Are you looking into merchant services careers? You are at the right place! In this article, you will get to know everything about how to become a merchant service provider. Selling merchant accounts is often first done successfully as a part-time job because it takes a long time to build up a residual stream large enough to live off of. In truth, more than 50% of all people that start to sell merchant accounts, never make it, and maybe 10% are profitable enough to stick with it.
Merchant Service Provider
It is a fantastic opportunity to earn more money, but how do you know which would be the right path for you? The number of opportunities to sell merchant services is almost overwhelming, and it’s hard to know which is best. They all promise the best return and the most benefits, but which is telling the truth?
What to expect?
You might have heard that selling credit card processing is lucrative. Well, that’s true, but the big question is: How much money can you actually make out of this business? And there’s no straight answer to this quiz because often your income depends on how hard you work. And that certainly takes us to the next question. What can be the earning potential when you become a merchant service provider? And the answer is: a leading merchant service provider can make over $100k per year!
How much can you earn?
- When you become a merchant service provider, you usually receive up to $500 each time you sign a new client — the amount is strictly paid for signing the deal.
- On top of that, you earn a bonus to the tune of $1,250 per month. And while this is an easy way to hassle and earn good money right away, it’s peanuts compared to where the business is money-spinning — direct sales of credit card processing, known as residuals.
- But what are residuals? Each time a client uses their credit card to accept payments through their merchant account; the processing company earns a small percentage of the sale (any amount ranging from a few pennies to some dollars.)
- The merchant service provider who signed on the client gets about a 60% split of this income. This means every time the merchant swipes a credit card, the merchant service provider is making money! This is known as residual income.
To sum it up
If the math of a few dollars adding up to a $100,000/ year still seems ambiguous to you then look at it this way. If a merchant service provider signs on 15 clients per month and at an average of $50/ client every month, he/she gets to raise their monthly income to around $750. And through 1 year of rigorous struggle, he/ she will have raised their monthly earnings to $9,000. Any layman can tell that this equals to $108,000 per year!
So what if you put in that kind of effort for a few years? It is true that a merchant service provider can earn up to a million dollars from selling credit card processing!