As a current (or future) merchant services reseller, you control your income. As long as you sign new accounts—and maintain existing accounts—your residual income can continue to grow.
This limitless income potential makes the payments processing industry lucrative. Many agents build six figure residual incomes. Here are three strategies that can help you make a good living reselling merchant accounts.
1) Network with potential merchants. To make a solid living reselling merchant accounts, you need to build relationships with potential merchants. From your favorite restaurant to your neighborhood gas station, every service and product you purchase is provided by a potential merchant. Start local and leverage warm opportunities to pitch your services. Make your current network aware of what you do and share how you can help improve the payments processing aspect of their businesses.
2) Understand your offerings. If you want to be an effective merchant services reseller, you need to fully understand what you’re selling. And more importantly, you need to understand the benefit you can provide. Take time to analyze and understand a variety of merchant statements. Just as you want a transparent provider, your merchants want a transparent agent. In order to explain the cost-savings you can offer a business, you need to understand the details of the deal: deposits, transaction types, processing rates, and fees.
3) Provide great customer service. As an agent services reseller, you need to make your merchants’ goals your own. As noted in The Green Sheet, merchant level salespeople need to “listen well [to their merchants], take good notes, and later, draw conclusions about what matters most to each merchant‒then write those priorities down.” You need to understand the unique needs of each merchant so you can provide personalized customer service that helps them achieve their goals.
To excel as a merchant services reseller, you need to work with a reputable agent program. At Electronic Merchant Systems (EMS), we understand that our success depends on the success of our agents. Check out our EMS Agent Program.
Electronic Merchant Systems is a leading provider of payment processing & merchant services. For more information please visit our website.