Guide to Selling Merchant Accounts for ISOs
Pick
Your Targets
If you are going to have success in selling merchant accounts as an ISO, then you are going to have to learn to pick your
targets when it comes to merchants to target. When targeting merchants to sell
to, there are certain things that you should gravitate towards and there are
others that you should avoid. For instance, you should try to avoid any
business that isn’t in your same state, conducts sales online, or is considered
unsuitable for the solutions that you have to offer. Not wasting energy on
merchants such as these will free up your time for productive ventures and
merchants that you can better serve.
Always
Network
If you are in sales of any kind, networking is
one of the best things that you can do to increase your chances at good sales.
In merchant services, it is especially important to network since your clients
are all business owners and in the business world, reputation spreads fast. You
can do a lot of good for your ISO business by simply making sure that you
network properly and meet as many new merchants as you can.
Evaluate
Profit Potential
Before you pursue a merchant, one of the
things that you should do is evaluate the profit potential that their account
will represent. This will often tell you if it is going to be worth the time to
open them up an account or pursue them as a sales opportunity. Without the
right amount of profit, your attention, time, and resources would be better
spent elsewhere.
Be
Careful With Discounts
If you’re trying to make a sale and you’re
very eager, you might be very tempted to provide any discount that you can come
up with to your merchants in an effort to close the sale. However, it is
important that you realize not only the value of the solution that you are
offering, but also the value of your time. Make sure that you don’t go too
crazy with the discounts, or you will end up with a contract that isn’t going
to end up being profitable for you.
