Monday, May 11 2020
In any business, it is extremely important to find a specific niche to work in, especially if you're starting out, and this isn't any less true when you're in merchant services. You are practically guaranteed to be swamped with competitors if you try to be too general in your approach. So the first thing you should do when deciding the direction of your business is to figure out what will make you different from the rest.
When I went to a conference for Merchant Services ISOs and sales agents recently, I couldn't help but make the observation that most of the companies did not see themselves as broadly-focused. Instead, the majority of the merchant services ISOs and sales agents set their focus towards a single niche of merchants that they concentrated on.
What do I mean by “niche”? Well, in this context, it basically means choosing a micro-market where your skills and talents would be best suited, and where you will meet fewer competitors. Instead of trying to please everyone (and likely failing), you will just please a handful of customers very well.
Now, what kind of niches can a merchant services sales agent exploit? There are actually many of them. For example, I met one individual at the conference who was looking to focus on POS systems. He wants to concentrate on getting the right kind of terminal to his clients, and of course also selling them the merchant account. Another businessman created a rewards program for his current clients for finding him new merchants, and this helped grow his enterprise. Yet another company was putting its energy into creating the actual POS software, so that its user base would get used to the interface and not want to switch to another.
Every one of these methods may be different, but they are all performed within their own niche, which makes them powerful. In any field that is very competitive, this is the best strategy to use.
What can you do to leverage your specific talents?
How can you find your own niche as a merchant services provider? Here are some ways that you can differentiate yourself:
If you're having trouble figuring out what niche would work well, then consider a few things:
These can all give you clues that will lead you in the right direction. Finding a niche that you can fit into will make your ROI better and even your work life more enjoyable.
Have you decided on a niche yet? Let us know.
Article by Shaw Merchant Group
Thursday, May 07 2020
Knowing how to navigate the partner portal is extremely important if you are going to be a successful agent. The partner portal has all of the resources, information, and other tools that you will need and reference on a daily basis. One of the most important places inside the portal is the prohibited and restricted list. Naturally, you probably have a lot of questions about this list. It is one of the most common questions that we get with regards to the partner portal and the information contained within. In this short overview, we are going to answer some of the questions that you undoubtedly have about the prohibited and restricted list that is located inside the partner portal for maximum convenience.
The first step is navigating to the list itself. To do this, the first thing you need to do is go to the Tools section of the partner portal. At the bottom right there is a list of documents that is entitled Sales Partner Resources. In this list, you will find important resources related to your relationship as a sales partner. One of those documents is the restricted & prohibited list, which you can click to easily access.
If you are not able to locate the list for some reason, then you can also use the search function at the top of the page to search for the restricted and prohibited list and find it in a matter of seconds.
As you can image, the restricted and prohibited list is a list that dictates what merchants are restricted and what activities are prohibited. This list is a great resource for you as a partner so that you don’t waste time on a merchant that you won’t be able to end up providing services to. You should consult this list any time you have a question about whether you are going to be able to provide services to any given merchant.
In this document, you will find a well-organized chart that tells you exactly which businesses are prohibited from using your suite of processing solutions. In addition, the sheet breaks it down by which banks prohibit which businesses, because different banks have different requirements for merchants. This quick reference sheet will save you time and frustration by allowing you to quickly reference it anytime you need to confirm whether you can provide services to a merchant.
There is also a remarks section in the document that will give you clarity on the requirements and industries that are allowed or prohibited. For merchants that require a certain additional documentation or submission, you will find those requirements on this sheet.
Not only does this sheet help save you time and prevent you from having to consult a complicated resources center to find the answers that you are looking for, but it also helps you to build trust and credibility with the merchants that you are working with. Being knowledgeable on which merchants you are able to provide processing for will make the sales process more smooth and successful.
Wednesday, May 06 2020
In the past, there has been a charge to use USAePay transactions with EPX. However, due to a new merchant services partnership with USAePay, EPX is now able to process transactions at a rate of $0 per item! This amazing new development not only means more affordability for merchants, but also opens doors that were previously closed for partners and agents looking to expand their horizons. Per item transaction fees are a nuisance and a profit-killer. Through the hard work of these two organizations, that problem is now solved, helping merchants and merchant services agents everywhere achieve more.
Of all parties involved, this new development perhaps benefits the merchants the most. While merchants have not always had fees passed down to them, they still feel the effects of having to increase processing fees and tack on per item fees to transactions. With less affordable payment solutions and higher processing bills, merchants are having a harder time succeeding. That is, until now. This partnership provides a flurry of benefits to the merchant that allows them to go with the payment processor that best meets their needs, not just one that doesn’t carry per item fees for USAePay transactions.
In addition to helping the merchant be more successful and find a better solution that meets their needs, this partnership also opens up countless doors to the agent. Merchant Services Agents have long been somewhat restricted by who they can partner with based on their status with USAePay. Merchants with this shopping cart solution often avoided solutions like what NAB has to offer because of the extra fees that are often involved. With this partnership, that struggle is a thing of the past.
With USAePay transactions now $0 per item, the world of merchants opens up to agents all over the globe. No longer do unnecessary fees stand in the way of gaining partnership with a merchant that needs your services. With processing more affordable than ever, merchants can get the outstanding value that our payment processing software, solutions, and other infrastructure has to offer. You can start exploring which merchants you were previously unable to serve because of fees and now show them the benefits of using EPX with USAePay.
Along with being able to serve a wider range of merchants, merchant services agents will also be able to serve their existing merchants better. With more margin to work with on each transaction, merchants can explore which solutions they can invest in that they otherwise wouldn’t have been able to. This strengthens the bond between merchant and agent and helps agents build trust.
As you know, it is now $0 per item to process a fee with USAePay on EPX. However, there is a small, monthly charge of $6 to use the service. Any merchant doing even small volume should look at this as an incredible deal and an opportunity to work with a payment processing provider that is more suitable and attentive to their needs.
Tuesday, May 05 2020
NAB has always been notorious for providing partners with one of the most comprehensive and complete sets of tools to help them succeed in the industry. At NAB, we truly care about our partners and want them to succeed because when they succeed, we succeed. To do this, we have established a marketing materials module in our merchant services partner portal to provide our partners with all the literature and layouts that they might need to sign on a new account and explain the benefits of our many solutions to their merchants. With these marketing materials, you’ll be able to close more accounts and have more of an understanding between you and your merchants.
In order to utilize the functionality that we have given our partners, you need to know where to find these resources. To access marketing materials in the partners portal, go to the Tools tab in your partner portal. Under the Tools tab, you will see a section labeled Marketing Materials. This is where you can find the marketing materials that we offer to our partners.
Within the marketing materials section, you will find a wide selection of customizable sell sheets that you can use to increase your conversion and better communicate with your merchants. These sheets are not just there for convenience, they are powerful and proven templates that you can use to increase your sales and make your merchants more likely to continue using your services.
With these sheets, you can more easily explain the benefits of each service that you offer. Having a way to easily and quickly deliver this information to your clients and merchants is essential to the sales process. NAB is one of the best in the business at providing these tools because we are not afraid to invest in the success of our merchants.
Using the templates that you can find in the marketing materials section is very easy and can be done in a matter of seconds. First, you will need to find the marketing materials template that you wish to use. There are 11 sales sheets to choose from right now, but the selection is ever-expanding and sure to include more in the coming weeks.
To use any one of these templates, simply click on the template and enter your personal information when prompted. The template builder will add this information to the sales sheet at the bottom footer of the sales sheet. This makes the sales sheets fully customizable and easy for you to distribute with your name and information on it. If you want to create your personal brand while also giving your merchants an easy way to find your contact information for the solution they’re reading about, then these customizable marketing materials are the perfect solution for you.
Use these sales tools to their full potential and you could have increased success as a merchant services sales agent.
Tuesday, May 05 2020
As you know, merchants need a comprehensive system for accepting payments. This not only includes a credit card processing POS, but also the software that powers these systems. Accepting payments is one of the most crucial aspects of running a business of any size, and you should never be held back by the processing solution that you select. If you truly want the best for your investment, then a processing package from NAB Velocity is the right choice for you or your merchant.
Velocity is a processing package offered by North American Bancard Agent Program that is a comprehensive and flexible suite of solutions for merchants in almost every industry. With NAB’s semi-integrated solution that is comprehensive enough to give a fast start and flexible enough to provide customization, merchants will have everything they need to process payments reliably, quickly, and with optimal performance.
For most merchants, Velocity is the only software solution that they will need to accept payments in the best way possible.
Velocity is one of the most comprehensive payment processing solutions in the industry. There are a variety of ways that you can use velocity to your full advantage. Here are some of the best ways that Velocity can be used to extract maximum advantage for any merchant.
One of the best ways to get the most value out of Velocity is to integrate it with one of our valued partners. For those that have multiple business assets in different industries, this method of using Velocity will fit the best. It allows you to create a scalable and replicable payments processing infrastructure that you can use within several different assets.
Another possible way that merchants can use Velocity to its full potential is through the integration with the Velocity Virtual Terminal. With the virtual terminal, merchants will gain access to a comprehensive integration that maximizes processing potential and streamlines business operations. The virtual terminal is the ideal solution for mid-sized merchants that need a robust processing software and infrastructure to help their checkout process run more smoothly.
For those that have their own developer and POS application that they prefer to bring to our solution, the third way that you can leverage the power of Velocity is to integrate your existing POS application with the Velocity merchant processing system. While many businesses don’t have these resources at their disposal, those that do find that the power of Velocity combined with the customization and freedom of their own POS system combine to form a very desirable solution that makes it easy to get the most out of their processing system.
Velocity is clearly one of the most powerful processing infrastructures on the market today and very enticing to merchants of all sizes and in all industries. The customization and flexibility that Velocity affords make it a desirable solution for any business that wants to get the most value out of their payment processing software.
Saturday, May 02 2020
One of the most lucrative fields that you can get into as a salesperson is selling to other businesses. Unlike most end consumers, business owners keenly understand the value of investing wisely in long-term solutions, and not merely throwing away their money on something cheap. If you want to truly contribute value to other business owners, while making a decent paycheck every month yourself, one of the best ways to do that is to offer quality merchant services. You will be invaluable to your clients, and if you serve them well, they will continue to look to you for ways to make their business more efficient.
Why start selling on your own, though? Isn't that a lot more work? What are the benefits if you're already working in a commission-based kind of job? Well, here are a few of the major ones:
More Control - Even if you're working in a field where you get a relative amount of independence, like in sales, you still don't have complete control, and your whole work life revolves around satisfying someone else's numbers. You may have your own personal selling style, but the overall strategy that the company follows—the direction in which “the ship” is being steered—is not determined by you, but by someone else. This may not be such a bad thing for some people, but it also means that your livelihood is ultimately in someone else's hands. What if the owners of the company that you work for make a dumb decision that spells the end of the business? You will have to suffer the consequences anyway, even though it wasn't your fault.
More Cash - Of course, if you own your own merchant services business, you have the potential to make a lot more money than someone who doesn't. If you're an independent contractor, at the end of the day, the people above you are raking in the most money. Sure, as a salesperson, you might make a hefty percentage of that, but the fact of the matter is that your potential for financial growth is stunted. If you have a business that you control yourself, it is basically up to you how much money you want to make, and you keep more of the fruits of your hard work.
The Potential for Scale - The thing about a normal job, even a sales job, where you're working for someone else, is that you rarely have the possibility to scale things up. In other words, you can't “replicate” yourself by hiring someone else to do some of your tasks, and this can greatly reduce your long-term income potential. When you start a merchant services business, you can choose to run it in many different ways, but one way is to outsource the work slowly until your business can practically run on its own. For true residual, passive income, this is the kind of situation that you will want to be in. This is what makes it possible for you to work because you want to, and to make money even in your sleep. You just can't do this when you work for someone else.
Now, you may be thinking: How do I start a merchant service business? Maybe you've been a salesperson for awhile—maybe you've even been selling POS equipment and other important retail tools—but you're not sure how to make that leap into selling for yourself.
Well, unless you've invented and designed your own solutions, you're going to have to start by forming a partnership with a merchant services agent program that you believe in. They're going to have to make a product that you can really get behind because, if you're building a business for yourself, most of your money is ultimately going to come from the back-end, from repeat customers. This is why it is so important to take a step back and think about quality above anything else. By all means, find a program that is lucrative, but don't ever sell a product that you wouldn't feel enthusiastic about using yourself. In the end, this is what is really going to create repeat business.
What traits do you look for in a merchant services agent program, then? Don't be taken in by any fancy bells and whistles. Basically, these are the things you are going to want to see:
A History of Reliability - Again, there's no sense in selling shoddy services or products. Look up reviews of the company and decide if they are any good. Research their products and make sure that they are user-friendly. Find a way to use them if you can. The easiest products to sell are the ones that are actually good because they basically sell themselves time and time again.
Generous Revenue - Share Since this is going to be the core of your business, you are going to want to find a merchant services partner program that gives you a good cut of the sales. If you're doing all the work of finding and maintaining leads, then you need a fair percentage of what that customer is paying.
Residual Income - Part of what makes selling POS services so lucrative is that there is often a monthly fee involved or else the merchant services agent program takes a percentage of the user's sales. As a partner, make sure that you have access to a significant portion of that long-term income as well. This is what is going to pay you month after month, even long after you have made the initial sale. This is where most of your money is, really.
Lots of Options and Flexibility - The company you work with should have lots of different options when it comes to revenue sharing, that way you will be able to build a strategy out of the one that best suits your business.
So, what specific company can you go with that will fulfill all of these needs? There are a few, but one of the best and most reliable is North American Bancard. They provide real value to their clients, so you should have no trouble working with them and building a stream of residual income from their products. Ultimately, though, just focus on solving your customers' problems and finding a company that can help you do that, and you should be able to start building your own merchant services business.
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