Wondering if selling merchant accounts is a good career for you? Maybe you are about to join a merchant account reseller program and become a merchant services agent but don’t know how secure this industry’s future is? Well, read this article and you will know it. You will get to know about the growth potential of the industry, the benefits of joining the merchant services agent program, its potential pitfalls, and whether you can become a good merchant services sales rep or not.
How Is The Industry Doing Right Now?
Before jumping into the river, you need to gauge its depth to see if it’s even worth it to swim in it or not. The same is with doing business in any industry; you need to know its performance and potential. So when it comes to credit card processing, the good thing is that this industry is growing at a rapid pace, and the future is promising as well. Let’s see some stats for a more accurate picture:
- As of January 2020, 191 million adults owned credit cards
- Consumers spend 18% more when using a credit card instead of cash
- Credit Card processing fees paid by merchants in the U.S. were $7 billion in 2017.
- Around 500,000 applications are processed for credit cards per day
As you can see, an insane amount of people own credit cards, and the number is increasing day by day, plus people spend more when using credit cards. This clearly indicates that more and more merchants will be compelled to get a credit card processing service, and that’s where you will shine by joining a Merchant Account Reseller Program.
Benefits of Selling Merchant Accounts
Now, of course, when it comes to actually being involved in the action, you will come across various advantages. The benefits of joining a Merchant Account Reseller Program are:
1. Freedom of Working
What’s the one thing that separates office workers from the merchant services sales reps? The office workers are under the microscope of their managers. But if we talk about the merchant account resellers, then they are their own bosses. You get to decide when to wake up in the morning, when to call it a night, and when to have a sick day (even when you’re not under the weather).
2. Excellent Earning Potential
Working as a merchant account reseller means that you have an uncapped earning potential. You can sell as many merchant services ISO programs as you can and earn based on that. So there is no more fixed monthly income to rely on even though you are putting more effort than required.
3. Low Start-up and Monthly Costs
There is literally no start-up investment required, and there are very minimal monthly expenses that you would incur, which usually include the cost of your car fuel that you would burn to travel from the merchant to merchant, and that’s pretty much it.
Over to You
Selling merchant accounts is not a tough thing to do if you know what you are doing. Seeing these benefits and drawbacks, you can better assess if you really want to pursue this career or look for some other options.
And, delving into the process of how to start a credit card processing company requires thoughtful planning. Begin with a comprehensive market analysis, understanding industry dynamics. Develop a strategic business plan, emphasizing regulatory compliance, technology integration, and customer satisfaction. Cultivate key partnerships, prioritize security measures, and execute a phased launch for sustained success.