Kicking off your Merchant Services Agent Business can be an exciting venture loaded with unlimited potential. ISOs open a whopping 80% of merchant accounts. And credit cards boast the highest growth rate among payment types – a 10.2% annual growth rate by volume according to the Federal Reserve. Tapping into a growing industry can be a great method to building a career that can last years if not decades.
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Merchant Services Agents can live comfortably off of their residual income from existing clients and make money up-front off of a new sale. Set yourself up for success in your new business as a Merchant Services Agent by following these tips:
- Find an ISO Match for You
Finding an ISO that both supports you, as well as keeps its promises to you and your clients is your number one priority when setting yourself up for success as a merchant services agent. Research the company on the BBB, rip off report, and Card Payment Options. Bad ratings are a big red flag indicative of broken promises to both the merchant account sales agent and the client. Move on to the next company until you find high ratings.
- Master Your Business
In order to explain the cost-savings opportunity you’re offering your clients; you’ll first need to understand them yourself. Credit card pricing structure is complicated, and most merchants don’t understand their merchant statement. You’ll also need to know the pricing to determine the value for your business, as well.
- Your Existing Network Offers Potential Clients
You may already know your first client. Tell everyone you know you’re seeking new business. Someone in your network may have a connection to a potential client. Talk to the owners of the small businesses you frequent. Prepare a pitch outlining the benefits you’re offering. And hand out those business cards!
- Request Referrals
If you don’t like cold calls, then you need a strong referral game. As soon as you sign up a new client, then you’ll also establish a routine with your new client, letting your client know you’ll return for referrals once you’ve proven yourself. After your first month with your client, provide a cost comparison showing them the savings you provided. Then, ask for the referrals – now that you’ve proven yourself.
- Schedule Yourself
Plan every hour of every day to keep yourself on track. Write it down in your calendar. Start by trying cold calling in the morning, setting up a meeting before lunch, and following up with your current clients in the afternoon. Tweak your schedule until it works for you. Plan ahead to stay productive.
- Host Merchant Services
Finally, while we may be biased, we believe that their merchant services agent program is second to none. At Host Merchant Services, they are proud of their terrific customer service and are confident that you will be happy with their white-glove service. They are proud to offer an extensive number of boarding partners. Some of their partners include TSYS and First Data, which are two of the largest payment processing platforms in the world. Finally, they offer cash discount programs and multiple high-risk bank partnerships, providing you with additional benefits and features that you can pitch to your clients.
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