If you’re looking for a business that allows you to make money now and later, selling merchant services is a great option. Compared to other types of sales, selling merchant services offers a wealth of advantages … even when the economy takes a downturn.
Independent agents who understand the payments industry and can easily establish themselves as a trusted advisor have the potential to create a long legacy of success.
Selling merchant services delivers the best of both worlds. Unlike selling cars or real estate where there may be a sizeable one-time payout, agents selling merchant services can often earn an upfront bonus for new business – on top of monthly residual income for each merchant account sold. As the merchant's sales grow, the agent’s residual grows ... for the life of the merchant.
Think about your last 50 purchases. How often did you pay with cash? In years past, stores often would have an ATM in the corner, to make cash payments easier. But as consumers shift away from cash, businesses are keenly focused on implementing various forms of card acceptance and ACH alternatives.
We are in the midst of a payments technology boom – thanks, in part, to the pandemic. From handheld terminals and hosted payments pages to QR code payments, the technology is always evolving to meet consumer demands. Because of these rapid changes, merchants are increasingly opting to lease or rent equipment so they don’t have to make a large upfront investment in technology that will be antiquated within a year. That means more potential sales and revenue for your business.
As an independent agent and consultant, you can identify merchants’ needs and pain points and then suggest solutions that ultimately help them save money and grow their business. Those merchants, in turn, will talk with colleagues and friends about who helped their business become successful. That’s where the magic happens.
For example, let’s say you’re talking to a restaurant that’s seen a decrease in dine-in customers. They tell you they have less foot traffic because customers are trying to save money, but they’re still receiving takeout orders. This is where you dig in to find out how they’re currently accepting payments, if they have a website, and if they’ve considered online ordering or QR codes.
By offering different solutions and helping this merchant expand their reach, you can demonstrate value and increase the chances that you’ll receive referral business from that merchant. These referrals enable you to grow your portfolio into a valuable asset that can even be later sold or passed down as a legacy.
But what about during an economic downturn?
In challenging times, merchants will look for payment processing solutions that reduce their credit card acceptance expenses – widely considered one of the top five business expenses. They need a wide range of payment processing options and a processor that can meet their needs.
Choosing a processor is important because it helps to determine the value you can deliver to merchants.
The processor you choose to work with should offer solutions to meet your merchants’ needs now and create a trajectory for future growth. How do you determine which processor offers the most to your merchants? Here are some questions to ask:
You also need to consider what a processor can offer you to set up your business for success.
The payments processor you choose should provide the level of support you need to be successful, from training to sales enablement to marketing services.
Selling merchant services is unique in that you work for yourself, which can be challenging. In particular, agents who are new to the industry may need support. That’s where Payroc’s team approach stands out.
Each new agent is paired with a team of other new agents and mentors. They receive training, participate in online courses, attend weekly Zoom calls, and go out in the field as a group to learn how to prospect and overcome objections in real time. We even have a Facebook page where new agents can ask questions, receive mentorship, and further develop their skills.
Regardless of their experience, every Payroc agent is assigned to a partner advocate team who provides daily support for sales solutioning, onboarding new merchants, and paying residuals. This team is laser-focused on helping agents get their deals approved and paid.
Payroc also connects every agent with an Executive Sponsor who serves as a designated, experienced, sales executive to support them outside the day-to-day operations of deal approvals, deployment, installation, payments, and customer service. Executive sponsors take on a proactive and consultative role, with regular touch points to discuss such topics as new products, promotions, services, industry changes, sales opportunities and building their portfolio.
In addition, Payroc offers regular webinars on new product releases, a product resource library to keep agents informed, and a full team of product sales managers who serve as subject matter experts for each product.
One of the most valuable services Payroc offers independent agents is marketing support. All agents have access to a complete marketing library, as well as a fully staffed marketing team that can customize landing pages and marketing collateral. This allows independent agents to co-brand collateral with their individual logos.
Unlike other processors in the industry, Payroc’s marketing team is also available to assist with marketing and sales resources to help you grow your business and strengthen your sales approach.
Last, but certainly not least, independent agents should evaluate processors based on revenue potential.
Payroc offers upfront bonuses that are often tied to sales of certain programs or new products. This is a fantastic incentive for new agents to enable an immediate return. As your business continues to grow, you can take advantage of regular promotional bonuses, monthly bonuses, and awards trips for top agents.
At Payroc, independent agents can get started right away with a wide range of solutions, as well as monthly revenue that only grows with your portfolio. To learn more about selling merchant services with Payroc, contact us.