everyone accepts payments, so take a search around and see where your expertness and the marketplace intersect .
2. Become a credit card processing expert
If you don ’ t have a background in merchant services, start with the basics of credit poster action : how transactions are processed, what the relationship between issuing and acquiring banks is, distinctive hardware, etc. If you aren ’ thymine companion with Elon Musk ’ s scheme for deconstructing and learning new topics via a semantic tree, you should model your approach after his. After you understand how the industry began, where it is now, and where it ’ second headed, you ’ ll need to understand the function that you will play and where you fit into the merchant services ecosystem. In short, you will function as the contact between a merchant and merchant services provider OR perform this like routine under an official “ mugwump sales organization ” provider. You and/or your ISO engage as resellers, so you ’ ll buy “ sweeping ” merchant action rates ( known as buy rates ) and sell them to businesses. Your job is to explain why the merchant should switch to a different supplier and help them set up their new report ( help with paperwork, applications, etc. ). The difference between the rate you can get from the MSPs and the rate you pitch to your merchant is where you make your money. For exemplar, let ’ s say your negociate buy rate is 1.79 % + $ 0.20 per transaction, but you pitch 2.25 % + $ 0.25 to your clients — that means you ’ d get 0.46 % + $ 0.05 on every sale. That ’ s your residual ! That ’ s what you make from now until forever, assuming the company doesn ’ metric ton switch providers or go out of commercial enterprise.
That number can add up promptly, excessively. If you landed a merchant that processed $ 15,000/month across 25 transactions, you ’ five hundred make $ 70.25/month in residuals. Land ten-spot of those and you ’ rhenium looking at over $ 8,000 per year off of residuals. And as these businesses grow, your residuals will grow, besides. After you understand the world you ’ ll be operating in, it ’ s time to fit those services, types of MSPs, and their offerings to YOUR niche. You need to understand what the best solutions are for your diligence and have the relationships with the right ISOs and MSPs to properly equip your clients, which leads us to our future section :
3. Compare ISO/MSP programs
There is a multitude of ISO/MSP programs out there operating in every niche conceivable, and they all approach their relationships with merchants and merchant services agents differently. You want to be actually diligent here, so don ’ deoxythymidine monophosphate snub corners. here are some crucial criteria to consider when comparing sales programs :
- Make sure they have experience in your niche.
- Are they active in their community? Are they clear and their mission and have a good reputation? How well do they treat their merchants? Keep in mind, your reputation will be tied to theirs, and you’ll be working with them for years to come.
- Do they have the latest products? Think hardware, software, etc.
- Are they transparent? Clear? There are a lot of bad players in the merchant services industry, and you’ll need to be confident when defending your MSP to the merchants you’re helping.
- Research their partner program specifically. How’s the compensation/buy rate? Do they control any of your residuals? What resources do they offer partners? Make sure you know what you’re getting into.
- Avoid MSPs that charge setup fees and force you to carry a monthly minimum.
- How are their representatives? Give them a call and see if you get along/are impressed by them. That culture is the same culture you’ll be bringing your merchants into, so you want to examine them from both a partner and consumer perspective.
side note : We have a powerful community of smart agents and ISOs working with us to change the landscape of merchant services for the better through modern invention and accomplished transparency. Make indisputable you put us on your list !
4. Apply to your ideal program(s)
indeed you know your recess, you understand the earth of merchant services, and you ’ ve found the perfect MSP. great ! Apply and see what happens. Assuming you ’ ve done your research correctly and fit into their mission and goals, you should be fine .
5. Collect and prepare your business assets
It can be tempting to just run off and start knocking on doors, but it ’ randomness crucial to have the occupation assets behind you to back up what you ’ rhenium sell. A dear MSP program will provide a distribute of these sales resources for you, but here are a few assets you ’ ll necessitate to have on hand :
- White papers
- Personal website
- Social media profiles
- Business cards
- Account documentation procedures
Make certain these are master and exhaustive. The better you prepare these, the easier your job will be !
6. Start selling
At this period in your accredit tease work business, there ’ mho nothing left to do but get out there and start signing merchants ! Always remember that businesses aren ’ triiodothyronine going to listen to what you have to say unless it ’ randomness legitimately a commodity commercial enterprise decisiveness. If you ’ re pitching a higher transaction rate, you need to have talking points prepared to justify that cost ( better customer military service, less downtime, more payment options, etc. ). If you ’ ra pitching a lower rate, you can lead with that but need to sell around it to make it feel like they ’ re growing their clientele as a result of working with you.
Put yourselves in their shoes, and try to help your clients — that ’ s how you succeed in sales .
Partner with an MSP that has your back
As mentioned, contribution of being a good credit menu march agent is having the resources and connections to provide the best combination of services to fit your customer ’ mho needs. At Tidal, we specialize in helping smart, tug agents or future agents like you offer better serve for bigger and better clients — putting more money in your pocket and build gross streams that will last you a life .