How to become a successful merchant services reseller in Ireland
Any sales agent worth his/her salt and with many years behind them know perfectly well that the key to professional success is to keep acquiring new merchants while keeping the ones who are already on board. This is important as your payment and incentives are directly linked to the volume of transactions carried out by merchants. Put simply, more the volume and transactions, more the money you pocket.
And those who are successful in retaining their old clients as well acquire new ones at heathy rates, do get paid handsomely for their work. Of course, it requires a lot of hard work and determination, but it is not impossible to achieve. There are examples galore of most successful agents taking as much as can earn between £30,000 to £40,000 per month in recurring income. In order to ensure that you are one amongst the successful credit card processing sales rep, please follow below mentioned incredibly helpful suggestions.
Understand your business well
The pricing structure of credit card processing is not that easy to comprehend. It is often seen that a vast majority of merchants and even a few sales representatives are all at sea when it comes to making sense of the details. This could lead to some serious issues as failure to understand the economics of a merchant deal will make it really hard for you to explain the nuances of the cost-savings opportunity you’re presenting to that merchant. Moreover, lack of understanding of merchant services pricing will invariably lead to failure as you will not be able to properly assess the profit-making opportunity it contains.
To ensure that you are good at what you have set to achieve, you need to undergo good training, understand the nuances of the industry and try to analyze as much as possible merchant statements from different processors.
Be honest and open with the Merchants
Merchants share a strong dislike for credit card processing, and not without reason. They view it as an unnecessary 3% tax levied on their business. What infuriates them however, more than anything is the vague pricing and a lengthy list of inexplicable fee codes. If you are well versed with what you are doing, you can sit with them and review together processing inefficiencies that are causing the costs to shoot up. This will go a long way in building trust. If they feel you are open and transparent and always available to answer their questions and queries, they will be more inclined to do business with you. Additionally, they may refer you to their friends, family and business contacts.
Be clear about your approach
If you meet or hear about the most effective sales agents in the industry, and seek answer to question about their success, how they go about their business, and how they take home a handsome salary, it is most unlikely you would find a common answer. What though, they would have in common is a clear plan of action and its impeccable execution. Some mark a certain industry vertical. Others bring into play their strong networking abilities to get business while some carry out door to door cold calling.
Networking helps a lot
No license is required to be a salesperson and sell merchant services. It means anyone can claim to be a salesperson irrespective of their knowledge and experience. Merchants though still like to do business with people they are acquainted with or someone referred by a person they know and trust. The best in class salespeople give a push to their sales figure by augmenting the numbers of referral sources they have. And the smartest ones never forget to reward their referral partners by paying them certain amount for their referral and subsequent conversion.
Display caution in choosing your merchant services partner
The merchant services industry with little government intervention is just like the Wild West. The pricing structure as mentioned above is confusing, and few unscrupulous merchants take advantage of it by confusing, misleading, and lying to their sales agents (just like what few salespersons often do). Merchants make over the top promises and try to lure gullible salesperson with impossible perks. As the saying goes, if it sounds too good to be true, it probably is.