Because of the potential to earn residual income, a merchant services agent program is a path to profitability – but only if you make sales. In order to be a successful credit card processing agent, you not only need to know your business, but you also need to know how to sell. An Independent Sales Organization, or ISO, can provide opportunities to a good salesperson to earn unlimited profits in the merchant services world. Follow these steps to be a top merchant services independent sales agent:
Choose Your Merchant Services Partner Wisely
Due to a lack of federal regulation, the merchant services industry is notorious for deceiving sales agents and vice versa. Ask to see your potential merchant services partner’s “buy rate” or “Schedule A,” which indicates their split with you. Inquire of their internal support staff and the levels of agent.
Know Your Business
Credit card price structures are complicated. Understanding the cost-savings of a merchant deal is invaluable to your customers. After all, that’s their priority outside of the actual processing of payments. Keep up with the ever-shifting trends of your industry, from eCommerce to security to mobile payments. Become a payments expert.
Know THEIR Business
Before walking into a business, research the basics. Of course, learn the business’ name, as well as the name of the person you will meet with, and the needs of businesses in their industry. Research the industry if you’re not already familiar with it. And prepare questions for the merchant, revealing your well-researched knowledge.
Focus on Good Prospects
If a merchant is willing to speak with you during your visit to their business, they are a good prospect. Don’t spend time or energy trying to talk to someone who doesn’t want to talk to you. You may not find a willing merchant until you’ve visited 10, 20, or more unwilling businesses. Keep going until a prospect is willing to speak with you. And when a merchant does finally speak with you, let them do the talking. Only talk half as much as your prospect does.
Whether you’re following up with a prospect or with an existing client, keep a schedule for following up with all of your merchants even if they haven’t signed up with you yet. Send a couple of emails to your prospects after meeting with them, asking follow up questions. For existing clients, stop by for a visit – or call or send an email.
Processing Statement In Hand
After you find your good prospect, request a processing statement. No matter how long it takes the merchant to deliver the processing statement to you, stay persistent – even if it takes months.
Educate Your Merchants
Review your merchants’ statements with them. Explain the fee codes. Make yourself available to answer their questions – even if they ask the same questions over and over again. They will grow to trust you, and they will put their faith in you. If you help them save money, they will refer business to you.
Referrals Build Your Business
Beyond referrals from your existing customers, find referral partners in bookkeepers, accountants, PTA parents, and anyone you know who has a relative with a business. Let them know you pay referral partners a percentage of your monthly residuals from the referred merchant.
Host Merchant Services
Partnering with global processing platforms such as TSYS and First Data, Host Merchant Services features a merchant services agent program with numerous boarding partners. Boasting terrific customer service, HMS offers cash discount programs and multiple high-risk bank partnerships, providing merchant services agents benefits and features they can pitch to their clients.
To learn more about our independent sales agent program, click here. If you have any questions about our program, please feel free to reach out.