I can tell you what I look for when I do business with someone. I look for agents who have strong work ethic, an understanding of the sales cycle, how to prospect and want to grow their business. I look for average agents, ideally they can do this full time and submit a few deals a month. I like when people know what they need from a financial stand point and have goals. I can then sit down and help them plan and work on a strategy for reaching those goals. It is okay if they don’t have a ton of experience in the processing industry if they are willing to learn and do the daily behaviors. Selling merchant services is not a get rich quick scheme. It takes time and hard work to build. If you are new and thinking that its super easy and someone is just going to hand you their business, you might be in for a rude awakening.
I have seen some extremely successful people in this industry. People who have built up an incredible portfolio that affords them the time and money to enjoy life. They all work hard, are not afraid of rejection, and really become students of the game. They know how to seek out prospects, how to build rapport, and how to provide a good level of support to their clients. Whether it is a one person shop or a registered ISO with 50 agents, they all execute the daily behaviors.
Can a person with no experience come into this industry and make it happen? Yes they can. They just have to be willing to do the work, learn, and really most of all get out the door and talk to people. If you have a fear of rejection, are not comfortable asking for the sale, do not know how to build rapport, and expect it to be like a 9-5 job, it is probably not a great fit for you. I have seen several personality types do well. From the extremely technical sales rep, to the confident talker and every style in between. The one common denominator is they all work hard, Build a client base, and don’t take short cuts. There is no magic script, no one special pitch, no magic lead list. It is all about daily behaviors. If I talk to someone who wants to do business with me and they have a plan or are willing to discuss how to go about it I am willing to set them up. I’m also willing to tell them if we are a good fit or not for them. I don’t want to lie to sign agents, it does me no good because in the end they wont submit any business.
I only look to do business with people who will actually write deals. I don’t go for false hope or unreal expectations. Why waste time with people who will only fog a mirror? I try to ask the right questions. How much income do you need to make? What does your existing portfolio look like? How many deals do you write a month? Do you target any specific markets? What don’t you have with your current processor that would be a benefit to you? What made you contact me? Do you have sub agents or referral partners? Can you read statements? Is this a full time job for you? how do you find customers What platforms are you familiar with. In short I really try to understand their business. If I do that then I can put the right program together for them. If I’m not a good fit, then I let them know. If they’re just looking to do regular retail or ecommerce deals, I probably have something for them. If they are looking to send high risk deals, I’m probably not the right fit. The last thing I want to do is waste someones time. I typically fit in best as someones primary or backup retail processor.
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|Photo by Andrés Álvarez Iglesias/CC BY 2.0|