A common misconception about business to business sales work is that large businesses provide the most lucrative sales opportunities. While sales professionals may get an extra rush of adrenaline selling to a Fortune 500 company, the truth is that more opportunity lies in the small business market. New companies emerge every day, and as these smaller businesses appear and grow, they need to partner with companies that help them run the processes they need to operate.
Perhaps the most basic such service is payment processing. Whatever a company's business plan involves, whether it plans to run operations online, in a brick and mortar location, or a combination of both, it has to be able to take payment for its products or services. And this fundamental function creates an opening for merchant services resellers. Sales professionals looking for a niche with unlimited growth potential should look not to the big whales in the market ocean, but rather to the emerging market players seeking payment processing.
Merchant Services for Small Businesses
In many cases, small businesses are still developing an understanding of what they need to compete in the marketplace. Their business plans cover market intelligence, customer demographics, marketing strategies, and a host of other planning elements for growth. But on a more fundamental, they need to be able to take and process payments for the products and services that create their revenue and profits.
Merchant services resellers provide for small businesses the tools they need to collect payments. Every time a credit or debit card is presented for payment, the processing software facilitates the communication between seller and purchaser financial institutions that allows the payment to run. This is critical as cash payments continue to give way to electronic payments; as of 2016, only 11 percent of consumers expressed a preference for cash payments over credit, debit, or mobile payments. Merchant services resellers thus have a still-growing market for their services.
Beyond the processing itself, small businesses require customer support for questions or problems that may arise with the hardware or software involved. Further, they need security patches and updates as new threats emerge in the market. And over time, general maintenance on the systems helps keep them up and running for years of service.
How Merchant Services Resellers Benefit
All of these service needs create an opportunity for the best merchant services resellers. First, the sheer size of the market helps. While some software or hardware products serve niche markets or limited customer bases, payment processing systems serve literally every business that sells anything. Not only does a broad market already exist in which sales professionals can attract businesses to switch payment processing providers, but new businesses that need these systems appear daily. The market expands every day, so independent sales professionals in this area should never run out of prospects.
Second, to pay for the services associated with payment processing, every transaction generates a small fee. The best independent sales organizations apportion part of this fee toward residual commissions for the sales professional managing the account. Thus, in addition to the commanding top of market commissions for the initial sale of the system, successful customers deliver residuals that benefit the sales agent's bottom line well beyond closing the sale.
Creating Wise Partnerships
The best independent sales professionals do not try to manage all of this alone. Independent sales organizations partner with payment systems clients to sell these products and services. In turn, they also partner with independent sales professionals to close the sales. The merchant services resellers who make the sales should look for ISO partners who can provide critical infrastructure to not only provide client contacts that give the best products and services to sell, but also to manage the business elements of running independent sales. This gives professionals the freedom to focus on managing their schedules and closing more sales deals.
Merchant services resellers operate in a space in the market with enough opportunity to be almost overwhelming. By developing and nurturing a partnership with a strong independent sales organization, they can maximize the opportunity that payment processing systems and services provide. The result is not only professional growth through independent work but also a lucrative income stream that provides more financial potential than almost any other kind of sales work.
This work is not for everyone; sales professionals work in independent roles because they have the discipline and drive to succeed without the constraints that an in-house position provides. For the right individual, merchant services create enormous opportunity.