When someone uses their credit card to pay for an item, there are various people who make money from the transaction. This includes the issuing bank, the acquiring bank, the processor, and the merchant sales provider. What if I told you that you can make some of this money yourself? How? By becoming a merchant services sales agent.
What The Job Entails
Your job is selling credit card processing systems to merchants. You sell them at a marked up cost, which covers the expenses associated with providing the service, the necessary equipment, a monthly fee, and a transaction fee. As such, you receive a percentage of the profit that’s generated from the credit card sales made by the business each month. This is known as your commission, but sometimes it’s also called residual income because you’re paid it for as long as the business continues to use the service you’ve sold them.
How Much Money You’ll Make
It’s difficult to figure this out because how hard you work determines how much income you make. Some of the top sales reps in this business are making $100k a year today. This is easily calculated once you consider that companies pay most agents $500 per sale, not including any monthly bonuses they may make. Couple this with the money you also make when each credit card is run through the machine you sell for as long as the client is using the machine and you’ll see how productive this is.
Make sure the ISO you work with has a residual income calculator tool in their CRM that will show you how your monthly payment was figured out. IRIS CRM provides ISOs with a residual income module, lead management, and more.
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