Independent Sales Reps
Independent sales reps should always be on the lookout for the perfect partnership to help them reach the next level. Whether you've a veteran whose been in the game for a long time, or a passionate newby just getting your feet wet, there are plenty of reasons to keep your eyes open for new opportunities that can give your career a lift. As you consider these types of opportunities as they unfold, there are a few items you will want to be mindful of, when dealing with agent agreements, that will help you keep more money in your pocket.
Lower Processing Rates
While many independent sales reps focus all of their attention on the advertised commission split, they often fail to miss the rest of the pie. An advertised commission split is only as good as the money left over after all other fees are paid. Before you sign up for a too-good-to-be-true commission rate, take some time to figure out which processing partner actually charges the lowest fees on your sales. This is the silent killer for so many contracts, and ends up causing agents regret as they move forward building a client list that is tied to their merchant partner.
More Customer Support
Your ability to make more sales in the future depends on your reputation today. If you are working with an inferior product or service team, you can be sure that your customers will be the ones paying the price. You need to choose a partner who understands the importance of keeping your customer's happy long term, with flexible solutions and modern technologies. 24/7 Tech Support is also a must have in today's fast-paced marketplace.
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One of the greatest aspects of working as an Independent Sales Agent for the merchants services industry is your ability to build residual income. What a remarkable concept, to be able to have the sales efforts you put forth this month continue to pay you back, year after year. Lifetime residuals are an important part of building up your annual revenue. However, many companies claim to offer lifetime residuals but place strict limitations on how and when they apply. Do your homework to make sure that you can actually take advantage of these perks and that there are no "hidden" loopholes that are set in place to take that money away from you in certain situations. Read the fine print and don't be afraid to ask blunt questions on any items you may not understand.
Getting your first sales off the ground is tough. You need a company that is willing to work with you up front to give you the capital you need. This money can be invested directly in making that next big deal. The best companies even offer bonuses for positive sales flow during the early days of your partnership.
Focus on Sales Commitments
Oftentimes independent sales reps are let down by their processing partners when they receive the same base compensation for a sale, whether it is a long-term contract or not. You should be recognized for the big sales and receive bonuses when you manage to land a long-term sales commitment from a client.
Truth is, Independent sales reps have more and more options available to them every day. The web is full of companies vying for the sales talent you can add to their team. However, only the best companies offer competitive commissions with fewer fees and more support for your customers. These companies are focused on quality over quantity and reward you for bringing in customers that will stick around for the long haul. You can take advantage of these programs by comparing different fee structures and looking for signs that the processing company is thoroughly invested in helping you make sales, both as a new agent and as a long-time veteran of the game.