Has anyone worked selling merchant service or card processing and been successful?
Posted on August 9th, 2009 by admin
I am thinking of taking a job but am worried about making enough money.
Hi, I work for a registered MSP for Visa and MasterCard (five years now) and have done sales so I speak from experience.
You can make good money but it won’t happen right away. Besides the usual learning curve you will have to endure (and it is quite a curve in this industry) 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 you will start to make money every time they process a credit card. 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.
Good luck.
August 9th, 2009 at 6:57 am
Yes, you can make quite a bit of money, but it’s a cut-throat business. Best bet is to start talking with some local point -of-sale companies and tell them what services you provide. Hopefully they can interface with whatever processor you’re representing.
The residual fees that you collect are remarkably high. I’m on the receiving end of one now and it’s nice not to have to pay my car lease from my regular earnings.
References :
August 9th, 2009 at 7:27 am
Hi, I work for a registered MSP for Visa and MasterCard (five years now) and have done sales so I speak from experience.
You can make good money but it won’t happen right away. Besides the usual learning curve you will have to endure (and it is quite a curve in this industry) 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 you will start to make money every time they process a credit card. 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.
Good luck.
References :