Independent sales reps of all kinds can benefit from joining a merchant sales provider. The best merchant processing sales reps are able to make high commissions and great residual earnings year after year. Anyone who has previous experience in the credit card processing arena, or who is familiar with B2B sales could make a career as a merchant processing sales rep.
What the Job is All About
As a merchant processing sales rep, you will be an independent selling agent working closely with a merchant services provider. Your goal will be to get businesses of all kinds to open a merchant services account with your partner company. This merchant account will be used to process credit card payments and handle deposits to the client. In exchange, the MSP takes a cut of the transaction for providing the processing service. Furthermore, the agent who signed up the account receives a commission for signing the account, plus residual payments based on the number and amount of transactions processed every month thereafter.
New merchant processing sales reps will receive training and marketing materials from their partner company to get them started. In many cases, sales reps are also given a dedicated territory to work within to avoid interfering with other agents in the area with the same products.
How to Get Started
Independent sales reps should have some experience in sales, to begin with, however additional training will be offered to help you understand the wide array of merchant accounts and services that are available. You will also learn about various credit card processing technologies and new mobile services that are meant to help businesses take advantage of online and mobile orders.
Before you sign up with any merchant services provider, you should also do some homework about what each MSP has to offer. There are a few things you should be looking for as you choose a partner. You want to be sure that the company you work with is using cutting edge technology, and has competitive rates for their services. If you sign on with a company that is not leading the way, you could have a hard time selling your products. In addition, if the rates are not competitive, you will have less room to add your own fees on top, which is how you get paid.
Why Join an MSP?
In the past, all credit card transactions were handled by an exclusive group of banks. Today, credit cards have become ubiquitous and it takes significantly more computing power to keep up with the demand and process all of these transactions. Banks today are willing to pay independent sales reps to recruit businesses into their credit card processing platforms. The MSP is in charge of creating a catalog of products that are useful to the businesses themselves. Most of these services are not things that an individual could offer if not partnered with a larger banking organization.
The Earnings Potential
Naturally, all new independent sales reps want to know what their actual earnings potential looks like. The truth is that it largely depends on how many accounts you are able to sign and how well you keep up with them. Larger businesses do more transactions each month, so they may pay higher residuals. However, if they ever leave, they could cause a drastic reduction in pay. Most new agents focus on signing up a wide range of smaller accounts to keep the money flowing and build a solid foundation. Once that foundation is built, and they have a sustainable income, they shoot for larger clients to push them over the six-figure mark. This is entirely possible for any agent who spends 2-3 years doing the legwork.