Selling merchant services full time can be one of the best decisions a person can make for their career. It can be rewarding financially, offer lucrative professional growth, and provide a sense of personal accomplishment by being in an innovative and high-growth sector.
Below we’ll highlight some reasons why a full-time merchant services career can be an excellent fit for individuals.
Flexibility and Independence
More and more people want the independence and flexibility to set their own time and deliver results outside of a traditional 9-5 schedule. Some people thrive in fast-paced, fluid, unstructured routines.
Doing merchant services full time allows salespeople to dictate the terms on which they operate. They decide which merchants to pitch, which industries to cater to, how hard they want to work, how much risk they want to take on. They’re free to choose which merchant acquirers to partner with for different processing channels.
The payment processing industry is rooted in innovation since Frank McNamara left his wallet home and came up with the Diners Club card in 1950. Since then, merchant services have sought to facilitate trade by removing friction and resolving customer pain points. Today, the industry is experiencing tremendous growth from consumers’ interest in mobile and eCommerce transactions from the comfort of their smartphones and more than a year of COVID that has accelerated the shift towards contactless payment systems worldwide. Finally, with the advent of digital wallets and cryptocurrencies spawning even more commerce, including cross-border trade, the payment processing industry is at the center of all these dynamics to affect change and profit.
Individuals who are ready to invest their time in learning this growth driver’s details and partner with merchants to offer these solutions can be significantly rewarded.
The ultimate entrepreneurial role
Selling merchant services full time will require a lot of effort, focus, the ability and willingness to develop and use communication skills, among others. However, it is the ultimate entrepreneurial role. The results you garner are directly proportionate to the effort you expend for this business.
Also, unlike starting other businesses, such as a franchise or a food and hospitality business, the up-front costs of starting your own merchant services business are minimal. Resellers of payment processing can expect initial outlays for relationship management/marketing software, travel, and some office supplies to get started.
You choose who you work with
The success of a merchant services reseller is highly dependent on who you partner with within the industry. As a result, you must be prudent in deciding which merchant service provider to partner with. Merchants demand an omnichannel payment processing solution. A business reliant on building trust and loyalty cannot prosper if the merchant acquirer they partner with locks merchants into proprietary point of sale (POS) equipment lease contracts with long-term non-cancelable obligations.
Consider whether the ISO can offer easy eCommerce integrations with shopping carts, virtual terminals, and payment gateways for multiple payment solutions and card types. All in all, choosing the right partner can let salespeople focus on building long-term relationships.
Regardless of how ubiquitous eCommerce businesses have become, it is common for such merchants to be classified as high-risk. So, it can be essential to choose an ISO partner whose values align with yours and focus on facilitating merchants of all risk profiles rather than an opportunity for exorbitant fees.
High growth industry
Ecommerce grew a whopping 44% in 2020, totaling more than $862 billion. For mobile eCommerce in the U.S., aka mCommerce, or retail eCommerce conducted over a smartphone, sales are forecast to cross $432 billion. That is up from $148 billion just in 2018, a compounded annual growth rate of nearly 31%.
All these expanding businesses will look to partner with a merchant acquirer to process payments as there are so many areas in which they will be looking for help. Beyond payment processing and online payment capabilities, merchants may need advice on fraud security, PCI compliance. Salespeople can also advise which POS equipment is best for their needs, help them implement gift card and loyalty programs, integrate with other workflow tools, or do something as simple as building a website.
That is the growth potential of the current market. Let’s not forget prospecting the existing pool of merchants dissatisfied with current industry incumbents who have equated size with quality.
The expanding prospect pool is the supply-side economics of the payment processing industry, where current and future merchants are the addressable markets. But let’s not forget that more and more people prefer not having to use cash. Those in the retail industry that has not incorporated eCommerce into their business strategy have suffered. Consumers growingly prefer online shopping over in-store shopping. 67% of Generation Z and 56% of General X prefer online shopping over going into a store. Similarly, among this age group, ages 25-44 years, only about 18-19% prefer to use cash and instead opt for other payment methods, such as credit cards, debit cards, etc.
All these trends point towards a very lucrative industry that will need to process payments for an ever-growing number of merchants and more and more consumers looking to avoid using cash. There is significant demand for merchant services, and that demand is only going to grow.
In closing, the merchant services industry is primed for growth, with all the stars aligning for success for anyone looking to start a career. The demographic trends, the industry’s growth potential, and the independence of managing yourself and your fate are just too rewarding to overlook. Suppose you are looking to build meaningful relationships and transferable skills in an industry with a history of innovation and have a flair for entrepreneurship. In that case, you should consider a career in merchant services full-time.