Wondering what it takes to be a legend merchant services sales rep? 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 services sales rep 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 merchant services 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 merchant services agent 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 services sales rep.
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!
You see, becoming a pro in selling credit card machines 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!
With the increasing trend of digital transactions, the demand for merchant services sales representatives is on the rise. Merchant services sales representatives play a crucial role in helping businesses accept credit and debit card payments, ensuring smooth transactions for both customers and merchants. If you are interested in pursuing a career in this field or starting your own merchant services business, this comprehensive guide will provide you with all the information you need to know.
1. Understand the Industry: Before becoming a merchant services sales representative, it is important to have a good understanding of the industry. Familiarize yourself with different types of payment processing services, such as credit card processing, debit card processing, and mobile payments. Learn about the various players in the industry, including payment processors, merchant account providers, and merchant services sales organizations.
2. Gain Relevant Experience: While some merchant services representatives may enter the field with no prior experience, having sales experience can give you a competitive edge. Look for opportunities to work in sales roles, either in the payment processing industry or in a related field. This will help you develop the skills and knowledge needed to succeed as a merchant services sales representative.
3. Obtain Relevant Training and Certifications:There are various training programs and certifications available for individuals looking to become merchant services sales representatives. These programs cover topics such as payment processing technologies, industry regulations, and sales techniques. Consider enrolling in a training program to enhance your knowledge and skills in the field.
4. Network with Industry Professionals:Building a strong network in the merchant services industry can help you advance your career as a sales representative. Attend industry conferences, trade shows, and networking events to connect with other professionals in the field. Networking can also help you discover new opportunities and stay informed about industry trends.
5. Join a Merchant Services ISO Program: Many merchant sales representatives work with independent sales organizations (ISOs) that provide them with the tools and support needed to succeed in the field. Consider joining an ISO program to access resources such as training, marketing materials, and customer support. Working with an ISO can also help you build a solid client base and increase your earning potential.
6. Develop Sales Skills: As a merchant services sales representative, your success will depend on your ability to sell payment processing services to businesses. Develop your sales skills by learning effective sales techniques, understanding customer needs, and building relationships with clients. Practice active listening, ask probing questions, and tailor your sales pitch to each individual client's needs.
7. Stay Informed About Industry Trends: The merchant services industry is constantly evolving, with new technologies and regulations shaping the way businesses accept payments. Stay informed about industry trends by reading industry publications, attending webinars, and participating in training programs. Keeping up-to-date with industry developments will help you stay competitive in the field.
1. Branding Opportunities: White label merchant services allow you to brand payment processing services as your own, giving you the opportunity to establish your own brand identity in the market. This can help you stand out from competitors and attract more clients to your business.
2. Flexibility:White label merchant services offer flexibility in terms of pricing, features, and service offerings. You can customize your services to meet the specific needs of your clients, allowing you to create tailored solutions for different businesses.
3. Cost-Effective: White label merchant services are often more cost-effective than developing your own payment processing solutions from scratch. By partnering with a white label provider, you can access ready-made solutions at a fraction of the cost of developing your own technology.
4. Revenue Opportunities: White label merchant services provide numerous revenue opportunities for businesses. By offering payment processing services to clients, you can generate recurring revenue through transaction fees and monthly service charges. This can help you build a steady income stream for your business.
5. Support and Resources: White label merchant services providers offer support and resources to help you succeed in the market. This can include training programs, marketing materials, and customer support services. Partnering with a white label provider can give you access to the tools you need to grow your business.
In conclusion, becoming a merchant services sales reps and starting a merchant services business can be a rewarding career choice. By following the steps outlined in this guide and considering the benefits of white label merchant services, you can take the first steps towards success in the industry. With the right training, skills, and resources, you can build a successful career in merchant services sales and help businesses thrive in the digital economy.
Merchant services sales representatives play a vital role in the financial services industry by helping businesses navigate the complexities of credit card processing and electronic payment solutions. From small retailers to large corporations, businesses rely on merchant services sales representatives to provide them with the tools and expertise they need to accept electronic payments securely and efficiently. As a merchant services representative, you will have the opportunity to work with a wide range of clients, build lasting relationships, and earn a competitive salary through commission-based sales.
We will walk you through the steps to become a successful merchant sales representative, including job description, salary expectations, and commission structure. Whether you are just starting out in sales or looking to transition into the merchant services industry, this guide will provide you with the information and resources you need to succeed in this rewarding career.
Merchant services sales representatives are responsible for selling electronic payment processing solutions to businesses of all sizes. This includes credit card processing, point-of-sale systems, online payment gateways, and other electronic payment services. As a merchant services sales representative, your primary duties will include:
Prospecting new clients through cold calling, networking, and referrals
Meeting with potential clients to assess their payment processing needs and demonstrate the benefits of your services
Preparing and presenting sales proposals tailored to each client's business requirements
Negotiating pricing and contract terms with clients to close sales
Providing ongoing support and customer service to ensure client satisfaction and retention
Staying up-to-date on industry trends, regulations, and technology to provide clients with the latest payment processing solutions
Collaborating with internal teams, such as customer support and technical services, to address client needs and resolve issues
Tracking sales activities, pipeline, and revenue targets to meet or exceed sales goals
Maintaining relationships with existing clients to upsell additional services and generate recurring revenue
Merchant services sales representatives typically work in a fast-paced, target-driven environment that requires strong communication, negotiation, and problem-solving skills. To excel in this role, you must be self-motivated, results-oriented, and able to effectively manage your time and resources to achieve success.
As a merchant services sales representative, your income will largely depend on the commission structure offered by your employer or payment processing partner. Commission rates can vary widely, ranging from a flat rate per sale to a percentage of the total transaction volume processed by your clients. In addition to commission, you may also receive bonuses, incentives, and other perks based on your performance and sales results.
The credit card processing sales commission structure typically works as follows:
Flat Rate Commission: Some companies offer a fixed commission rate for each new client or sale. This can be a one-time payment or a recurring monthly fee based on the client's processing volume.
Tiered Commission: In a tiered commission structure, you earn different commission rates based on the total revenue generated from your sales. For example, you may earn a higher commission rate for exceeding a specific sales target or processing volume threshold.
Residual Commission: Residual commission is a percentage of the ongoing transaction fees generated by your clients. This can provide you with a steady stream of passive income as long as your clients continue to process payments through your services.
Bonus Commission: Some companies offer bonus commissions for achieving specific sales goals, such as signing a certain number of new clients within a set timeframe or reaching a target revenue amount.
Incentive Commission: Incentive commissions are rewards or perks given to top-performing sales representatives, such as trips, prizes, or additional compensation for exceptional performance.
It is essential to understand the commission structure and terms of your compensation package before accepting a job as a merchant services sales representative. Be sure to clarify how commissions are calculated, when they are paid, and any quotas or targets you must meet to earn commission. By setting clear goals and expectations upfront, you can maximize your earning potential and achieve financial success in this competitive industry.
In addition to commissions, merchant services sales representatives may also receive a base salary or draw to provide a steady income while building their client portfolio. The base salary can vary depending on factors such as experience, industry knowledge, geographic location, and company size. According to Glassdoor, the average base salary for a merchant services sales representative in the United States is around $50,000 per year, with the potential to earn an additional $20,000 or more in commissions.
In terms of total compensation, the average salary for a merchant services sales representative can range from $60,000 to $100,000 per year, with top performers earning even more through commissions, bonuses, and incentives. Keep in mind that salary and commission rates can vary depending on the company, sales territory, and industry niche. Larger companies or payment processors may offer higher base salaries and commission rates, while smaller firms or independent sales organizations may offer more flexibility and earning potential.
To maximize your earning potential as a merchant services sales representative, focus on building strong relationships with clients, providing excellent service, and staying informed about industry trends and technology. By consistently meeting or exceeding your sales targets, you can increase your commission earnings, earn bonuses, and advance your career in the merchant services industry.
Becoming a successful merchant services sales representative requires dedication, perseverance, and a willingness to go the extra mile to help your clients succeed. By following the steps outlined in this guide, you can develop the skills, knowledge, and experience needed to excel in this competitive industry. From prospecting new clients to closing sales, providing ongoing support, and maximizing your commission earnings, merchant services sales representatives play a crucial role in helping businesses thrive in today's digital economy.
If you are considering a career in merchant services sales, take the time to research different companies, commission structures, and growth opportunities to find the best fit for your skills and goals. By investing in your professional development, building a strong network of clients and industry contacts, and staying informed about the latest payment processing trends, you can build a successful career as a merchant services sales representative and achieve financial success in this dynamic and rewarding field.
North American Bancard is a registered ISO of BMO Harris Bank N.A., Chicago, IL, Fresno First Bank, Fresno, CA, and Citizens Bank N.A., Providence, RI.
