Merchant Services
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Do A Comparison Of Merchant Services If You Want Your Best Option
Could it be necessary to examine two or more merchant services providers before signing up? Isn’t one the same as the other?
Certainly, that could be similar to asking whether or not all car technicians are identical. Let’s take this example for a moment and then look at a research study made by a publication known as Reader’s Digest a number of years ago. First, the writer got a completely comprehensive inspection performed on his vehicle by specialists, noting precisely what the actual troubles were. He then traveled through the United States Of America asking various technicians to identify the trouble and tell him the expenses. Can you guess what happened as a result? Only one or two gave him an equivalent analysis as the original professionals. All of the others recommended numerous items which required work greater costs for working at all of them.
Exactly what does this have to do with merchant services? It’s an example of the fact that they are certainly not all the same. The degree of consumer support will vary. The response time to problems will vary. The quantity of fees that are incurred will be different.
When you initially look at the cost element, 1 might be insisting on 3% and another may be getting 2.5% and that may appear insignificant. You’re a busy individual, and it might seem that spending time to research would set you back more than you'll actually save. However think about it by doing this: should you take in $50,000 in business in the calendar month and you have to pay 3%, that’s $1500. But if your charge is actually 2.5%, it will cost $1250. How many hours would you, or your administrative assistant, need to work in order to make $250? It’s likely to be more than 10-12 hours. If you take just a few of that time and conduct some product comparisons, you’re going to save cash, not spend it. You'll benefit throughout the entire year.
Invest time to examine a number of providers. Learn about their history and look for consumer complaints. Compare their costs to determine if that additional $250 per month is giving you anything worthwhile.
Is merchant services a good thing to sale?
Hi, I work for a registered MSP for Visa and MasterCard (five and a half years now) and have done sales so I speak from experience.
You can make good money but it won't happen right away. The real money comes from residual income on the merchants you acquire. Although you can make money from selling credit card terminals that will only be enough to put food on your plate while you build up your portfolio.
As you build your portfolio your monthly income will grow accordingly. On average a typical merchant will make you about $25 per month. So when you are first starting off the residual income won't be enough to support you. But as your portfolio grows to about 100 merchants that residual income will now be $2500 a month or more which, when combined with your terminal sales, is enough to make a living. The average sales agent brings in 5 - 8 merchants per month.
Of course, your goal is to have as many merchants as possible in your portfolio and to land as many "big fish" as you can. Landing high volume merchants will make you much more money then landing start-up ecommerce websites as they tend to perform poorly. You also need to make sure you bring on enough new merchants to help offset the ones that leave you. Just like you will be stealing merchants from other sales agents, they will be doing the same to you.
A work week is never less then 40 hours if you hope to keep generating leads. You'll be spending half of your time generating leads and the other half making your sales pitch to the leads you have generated. Competition is fierce and merchants are reluctant to switch so don't be surprised to be turned down frequently.
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