What is Merchant Services and why would I want to do it? Merchant Services is the generic and overbroad term used to define Credit Card Processing Serivces. See a business just cant open up, buy a machine and start swiping credit cards. They need someone who can actually process the transactions for them. This where where the merchant services provider comes in.
Did you know that their are several ways for a business owner to do this? They can go through a bank, call a merchant services company, go through an independant agent, or sign up for a service that does it on a pay as you go model. There are diffrent reasons that determine which route a merchant might take. For Example, a new business that does little or no processing might set up with a pay as you go account. This makes sense if they are doing almost no volume. Its easy and they dont have to do much to get started. It ,however, becomes cost prohibitive once they exceed a few thousand dollars a month in processing volume, the cost exceeds the benefits at that point. This is where the banks and Independant agents and Processors come in. To the Bank it is just another product offering, it is not their main source of revenue, it is just another service to offer the client. The Processor and Independant agent however, this is all they do, it is their life blood. So knowing this,is it worth it to be an Indpendant Merchant Services Agent?
From my perspective, it is a resounding yes! Why do I think that? Because I live in that world. I work in it everyday, I see the successful guys make a lot of money ! Residual Income, freedom, bonuses, the benefits go on and on. There is a downside, no one is going to write you a 6 figure check to sit at home, It is hard work. Being an independant agent is tough. It has to be something that you work on everyday, you need the support and the resources. You also need to run it like a business. What is the best piece of advice I could give someone new to Merchant Serivces? Think Like a CEO. Does the CEO of a company walk door to door randomly selling their products and with no plan? NO! Then Why do so many agents try to build their business this way? It makes no sense. So how can you get into this industry and make it work? Well there are a ton of ways. I will touch on that in the next blog!
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