How Much Can You Earn By Selling Merchant Services?
Selling merchant services is a lucrative business. If you are considering it, you must have wondered how much money you can really make selling these services. Is it going to be a sustainable source of income or not. Read further to find out.
Whether you can make six figures by selling merchant services or not has no straight answer. Your earnings actually depend on the time and effort you put in. only those have succeeded who has shown exceptional dedication.
If you still want to know how much you can make from merchant services, the simple way is to get an answer to this burning question “how much one can earn by selling credit card processing services?” Research says that you can up to $100k per year by selling credit card processing services.
How to Earn $100K per Year by Selling Merchant Accounts
Whenever a new customer signs up, merchant service agents earn $500 in commission. This amount is paid as soon as the agent makes a deal. Other than the commission, agents also receive up to $1250 in bonus per month. This is called residual income.
There is definitely a lot of potential in this business but a high level of risk is also involved depending on how you approach the business. It’s a highly competitive landscape so you must know your numbers. Bringing a said number of agents each month so sign up with you is not everyone’s cup of tea. And if you fail to achieve your target, you won’t be able to meet your goal of earning $100,000 per year.
What Is Residual Income?
Anyone stepping into selling credit card processing must have a thorough understanding of residual income.
When a merchant client who signs up for your service uses their credit card for receiving payment, the processing company cuts a percentage from the amount received. The processing company continues to receive this percentage as long as the merchant continues using crediting card processing services.
The agent who signs up for the merchant client receives 50% of this income. In other words, whenever your merchant client uses their credit card, the agent makes money. This process is referred to as residual income. Let’s now understand how you can start a credit card processing company and earn $100k in a year. For that, consider this example.
Let’s say the agent can sign 15 clients each month. The agent will be earning $50 residential income from each client. This residual income for the month will be $750. His income will increase if he also starts selling the EDGE cash discount program. It will laminate the fee of the merchant client and generate 5 times more residual income.
With hard work, the agent can raise their income up to $9000 per month going all the way to $108K per year.
Tips for Making $100K per Year with Selling Merchant Services
Like mentioned earlier, you will have to put all the hard work to a year well with the merchant services sales. Here are some tips through which you can earn 6 figures:
Since it’s also business, you must start by setting goals. This will help you in staying focused and stick to the objectives for achieving these goals. If your goal is to make $9000 per month, make sure you recruit at least 15 merchants each month. Figure out how you are going to do that. Learn how your competitors are doing it and come up with a better strategy.
Sign Up For the Right Program
Your success also depends on the merchant service agent program. Choose the agent who can offer you all the support for running a successful business. Google them up and you should be able to find the top names in the industry.
North American Bancard is a leading name in the industry. Find out more about their program and if it works out for you, then go ahead, sign up for their program.
Learn More about the Product
You can’t succeed unless you fully understand what products and services your merchant specialize in. When you sign up with a program, the company always gives you an orientation about its products and services including how their credit card processing sales work.
With all the right information, you should be able to stay updated with all the features and sell more merchant accounts to increase your leads.
Every Second Counts
It’s hard to stay committed when you are working as an independent sales agent. Don’t forget that you are solely responsible for your tasks. If you want to succeed and invite the said of agents to sign up with you, it’s important to stick to the schedule.
To succeed, time management is of utmost importance. Keep on following up with your leads and stick to a plan to attract more leads. If you are having a hard time keeping track of things, start using tools for scheduling your tasks. Have an accountability partner by your side. The more to follow a disciplined approach, the closer you will be to make more money.
Look For Referrals
Referrals are worthy no matter what your field. They help you grow your business, especially when you have just started your selling merchant services and you are looking for agents. Follow up with your clients and encourage them to recommend your services. This is an effective strategy for getting more leads.
If your services are great, you won’t have to ask anyone, they will refer your services on their own. This will keep on bringing new leads time after time.
By offering exceptional selling merchant services and following a plan, you can make up to $100k per year. The second most imperative thing is joining the best merchant service agent program. There is actually no limit to how much money you can make in this business. It could be millions of dollars too provided that you come up with a great strategy of bringing new leads to your business.