Working in the merchant services field can be very lucrative. Nearly all businesses need to accept credit cards to be effective in the modern market. So, it makes sense that a career in merchant services could be professionally and financially rewarding. However, jumping in blindly could result in you finding yourself in a less than ideal situation. Here are a few things you need to know before you start.
Not All Merchant Services Opportunities Are Equal
Perhaps the most important thing to understand is that not all merchant services opportunities are equally worthwhile. In fact, it isn’t even close in some cases. With the right opportunity, you could earn a comfortable living while developing long-term relationships with your customers.
The wrong opportunity, conversely, could cause you to need to grind every day just to get by. This is a hard life and robs you of the opportunity to develop strong relationships with your clients. Instead, you will be always looking for the next new sale.
There are two primary factors that affect this (as well as many smaller ones): the commission structure and the solutions on offer. Simply put, some providers are dedicated to your mutual success and others are not.
The Importance of Residual Commissions
Traditional POS reseller careers tend to offer minimal residual commissions at best. Instead, they provide nearly all their compensation when a representative brings in a new client. Conversely, several more modern programs, such as Merchant Account Solutions, provide much more significant residual commissions.
This is important because it is the difference between earning a steady income through your portfolio and always being unsure of where your next paycheck will come from. While some people may be okay with the latter situation, most would probably prefer the security and confidence of the former. It is just a better way to work.
The Value of High-Quality Solutions
Of course, no one will be selling much of anything without the right solutions to offer. It is essential to have some great point of sale systems and strong merchant accounts available.
For most small businesses, the decision comes down to rates and the technology available. They want a system that works smoothly for them with minimal need for training or fuss. Something like Clover 2.0 can be a great choice. They also want to avoid paying an arm and a leg to process credit cards.
Increasingly, customers are interested in providers that help them easily set up cash discount programs. When processing a payment card, there is a small fee for the transaction. To incentivize cash payments, businesses offer part of the amount that would have been the transaction fee (which is not charged for cash) as a discount. Some providers help businesses to more easily offer this through their POS systems. These types of features make selling solutions much easier.
Learn More About Careers in Merchant Services
Now that you know a little more about what to look for, you are ready to find a career in merchant services. This could be your next step to lasting success.