How to Sell Credit Card Processing 101

Selling credit card processing to businesses can offer excellent career prospects for people who want to work in the world of merchant services. Modern businesses rely on a trustworthy and secure system to ensure fast payments and security for their customers; that’s where people who sell credit card processing come in.

If you are considering becoming a merchant services reseller, there are several key points to know before starting your new career. By keeping up to date with the industry, maintaining professionality and listening carefully to your customers’ needs, you can be successful as a merchant services reseller.

Why Selling Credit Card Processing Is a Lucrative Opportunity

Almost every business, whether in-store or online, needs some sort of payment processing system. For this, they need a merchant services partner that can provide a merchant account and payment processing solutions. According to Statista, there were more than 7 billion e-money (electronic) transactions in the European Union in 2021, underlining how important it is for businesses to be able to accept credit cards and other kinds of electronic payments.

It is a reseller’s job to explain how a given merchant services provider can help businesses accept credit and debit card payments both online and in-store. In the case of an e-commerce business, a reseller can also show a business owner how an international payment gateway helps to ensure payment security between the website, the acquiring bank and your customers’ card-issuing banks.

How Do I Sell Credit Card Processing?

To sell credit card processing services, you need to have knowledge about merchant services and how they can benefit a potential client. Potential clients are likely to be small or new businesses, and a sales agent must be able to explain how accepting credit cards can increase their sales, by how much and the costs involved (such as credit card processing fees).

While some resellers are paid by the hour or in the form of new-client commissions, most contracts are based on residuals, which the reseller receives from the independent sales organisation (ISO) or merchant services provider on whose behalf they work. “Residuals” are amounts you receive as passive income after signing up a new client with the ISO/MSP successfully. These amounts will be a pre-defined portion of the processing fees a client is charged every time they accept payments through the (ecommerce) merchant account you signed them up for.

As a Reseller, You Will Be Subject to the ISO’s Standards and Rates

It’s worth noting that credit card processing resellers must adhere to the standards of the independent sales organisation (ISO) they represent. The ISO has control over the processing prices, rates and residual payment options you can choose. For example, you can’t offer unusually low rates to a potential client without permission from the ISO.

You May or May Not Also Sell Hardware

As a merchant services salesperson, you may also sell point-of-sale terminals as part of the credit card processing services package. This will depend on the independent sales organisation you are representing and whether they work primarily with virtual terminals or physical point-of-sale hardware.

What Is the Earning Potential for Selling Credit Card Processing Systems and Merchant Services?

Selling merchant services can be lucrative. People who choose a career in merchant services can earn money through commissions paid for signing on new clients or through residuals—receiving a portion of the processing fees every time a customer uses their credit card to buy something from one of your clients. The more clients you have, the more residual income you can earn.

The best merchant services company will provide its resellers with the training needed to be knowledgeable about merchant accounts, credit card companies, payment processors and any other relevant industry information. Independent agents have the potential to earn from different revenue streams and build up to a full-time passive income.

Tips for Selling Credit Card Processing Successfully

If you are thinking of going into merchant services sales, the following tips can help you succeed:

• Learn everything you can about the credit card processing industry. Learn what you can about the role of a credit card processor and the company you represent. Each merchant services provider has its own pricing structure and rates may vary from business to business depending on the potential risk. Be prepared to explain how a virtual terminal, payment gateway software and a point-of-sale system (if relevant) can boost a business’s growth.

• Learn exactly what your company offers. An informed salesperson will be more successful than one who is unsure of the details. Be ready to explain why a business should choose your company over another one.

• Listen to your customers’ needs. As an agent, you must make sure your company’s merchant services package meets your customer’s needs. You must then follow up and make sure the customer is satisfied with the product they purchased. Customers need to feel that you’re trustworthy and that their payment processing is in safe hands.

• Referrals will boost your future sales. An agent that provides excellent customer service and keeps their clients happy will likely receive a stream of referrals. Satisfied clients can also share their experiences on social media, boosting your and your company’s reputation and giving your merchant services career a boost.

• Constantly update your industry knowledge. Regular training will help you update your knowledge of the merchant services industry and help you hone your skills with targeted sales training. Sales training books and online courses can also help you stay up-to-date with effective sales techniques.

• Explore different sales avenues. Agents can sell merchant services through digital marketing, telephone sales, email marketing campaigns and by attending industry events. Using two or three sales avenues effectively can help you generate more leads and make more sales than using a single approach.

Merchant Services Reselling Can Be a Rewarding Career for Self-Motivated Workers

Working as a credit card processing reseller is a dynamic and fast-moving career path that can be lucrative for hard-working and self-motivated workers. If you are interested in a career in sales, working as a credit card processing reseller is a rewarding option with opportunities for generating various sources of revenue.

For those interested in applying for roles as credit card resellers, knowledge and a passion for the industry are prerequisites. You must also be willing to learn on the job. Then, as long as you choose an industry-leading merchant services provider to represent, you should be well-positioned to enjoy a long and fruitful career.