The merchant services industry can be a lucrative field to make a living in. Nearly all businesses need to process payment cards. Therefore, there is always significant growth in the space. However, if you are just getting started, you may be unsure which opportunity is right for you. There are three major ways to make money with a merchant services career.
1) Working for a Merchant Services Provider
The first option is to work directly for a merchant services provider. In this arrangement, you work on the sales team as a representative of the brand. You can bring in new accounts and earn commissions when you do.
It is important to find the right provider to work with. Some only provide commissions for new sales with minuscule residual compensation. Conversely, a select few provide substantial residual commissions. This will allow you to build a stable and well-compensated career as a merchant services sales representative.
Additionally, you should search for a provider that has great features such as a cash discount program. These types of offerings will help you sell to a larger number of clients. Working in merchant services doesn’t have to be a constant grind. The right opportunity will let you turn your sales and relationship management skills into a consistent and reliable living.
2) Becoming a POS Reseller
Another option is to become a reseller. This arrangement is very similar to working as a sales representative. However, you will resell as an outside provider.
This has the flexibility of allowing you to work whenever you want. You can do this as your full-time job, or you can choose to only sell a few new accounts per month. A lot of people enjoy having this type of flexible work arrangement in their lives.
Simply sign up for a point of sale reseller program and you will be on your way to bringing in commissions. Like working directly on a sales team, you will want to find the right opportunity for you. Carefully examine the commission structure, support and other benefits before signing up. There is a surprisingly large gulf between different programs.
3) Referring POS Leads
Finally, you can refer point of sale leads to brands. This is almost like a “light” version of being a reseller. Rather than developing the relationship fully and providing a quote, you will simply make the initial introduction then hand the lead off to the sales team.
If you want to earn the maximum possible commissions, it is helpful to develop the lead a little. By doing this, you will ensure a greater likelihood of getting paid.
Referral partners earn less for each project they bring in. However, they need to put in much less work. This is ideal for people who want a side job or an extension to other product offerings.
Discover more about how you can earn a living in the merchant services field. The above three types of opportunities all offer different advantages. Learn more about which one may be right for you. Then, get started! This could be your path to success.