The power of selling merchant accounts
The secret behind every single successful sell is; the seller knows how to sell and seller did not lose his or her customer. There is no magic trick in this. It is just the talent of the salesperson and the hard work that the salesperson has put to accomplish the sell. From selling merchant accounts to selling cash discounts the basic of sales remains the same.
The power of selling merchant accounts depend on your ability to pitch your sales idea and how many merchant accounts you can sale in a given period of time. After you start selling the merchant accounts the merchants take about a month for starting up. This first processing period is followed by another month before you start getting paid for that previous month of processing. So technically you won’t see your first residual until the ending of third month of a particular sell.
Selling merchant services at this point might prove a bit shady to you in terms of earning but you should always wait for the good stuff to happen.
So, what is actual power of selling merchant accounts?
According to the calculations and statistics obtained from the industry. An average rep whose operating conditions in the industry are also average, earns $86,500 in the first year if he or she is doing half up-front and half leases.
Now, from here you can easily grow your sales and earn six figure salaries in the range of $140,000 to $150,000 by the end of your 4th or 5th year in this profession. You can further improve your sales pitch if you can incorporate selling credit card processing along with your usual merchant account services.
Alternatively, you can incorporate selling cash discount as well by understanding the requirements of your clients. So, if you are doing your sales pitch for a big-merchant who has a huge market share in their field of business, you should not pitch the idea of cash discounting. The big merchants in most of cases are well established and having a consistent clientele they do not want to lose their profit margin hence selling cash discount might not be a wise move to them. On the contrary, in case of developing businesses the idea of selling cash discount can be a masterstroke.
Income of a merchant account salesperson:
For an average salesperson in this particular field the starting two months as mentioned before will be of less income. Around $4500 to $5500 can be the margin of income for two months as you are not getting any residual. But you should earn around $500 in the third month, taking your total to $5900 and from the fourth month you will have an exponential rate of income to some extent, which will take your yearly income to around $87000.
Although the job of a merchant account salesperson is tough, it has huge rewards. These rewards are the factors which keeps you going every day in your career. Application of mind is the key factor in this field. Hard work and application of mind will definitely make you a big shot of the merchant accounts industry.