Merchant Statement Analysis: Learn How to Read a Merchant Processing Statement
Learn About Starting a Merchant Processing Business
Wondering what it takes to be a legend merchant sales representative? We will tell you exactly the things you require! This guide is specially designed to help you take off your career and get so many sales that it might become hard for you to handle.
But all of this will require you to work hard, give your 101%, put in several hours a day, and have patience. If all of this seems feasible, then congrats, you are the perfect candidate for merchant services sales jobs. Now you just need to work on the five important tips we have mentioned below, so let’s start:
1. Work On Your Business Plan:
Being a merchant sales representative has many perks, and one of them is freedom. You are your own boss; you don’t have to answer to anyone. However, this freedom means that you need to work and think like a business owner, and that’s why you need to have a business plan. Yes, having a good credit card processor on your back is helpful as you will get credit card processing sales training, but you will have to embark on this journey on your own. So to ensure you have a solid plan for taking your business to the height of success, you need to answer the following questions:
- How will you approach the market? (Your method for getting clients)
- From where will you get your revenue? (Will you only be selling merchant accounts or the technologies like POS terminals as well?) • Will you leverage the internet to get leads?
- Will you use cold calling to promote your product(s)?
- Will you personally reach businesses and pitch?
- How will you pitch to get as many clients as you can?
These are a few major points you need to include in your business plan. We suggest that you just focus on a few approaches at the start and measure the results. Selling credit card processing service is something that needs a strategy, implementation, evaluation, and continuous fine-tuning.
Soon you will know which approach is working for you and where you lack, you can focus on the ones that are giving you results and get more education and training for the ones that need improvement.
2. Build Your Network of Referrals:
Finding a reliable credit card processor is an essential yet challenging step that merchants need to take. If they know that there is someone who can help them connect with a credible processor, they will come running towards him, and YOU CAN BE THAT SOMEONE! All you need to do is increase your social circle and hand out merchant services sales jobs to people in your network.
You can tell them to refer businesses that need credit card processing service to you, and in return, they will get a commission. The referrers will send businesses your way; you will educate them about the credit card processor and seal the deal. Yes, you will have to share some of your earnings, but you don’t have to share the bonus that you get. Plus, you wouldn’t have gotten those sales anyway, so something is better than nothing. Your business needs sales at the start, whatever your approach is.
Besides this, you also need to have a circle of merchants. Start approaching merchants and offer them your help for free. You don’t have to sell them the plan; you need to sell without selling! Just connect with different merchants, join their conventions or conferences, or whatever events they have. Network with them and if anyone approaches you for help, lend them a hand without asking for anything.
When your expertise and continuous support come into notice of merchants, they will definitely suggest you to anyone who needs credit card processing in their circle. This is called the word of mouth marketing, and it is extremely powerful, nearly 92% of people believe in suggestions coming from friends/family more than advertising.
3. Pick The Right Merchant Services ISO Program:
This is the most crucial part of your journey that can either make or break anyone’s career. Not all credit card processors offer equal opportunities, benefits, or services to both merchants and agents, which is why you have to be very careful when selecting one. Here are a few key points to consider:
- Their Offerings to Merchants: They should offer value to the merchants with things like free POS terminal, fair fees, and the latest, smooth and easy-to-use POS software. These are the things that attract merchants, which means you have more chances of closing the sale.
- Gauge Their Customer Support: Talk to the merchants and agents working with them, make sure they have a good customer and agent support. Nothing is worse than a processing company leaving its agents hanging when there is an issue that needs to be solved.
- See if They Work in High-Risk Industry: You might start small and play it safe by dealing with low-risk businesses, but as your business grows, you will be dealing with high-risk industries like cannabis as well. Make sure that the processor works in such industries, so you don’t have a limited group of merchants to work with.
- Discuss Your Contract: You need to work with a company that offers a good share of the fee to its agents along with different bonuses. Also, look out for too good to be true kind of deals because if they are offering something that doesn’t leave them any money, then something can be fishy.
- Should Not Be Exclusive: They should not require you to only work with them and not any other processor. This will limit your earning potential. You should be able to work with others along with them or switch to others if they are not working out for you.
- Should Not Have Quota Requirements: There should not be a requirement that you need to make X amount of sales each month to keep your residuals even if the past clients are still working with them. Find a company that allows you to keep the residuals regardless of the number of accounts you open.
- They Should Train You: The partner should offer the necessary training you need to know how to use all the equipment and software so that you can better educate the merchants. They should offer credit card processing sales training and also teach you to read all types of forms that you will be dealing with, so you know what you are doing. Working with a credit card processor offering all of these benefits will ensure a safe and successful career for you as a merchant sales representative.
4. Know What You Are Doing:
No matter which kind of field you are working in, your number one priority is to serve your customer the best way you can; this is the secret to success that everyone asks about. If your clients have any problem, you need to go running to them, fix the issue, and leave them happy. This is what will make you a successful merchant services sales rep.
So to be able to do this, you need to leverage all the pieces of training available, read every educational material you can find, and also utilize online resources like YouTube, Lynda, and Udemy to learn the things that are not covered in the company’s curriculum. You need to be on top of your game in both selling and customer support. Also, attend various workshops and conferences related to your field, connect with experienced agents who have been selling merchant services for years. Consume any knowledge bombs they drop like a sponge. Be a merchant services nerd if you have to but get an excellent grip over how things work. This will help you in ways you cannot imagine now because knowledge is power after all.
5. Always Be Truthful:
They say honesty is the best policy; I say AMEN TO THAT! Honesty is what will make people keep coming back to you. The world is already full of liars and cheaters; finding someone businesses can lean on is difficult. So if amid all of this dishonesty, you come with your truthfulness; merchants will come running to you.
However, you cannot advertise that you are authentic and credible; you need to prove it. So for that, you need a lot of patience and a lot more honesty. Tell your merchants everything right off the bat; who you are, what you are offering, how much will they be paying, the good and bad about the processor, and anything else that might come as a surprise later on.
When your clients see that they can actually trust you and that you went out of your way in helping them, they will not only prefer to work with you; they might ask their merchant friends to tag along – a win-win situation!
Over to You:
You see, becoming a pro in selling merchant accounts is not as hard as it might seem. You just need to have a plan, a network of referrals, a good processor, a wealth of knowledge, and honesty. These ingredients will soon make you one of the most successful agents in the industry.
So if you want to stop thinking and do something, then join a credible merchant processor now, work on yourself and reach the heights of success – the sky is the limit!
Join Our Independent Agent Program
If you are a merchant services agent dealing with customers and clients on a daily basis, then you know the importance of working with one of the top credit card processing agent programs in the industry. With the right tools, you can expand your income as an agent and grow your network. However, that all begins with partnering with the right credit card processing ISO or agent program. Without the right partner to work with, you won’t have the right tools and selling points to effectively market your services to potential clients. This guide to the best credit card processing agent programs will provide you with the guidance you need to make the right choice when it comes to credit card processing ISO programs to partner with.
Picking a ISO/MSP Program
If you are going to find the best credit card processing agent program for you, you’ll need to know what to look for in a program that could help you on your path to success. If you are looking for a merchant services agent program to partner with, these are some of the factors that you should evaluate to determine how suitable of a program it is for you.
Nobody wants to work with anyone that doesn’t pay on time--and that goes for credit card processing ISO agent programs too. You want to make sure that the partner that you choose has a reputation of paying on time and paying accurately. You should avoid any program that doesn’t have a good reputation when it comes to payments or if you feel that they are being intentionally ambiguous with how they pay out residuals.
A great indicator of whether a merchant services agent program is going to provide you with success is if they make an effort to give you tools for success. In the case of merchant services, these are marketing materials that your processing ISO partner program may provide. You should find out the extent to which they provide these materials and evaluate yourself whether they would be proficient for your needs.
If you are going to have success in merchant services and build a healthy relationship with your clients, then you will need to be sure that the merchant services agent or ISO program that you work with offers good customer support options to your merchants. When they have an issue or concern, you want to be sure that someone at your partner’s office will be there to take the call and keep them happy.
What are the Best Programs?
Here are some of the current best credit card processing agent programs for agents to partner with:
- North American Bancard
- Shift 4 Payments
- eMerchant Broker
These providers аrе lооkіng fоr іndіvіduаlѕ that аrе еntrерrеnеurіаl mіndеd аnd also understand the аdvаntаgеѕ оf business оwnеrѕhір bесаuѕе, this іѕ a іndереndеnt соntrасtоr position. As a merchant services ISO соntrасtоr, thе business іѕ dіrесtlу undеr уоur соntrоl. Thrоugh this process, thе buѕіnеѕѕ you grоw is yours tо mаіntаіn аnd continually earn frоm еvеn аftеr уоur retirement.
- At lеаѕt thrее уеаrѕ оf оutѕіdе ѕаlеѕ experience
- Access to a соmрutеr wіth good proficiency
- Superior соmmunісаtіоn аnd рrеѕеntаtіоn ѕkіllѕ
- Effective marketing ѕkіllѕ
- Gооd relationship building skills
- Suреrіоr work еthіс
Bеnеfіtѕ оf thе Prоgrаm:
- Cоmрrеhеnѕіvе merchant services sales trаіnіng program
- Uрfrоnt соmmіѕѕіоnѕ
- Ongоіng mоnthlу lifetime rеѕіduаl income with nо ceiling
- Unіԛuе marketing аррrоасh
- Sесurеd lоng term іnсоmе
- 1099 buѕіnеѕѕ model
Suссеѕѕful reps reach 50-75K the first year, 75-120K+ for second year іnсоmе аnd keep growing frоm thеrе!
Reasons to Choose North American Bancard as your ISO Partner
Become a sales partner with NAB today and take your business to the next level. If you are a sales-oriented individual with vast experience in the world of credit card processing or you are a driven and motivated professional looking for a new challenge, the NAB partner program might be a great fit for you. With one of the most competitive commission structures in the industry, our partner rogram will see to it that you are rewarded for your efforts.
As one of the top ISO agent programs, our program has a history of competitive commissions, favorable commission structure, superior products, and sales support for our partners. With so much commission at stake, you will truly feel like a partner in the NAB business plan.
For anyone with a sales background or a passion for the payments industry, NAB is the ideal ISO partner program. There are dozens of reasons to partner with North American Bancard, but don’t just take our word for it. Here are some of the top reasons that we were given when we asked our partner participants why they chose us and why they continue to work with our highly lucrative program.
Sales Partner Portal
With our industry leading partner portal, you'll have access to online enrollment, training sessions, marketing materials, and you'll always be ahead of the game with the latest news and promotions.
Stay up-to-date on merchant issues and their resolutions via automated emails and text messages that include a detailed ticket number describing what the merchant’s concern was and how it was resolved.
Registered DBA Program
With our program, you'll be able to market under your own brand, without paying costly fees! Your brand will be seen on the partner portal, marketing communications, merchant statements, and more.
Free Equipment for Your Merchants
Selling businesses on a new processing plan is much easier when you are able to effortlessly jump over the hurdle of the cost of the equipment. With this program, you can offer your clients free POS terminal equipment that they will need for their processing provider change. This lowers the barrier to switching and creates a higher conversion rate for you.
Lifetime Passive Income
You will recieve 50-70% of residual income based on the pay structure you select. You will share income on every available revenue stream. With NAB, You Get a True Interchange Revenue Split. Unlike other merchant partner programs, there is no basis points off the top for BIN sponsorship or for what they call hidden losses. Our sales partners earn more residual income with our 50/50 partner program than you would with our competition who claim to offer a higher percentage because thier interchange cost (buy rate) is higher.
Large Signing Bonus
We offer a performance-based fast start bonus that is payable for anyone that onboards more than the standard threshold of clients in the first 4 months. This program is designed to reward those experienced sales members that join our team and quickly learn how to sell this product. The bonus can reach up to $20,000, making it one of the most lucrative and competitive in the industry.
Profitability Based Bonuses
We will look at how much profit is generated on the account after they have been processing for one month and you earn 14 times of the total profit. Example: If we retain $100 in residuals in that month, the bonus would be 14 x $100 or $1,400. You would have already been paid $600, so we would pay you an additional $800 on that account. This bonus is capped at a max of $5,000 per merchant per location. With our Cash Discount Program it is easier than ever to earn huge bonuses with a 14x profitability bonus. This dual pricing model enables you to maximize your bonus at $5,000 on almost every merchant processing over $45k..
When you are selling merchant services, one of the best assets of any ISO partner program is more rewards and incentive programs that save your client money. The cash discount program is one of the hottest new commodities in credit card processing, as it is designed to save the client thousands of dollars in credit card processing cost, instead passing on the fee to the consumer in a way that isn’t damaging to their own conversion rate and revenue. We offer this program to our clients and make it easy to understand and present for our sales partners.
With some sales jobs, you don’t even have the option for medical coverage. With the NAB ISO agent program, you’ll have the resources that you need to provide healthcare coverage to you and your family at an affordable rate. We take care of our own, and when you are in our program you will have access to these benefits.
Quick Look at Our Sales Partner Portal Tools
As a merchant services agent, you know that one of the largest struggles is finding a way to organize your merchants, monitor their activity, and review your own performance. With a traditional merchant services company, this could fall to you to monitor. However, there is a better solution. The North American Bancard Sales Partner Portal is one of the most innovative partner portals in the industry and it has a robust set of features that allow you to do all of these things and more with ease. With this partner portal, you’ll be empowered to handle your merchant services business and gain full control over the metrics that drive your livelihood.