We have many people apply to sell credit card processing with us every day. The top question they ask is: How much can I make in this position?

The answer is a difficult one - because at the end of the day their income is based upon how hard they work. It inevitably leads them to ask how much earning potential there is. The short answer: Our top sales reps make over $100k a year. Below is a brief explanation of how they do it, along with some proven strategies for success.

Understanding Credit Card Processing

To excel in selling credit card processing, it's crucial to understand the core components:

1. Merchant Accounts: A merchant account is essential for businesses to accept credit card payments. Knowing how these accounts work and their benefits is key when selling credit card processing services.
2. Payment Gateways: Payment gateways are the technology that authorizes and processes transactions. Highlighting how a reliable payment gateway can streamline operations will be valuable in your sales pitch.
3. Point of Sale (POS) Systems: POS systems are vital for businesses that handle physical transactions. Understanding the different types of POS systems and their features will aid in selling credit card processing solutions.
4. Transaction Fees: Explain the various fees associated with credit card processing, including percentage-based and flat fees. Demonstrating how your solution can minimize these costs will resonate with potential clients.

Signing Bonuses and Residuals

Every time one of our agents signs on a new client they earn up to $5000 just for signing the deal. This is a great way to put some money in their pocket right away - but it pales in comparison to where the real money is made when you sell credit card processing - residuals.

What Are Residuals?

Every time one of our clients runs a credit card through their merchant account we make a percentage of the sale. (This may be anywhere from a few pennies to a few dollars.) This is paid to us for as long as the client is processing credit cards with us. The sales rep who brought the client to us earns a split of this income. So, EVERY TIME the business swipes a credit card our sales representative is making money. This is residual income.

Maximize Your Earnings

How could a few pennies or dollars possibly add up to a $ 100,000-a-year income?

If our rep brings 8 clients to us every month (less than 2 a week) at an average profit of $100 per client per month to the rep they are increasing their MONTHLY INCOME by $800. After 12 months of hard work, they have increased their monthly income to $9,600. This is the equivalent of $115,200 a year! Now imagine if you put in that type of hard work for a few years. We like to say that it is totally possible to make a million dollars when you sell credit card processing - you just have to do it $100 at a time!

Strategies for Success in Selling Credit Card Processing

To achieve and exceed the $100K annual income mark, consider implementing these proven strategies:

1. Identify Your Target Market: Focus on small to medium-sized businesses, e-commerce stores, restaurants, retailers, and service providers. These segments often have the most to gain from efficient credit card processing solutions. Research their specific needs and obstacles to tailor your approach effectively. Consider creating detailed buyer personas for each segment to guide your sales strategies.
2. Craft a Compelling Sales Pitch: Highlight pain points, present solutions, showcase benefits, and use testimonials and case studies. Develop a structured pitch that addresses common concerns in your target market. Practice your delivery to ensure it sounds natural and confident. Consider creating visual aids or demonstrations to make your pitch more engaging and memorable.
3. Overcome Objections: Be prepared to address concerns about costs, system complexity, and contract terms. Anticipate common objections and develop clear, concise responses. Practice handling these objections so you can respond confidently in real-time. Consider role-playing with colleagues to improve your objection-handling skills.
4. Build Strong Relationships: Provide excellent customer service, offer free trials or demos, and stay informed about industry trends. Focus on building long-term relationships rather than just making quick sales. Follow up regularly with clients to ensure their satisfaction and address any issues promptly. Consider implementing a customer relationship management (CRM) system to track interactions and handle leads effectively.
5. Perfect Your Closing Technique: Summarize key points, address final concerns, and make the signing process easy and efficient. Develop a smooth transition from your pitch to closing the sale. Be prepared with all necessary paperwork and digital tools to facilitate a quick and easy sign-up process. Practice various closing techniques to find what works best for different types of clients.
6. Continuously Educate Yourself: Stay updated on industry trends, new technologies, and best practices in credit card processing. Attend industry conferences, webinars, and training sessions to enhance your knowledge. Subscribe to relevant publications and follow industry leaders on social media. Consider obtaining certifications in payment processing to boost your credibility and expertise.

By implementing these strategies and consistently working to bring in new clients, you can maximize your earning potential in selling credit card processing. Remember, success in this field is about building long-term residual income, one client at a time. With dedication and the right approach, you can turn this opportunity into a six-figure income.