Do you want to become a merchant services agent but don’t know how to make a massive income selling credit card processing? Well, don’t fret, we will help you not only choose the best career in the merchant services field, but we will also help you understand how you can truly help your merchants save tons of money in fees while doubling your own income. If you are excited to know all of this then we suggest that you stick to this guide till the end:
Which Career to Go For?
When you are selling merchant accounts, there are different models that you can choose from. You can go for the typical model of trying to reduce the fee paid by merchants in credit card processing. Or, you can also try to eliminate this fee, yes you read it right, you can make it vanish. The latter one is a more attractive career option as there are more chances of earning a decent amount.
Most of the agents selling credit card processing will be trying their level best to reduce the fees that businesses pay for each transaction. However, if you come with your zero-fee solution, then who wouldn’t get your services? Every business likes to make as much profit as it can, which is why you will have a better chance of converting the merchants.
Besides the merchants, you will be making way more money than you would’ve made when trying to reduce the merchant’s fee. Now you might be thinking, what is this zero-fee merchant services reseller program? Well, why not we explain it to you in detail and show you how it can increase your income.
What is Zero-Fee or Cash Discounting Solution?
Also known as the cash discounting program, the zero-fee solution works wonders for both agents and merchants. With this method, you will offset any fee paid by the merchants on to their customers. Since the fee is usually in cents, each individual customer won’t mind paying it as they are using the credit card facility. However, if the merchant pays this fee on every transaction, then it can accumulate up to hundreds of dollars on a monthly basis.
This advantage of the zero-fee solution is not just limited to the merchants, as an agent, you can increase the fee charged on each transaction and increase your profit. Since the merchant is not paying it from his pocket, there shouldn’t be any problem in paying it. Let’s take an example of how it will work.
As you probably know, when you become a merchant services agent, you split the profit that the company receives after processing a transaction. Now the industry average of this ‘split’ between you and the company is around 50%. So if the company charges a 2% fee on each transaction, then let’s suppose on a transaction of $5, it gets $0.1. Now minus the interchange fee of $0.03, it becomes $0.07. The 50% split will be $0.035.
However, if you work on the cash discounting model and increase the processing fee to let’s say 4%, then you get $0.07 as your 50% split. See, it’s a win-win situation because your merchant is not paying any fee, but you are getting double of what agents get selling credit card processing that reduces a few cents in the fee and doesn’t eliminate it altogether.
Selling POS Terminals:
Now we learned one way to become a merchant services agent where you can make virtually double of what traditional credit card processing program sellers make. There is another way to further increase your income, and that is by selling or leasing POS terminals.
Since the merchants will be eager to work with you because of the cash discount program, they won’t mind buying or renting your company’s POS terminal as well. Paying a few hundred bucks to save credit card processing fees for a lifetime is not a bad deal.
However, if any merchant doesn’t want to pay for the machine upfront, you can always lease it to him. You can charge $20-$25 bucks a month, and either share it with the processor or buy the machine and keep the rent to yourself. Now depending on how many machines you can sell or lease, you can get an additional bonus stream of income without putting in much work.
Types of Businesses You Can Target:
Since we are discussing the career of selling merchant accounts, it is imperative that you know the kind of businesses you can easily target by leveraging the power of the cash discount program. Virtually all types of businesses will be happy to work with you if they are currently paying fees for credit card transactions from their own pockets. We summarized all types of businesses you can target in three categories.
These are the pure service providers like an auto repair shop. These businesses process thousands of dollars in the form of credit card transactions, which means they will be shelling out hundreds of bucks in fees. Now, if a typical merchant services reseller program visits them and tells them that he will reduce a few cents in their fee, then there is a good chance they might not leave their existing processor.
This is because they will have to go through the long merchant account setup process again for just a few cents. However, if you tell them to eliminate their fees, they will definitely consider your offer.
These are the businesses that purely sell physical goods like a gift shop or a grocery store. These businesses also process a massive amount of credit card transactions every month and likely pay hundreds of dollars in fees.
You can pitch your zero-fee solution to them as well and get them on board. Everyone likes to save as much as they can; they will too!
There is another form of business that offers both the physical products and the services. A restaurant is the best example of this. They cook the food, which is the service, and then they sell it to customers, which is a product.
These businesses also receive lots of customers on a monthly basis, and most of them pay via credit card. You can offer the zero-fee solution to them as well.
Let’s Work the Numbers:
Now, if you think things through, you will come to know that there is a lot of potential for you to sell a zero-fee solution. If you just bring 10 merchants on board every month and each of them processes $1000 per month and assuming you charge a 4% fee from them. Then it becomes 4% x $1000 = $40. So your 50% split will be $20.
If you multiply this $20 by 10 merchants, then it becomes $200 in monthly recurring income. If you manage to sign up a total of just 50 merchants in your first year, your second year’s income will be $1000 per month. This way, you won’t have to worry about paying bills, and you can focus on bringing more merchants onboard and increasing your income.
So Which Career Will You Choose?
So now you know about the potential of zero-fee solution and how it can literally double your income while also increasing the number of merchants in your portfolio, the answer is obvious, right? The typical form of merchant processing where an agent will offer lower fees than what a merchant is already paying will only limit your earning potential.
With the help of this innovative zero-fee solution, you can skyrocket your income and bring bags of money to your home. Now, of course, it looks easy on paper, well on the screen, but you will still have to learn to be a good salesman and perfect your pitch. We already have a detailed guide on becoming a successful sales rep –add hyperlink to the article I wrote on it-, which will help you learn the art of selling.
Now another potential problem that can arise is the availability of a cash discounting program since not every processor offers this benefit. So for that, we suggest that you explore the North American Bancard merchant services reseller program as it offers the best cash discount programs. They also have various bonuses that will further help you maximize your earnings.
Over to You:
The key to becoming successful selling merchant accounts is knowing how to sell and have good profit for every sale. You can only sell well if you have an unbeatable offer up your sleeve, and nobody can beat the zero-fee solution unless they pay the merchant from their pockets.
Since you are offering an incredible opportunity for getting rid of piles of processing fees, you will obviously have higher chances of securing the sale.
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