How Much Do Merchant Services Reps Make? (Selling Merchant Accounts)
Almost every other business in the world uses credit and debit cards as their primary tool for transactions, known as merchant services. Selling merchant services is an alluring and profitable business as it has the potential of gaining a large number of clients!
However, the answer to how much you can earn mainly relies on your hard work and passion for this work—keeping in mind that it requires hours of effort.
It also requires a strong knowledge of the credit card processing sales and its industry, along with the fact that you would have to keep at it even after being told 'No' many times.
Without any further ado, let’s get into details of the rewards you can bring home by a future in merchant services sales jobs, which is estimated at around $100k of earning annually!
How Much Can Be Made?
The merchant services agents start earning the moment they sign up a new client and close the deal at a profit of about $500 for themselves. Luckily, these first bonuses are paid right after the closing of the deal!
Selling credit card processing is a 100% commission industry. Still, residual income fuels its profits, which is maintained by consistent efforts.
Merchant account residual income is the monthly bonuses a merchant services agent receives, varying from $30-$50. Therefore, depending on the number of clients, a profit of $1250-$3600 per month is guaranteed!
To learn more about merchant account residual income, keep reading!
What Is Residual Income?
The details of how the merchant services ISO agent program works are quite simple.
As mentioned before, credit card processing residual income is the primary source of earning in this business as long as the client keeps using his credit cards to accept payments.
- Whenever your customer receives payments through the credit card you signed them up for, the merchant services business also receives a specific percentage of that payment.
- The good news is that the merchant services agent receives about 50-60% of the earned income! Each money transfer means more and more money for the agent! This is called residual income.
Don’t ever think that earning a few dollars from each client is not enough, because this simple math will prove you wrong. So, assuming that the merchant services agent can sign up to 15 new clients per month, $50 of residual income will add up to be $750 of earning per month.
After a period of thorough hard work and determination, the monthly income can rise to $9000, and that is equal to over $100,000 of annual revenue. With no limits to the number of clients, a $100k income can be further multiplied!
Common Pitfalls Of Selling Merchant Accounts
As you start with your new business, here are some common pitfalls that you should avoid to keep your income steady and growing.
- Not signing a contract: Always make sure to sign up and agree on a contract with your client. Not signing up a contract can lead to a cut in the earned income anytime the client stops using its account, leaving you further behind in achieving your goals.
- Upfront cash programs: Yes, upfront cash programs can be an excellent way of getting an instant return. But make sure that you seriously understand the conditions of upfront cash programs as they are advance payment of what income you have coming in the future.
- Price wars: One of the most common mistakes of the agents is to get into price wars with other companies. Don't let this affect your service because that is what bidding wars result in. Your customers will then always look for the lowest cost possible, so stay competitive and hold a steady price!
Merchant services sales are based upon innovation and hard work! In order to succeed in this industry, take notes of these tips and tricks so that you make over $100,000 per year!
- Understand your product Remember that you, as a credit card processing agent, should have all the details about credit cards and credit card processing sales to gain more leads and prove to be one of the best in your industry.
- Set the right goals Business goals keep you consistent and focused on what you do and what you aim to achieve. They work to keep you motivated and give you your wanted result, so, as a beginner, seek $1000 a month to $9000 soon, with the right effort!
- Invest in referrals Referrals play a significant role in the expansion of various businesses around the world. They are also the key to successfully selling merchant services! If you offer exceptional services, make sure that your customers know them! This results in an increased number of merchant account leads and sales!
- Manage your time Like all other businesses, selling merchant accounts requires you to stick to a schedule and stay committed to your aims and daily tasks! Split your time for each area of attention, such as following leads, finding new leads, and dealing with your current customers
Nothing is impossible: not even earning $100k a year! With the proper understanding of residual income and how much you can make, follow the dos and don'ts for a steady income. Keeping in mind that there is no limit to what you can earn. So, get ready, set your strategy, and go!