Are you interested in selling things to businesses? You could focus on selling things that these companies cannot live without, like merchant accounts for their transactions. You could become a merchant account dealer who serves businesses looking for accounts that help these companies accept credit and debit card payments.
Businesses will need merchant accounts if they want to accept card payments. You can take advantage of this point by selling merchant accounts as an Independent Sales Organization or ISO agent.
You’ll be your own boss as an ISO, but you must put in a substantial effort when earning money as an ISO. You can use a few tips to help you earn more income by selling merchant accounts.
- Network with possible merchants.
Every merchant who wants to accept card payments will need help, but they aren’t going to trust just any provider. You’ll need to network with merchants who need help.
You can check with local businesses in your area to see what merchant services they demand. Look for new entities or smaller groups to see what might work for your sales needs. You can establish regular communications with these clients to see what they may require.
- Recognize what you offer.
The products or services you offer will vary surrounding the merchant account provider you work for as an ISO agent. An account provider can offer many solutions, including accounts that support unique POS systems. Some providers may also have unique services for high-risk businesses that might have been rejected for services in some other places.
Recognizing what you offer and providing full details on what’s open will help you succeed and become more effective. You will be more likely to get referrals from your clients, as they will let others know that you recognize what you have to offer and how everything works.
- Listen to your customers’ needs.
Do not ignore the customer service aspect of selling your merchant accounts. An ISO should be open to anyone’s needs as needed. Answer whatever questions your clients have, and be prompt in your responses to ensure people are feeling confident with whatever is working. This point also helps you bring in referrals from satisfied customers, giving you extra income from all those people.
- Look at discount options.
You’ll have an easier time bringing in income if you provide discounts to your clients. But don’t offer rate discounts, as those will keep you from getting as much income as you wish.
A better idea for discounts is to waive some one-time fees. You could reduce the annual fee or setup fee for a service, for example. Look at the values of these fees and what might work when figuring out what discounts are suitable. These offers should be interesting to your clients without risking anyone losing interest in your work.
- Explain contract data.
Many merchant accounts require contracts that might last for a few months or years. People might be worried about those contracts, especially since some people might need to switch providers if necessary.
Talk with your customers about how the contracts you provide work. Explain the terms surrounding the work and what options are available if someone needs to get out of that contract. You could consider eliminating or reducing a termination fee if you can financially do so. You could also talk about contract limits and if there are ways people can adjust their plans for work midway through their contracts. Anything that helps ease people about these contracts will be essential to highlight.
- Follow up with your customers.
Be sure you follow up with whoever you contact. Regular communication is necessary for showing people you care about their needs.
You can reach people by phone, by email, or through social media. You can highlight your offerings in your work and illustrate how they can be to someone’s unique benefit.
Be sure when following up that you aren’t too active. Don’t pester your customers with regular messages, as they might not appreciate you if you’re constantly bothering them with random messages.
- Learn about what’s new.
The merchant account industry is always expanding and shifting. You might come across new trends in the field, including changes surrounding contracts, technology, and other features. Be aware of whatever changes are coming about in your industry and how they are shifting the field. You can use whatever you learn about merchant accounts to help people see what works for them and how they can benefit from whatever you provide.
You can also improve your sales skills when you keep learning about what’s happening in the field. Look at what others are doing, and see what trends are coming about surrounding how people sell things. You could learn about new discount options, trends in how people communicate with clients, and many other factors. Anything that helps you recognize what’s working in a field and how you could benefit from the industry will be worth exploring.
- Partner with a sensible merchant account provider.
The last tip to use is to review the merchant account providers you can work with as an ISO agent. You’ll be more likely to make money if you work with a provider that offers products and services you understand and appreciate. You’ll like your work a little more if you know how it works and you feel confident with what you are providing to people. Your enjoyment will help you stay active, giving you a better chance of bringing in more people who may be more interested in your work.
Be aware of how you’re promoting your merchant accounts to businesses as an ISO agent. Look at how well you’re planning your sales efforts if you want to make more money in your work. You’ll find it easy for you to find new merchants who want to do business with you when you plan your efforts right.