Saturday, September 16 2023
In this article, I am going to teach you ways to start a successful credit card processing company. I am also going to take you through the fine details of planning, setting up, and starting a credit card processing company.
You are going to learn about what it takes to become a successful credit card processing agent, how to conduct market and niche research, how to create a great business plan, how to get funding for your venture, and also tips to run a successful credit card processing company.
It is important to note that when you become a merchant service provider you will be helping corporate and businesses to process payment for their customers.
Your credit card processing services will involve offering the platform and equipment to facilitate the sending, approval, and processing of payments and transactions between customer’s bank accounts and your clients' bank accounts.
What It Takes To Become a Credit Card Processing Agent:
The credit card processing industry is very dynamic, and the success of becoming a merchant services agent is both easy and hard.
There are a few things that you need to know; some of these include having a clear understanding of how selling credit card processing works. You will also need to have deep knowledge of how credit cards work and what they do.
Another overly important thing that you will need to understand is your market and, most importantly, your niche market. This way, you will be able to connect with your customers on a personal level. In addition, you will also be able to create a solid relationship with banks for financial transactions and payment processing.
Market Feasibility and Niche Research
It is critical to note that any successful venture always starts with thorough research. When you want to become a credit card processing agent, you will need to do thorough market research.
Understand the type of services or products you will be offering and where your clients are and their needs.
Make sure that you look at the services offered by your competitors, their rates, and also how satisfied their customers are with the services they get.
The few steps you can take to become a merchant services reseller are to first create a survey on several businesses in your area, determine the most common services they use, and evaluate the satisfaction level of customers with their current payment providers.
Another important step that you need to take is to gather client information, such as phone numbers or email addresses. These details will help you when you start sending out pitches.
Crafting a Comprehensive Business Plan
For you to become a credit card processing agent and be successful in it, you will need to come up with a detailed business plan.
It is okay if you are not a seasoned writer, but you can hire one to do the work for you. Better still, there are several business plan templates available online that you can use.
There are several details that need to be included in your business plan; some of these details include:
Ideally, the business plan for a credit card processing company can serve as proof to investors and stakeholders that you are serious about with your venture as the document shows all the strategies.
A great business plan can help you win funding from various investors and banks.
How to Finance Your Credit Card Processing Business
Most business requires a startup capital; the same case applies to credit card processing companies.
To become a credit card processing agent, you need to consider where you are going to get funding to start your venture. You will also need to cater for all the operational costs until you start realizing some profits.
According to research, on average, a minimum of $51,000 is needed to start a payment processing company.
There are options that you can use to get financing for your credit card processing company, some of these options include;
Launching Your Merchant Services Reseller Company
Once all the above are set up, you can go ahead and launch your credit card processing company. There are other finer details that you will need to consider before you do this. These include finding the appropriate location for your business, understanding the requirements which you must have beforehand, and understanding the manpower needed to run the business.
To become a payment service provider, you should fully implement your business plan. The best way is to strictly follow the plan without cutting corners.
Tip: Due to the competitive nature of the credit card processing business, it is critical to ensure that your business stands out.
Put more efforts to stand out among your competitions. The best way to do this is to have a business network. You can reach out to organizations and corporations to widen your reach and customer base.
Marketing Plan for Your Credit Card Processing Company
To further increase your reach to potential clients, you can create business cards, flyers, pamphlets, or business website.
Tips To Help You Run a Successful Credit Card Processing Business
In order to succeed in starting a processing processing company, understand that you will not only be providing requirements and services to help process payment for customers BUT also, you will be selling yourself. As a credit card processor, you will need to clearly show potential clients why they need your services. Show them the benefits they will get from your services. Never seize to reach out to potential customers. In addition, ensure that you do a follow up on those pitches. To simplify the process of becoming a credit card processing agent, North American Bancard provides all the tools you need for a successful credit card processing business.
ISO Agent Partnership
Become a payment service provider today and take your business to the next level. If you are a sales-oriented individual with vast experience in the world of payment processing or you are a driven and motivated professional looking for a new challenge, the North ISO agent program might be a great fit for you. With the highest paying commission structure in the industry, superior products, and sales support, our program will see to it that you are rewarded for your efforts.
For anyone with a sales background or a passion for the payments industry, North is the ideal partnership. There are dozens of reasons to become a sales partner with North, but don’t just take our word for it. Here are some of the top reasons that we were given when we asked our ISO agent participants why they chose us and why they continue to work with our highly lucrative program.
Sales Partner Portal
With our industry leading partner portal, you’ll have access to online enrollment, training sessions, marketing materials, and you’ll always be ahead of the game with the latest news and promotions.
Stay up-to-date on merchant issues and their resolutions via automated emails and text messages that include a detailed ticket number describing what the merchant’s concern was and how it was resolved.
Registered DBA (White Label)
With our program, you’ll be able to market under your own brand, without paying costly fees! Your brand will be seen on the partner portal, marketing communications, merchant statements, and more.
Free Equipment for Your Merchants
Selling businesses on a new processing plan is much easier when you are able to effortlessly jump over the hurdle of the cost of the equipment. With this program, you can offer your clients free equipment that they will need for their processing provider change. This lowers the barrier to switching and creates a higher conversion rate for you.
Lifetime Passive Income
You will recieve 50–70% of residual income based on the pay structure you select. You will share income on every available revenue stream. With North, you get a True Interchange Revenue Split. Unlike other ISO agent programs, there is no basis points off the top for BIN sponsorship or for what they call hidden losses. Our sales partners earn more residual income with our 50/50 partner program than you would with our competition who claim to offer a higher percentage because thier interchange cost (buy rate) is higher.
$20K Performance Bonus
We offer a performance-based fast start bonus that is payable for anyone that onboards more than the standard threshold of clients in the first 4 months. This program is designed to reward those experienced sales members that join our team and quickly learn how to sell this product. The bonus can reach up to $20,000, making it one of the most lucrative and competitive in the industry.
Profitability Based Bonuses
We will look at how much profit is generated on the account after they have been processing for one month and you earn 14 times of the total profit. Example: If we retain $100 in residuals in that month, the bonus would be 14 x $100 or $1,400. You would have already been paid $600, so we would pay you an additional $800 on that account. This bonus is capped at a max of $10,000 per merchant per location. With our dual pricing program it is easier than ever to earn huge bonuses with a 14x profitability bonus. This dual pricing model enables you to maximize your bonus at $10,000 on almost every merchant processing over $90k.
Dual Pricing Program
When you are selling merchant services, one of the best assets of any partner program is more rewards and incentive programs that save your client money. The Edge dual pricing program is one of the hottest new commodities in credit card processing, as it is designed to save the client thousands of dollars in credit card processing cost, instead passing on the fee to the consumer in a way that isn’t damaging to their own conversion rate and revenue. We offer this program to our clients and make it easy to understand and present for our sales partners.
With some sales jobs, you don’t even have the option for medical coverage. With the North ISO agent program, you’ll have the resources that you need to provide healthcare coverage to you and your family at an affordable rate. We take care of our own, and when you are in our program you will have access to these benefits.
Registered DBA Program
Grow Your Merchant Services ISO with White-Label Payment Solutions
As an independent sales organization (ISO), you can upgrade your business by providing merchant processing services under your own brand. You may dismiss the idea at first, probably thinking that you don’t have the infrastructure or expertise to set up your own payment processing company. However, with white label payment processing, all you really need is a good ISO partner.
How a White Label ISO Program Works
To offer payment processing services under your own brand, your ISO partner will provide you with an online application page that doesn’t identify their company. This “white label” solution is ready for your brand and includes your logo, colors, and contact information, so your merchants only identify the payment solutions with your company. It eliminates any confusion among your merchant customers about who their service provider and primary contact should be. Your brand is the only thing the merchant will see on your website, merchant portal, and marketing materials.
Your payments ISO partner becomes a silent partner, providing technology, payments functionality, and services. This puts you in more control, allowing you to deliver seamless, consistent customer experiences in all interactions – and enhance your brand’s reputation. With this white label payment solution, you won’t need to overcome negative perceptions a prospect may have about the company your working with. This is because you are creating a unique customer experience. Better still, you don't have to fall in line with another company's existing customer experience.
Once you start providing white label payment services, you will also find that you build stronger, longer lasting relationships with your merchants. They'll begin to view you as a payments expert and an expert in the other solutions you provide. You may even find you are able to grow your customer base, as merchants in every vertical or niche can benefit from accepting payments, enabling you to market to more types of businesses.
Remember: white label payment processing enables you to earn huge residual income.
Our White Label Program Will Save You Thousands in Fees
Put your brand on merchant statements and applications — build your brand with your sub-agents and merchants. Full white label payment solution with your logo and branding on applications, statements, online enrollment, merchant and partner portals.
We at North have an awesome white label solution. There is no huge package of documents for you to fill out, no approval process by Visa and Mastercard and the sponsor banks, and best of all no annual dues. Here are some details on the “White Label ISO” program:
What do we brand?
What we need: