When I started my processing career, I started with a captive processor who had a lackluster compensation plan and not much else. In this article I...
Selling Merchant Services Part Time
One question I get from a lot of agents in the credit card processing industry is, “How can I sell merchant services on a part time basis?” When I started as a sales agent, I started full time with a processor who did not pay well. I very quickly ran through my savings. I got […]
One question I get from a lot of agents in the credit card processing industry is, “How can I sell merchant services on a part time basis?” When I started as a sales agent, I started full time with a processor who did not pay well. I very quickly ran through my savings. I got an evening job in order to bring home some money for about six months before I was able to go full time again, so I know what part time work is like in this business. Here are a few tips:
How to Sell Merchant Services in 6 Steps
If I could write an eBook knowing what I know today and then go back in time and deliver it to myself 10 years ago when I first got into this industry, this would be the one! CLICK HERE TO DOWNLOAD
1. You can do this business full time or part time but not some of the time. If you want to build your business, you will need to work on it consistently and continuously. Predetermine how much time you can afford to dedicate to your business and what level of service you can provide to your clients. Then do that consistently. Don’t do this business for three or four weeks, then take a month off or do it for two months, then take two months off, etc. Your clients will get upset; your sales pipeline will stay empty; and your residual will never build.
2. Accept the fact that you will need the processor to provide most of the service. Don’t tell your customers you will always be available because you wont be. Have a voicemail that provides the contact number to tech support. If a customer contacts you, you might need to call tech support and have them call the customer to handle the problem. If you only have ten or twenty hours per week to sell, you might need the processor to do the installation / reprogram and training over the phone. Then you can spend all of your time selling.
3. Get a job, not a career. Keep the main thing the main thing. Before I started selling credit card processing services, I was making $70,000+ per year as a successful sales manager. However, after I started selling in this business and had to get a part time job, I got an hourly evening job paying $12.00 per hour plus commission. It was a dead end job, and that is exactly what I wanted. Telling my friends and business connections about the job was really embarrassing because it was a huge step down from the type of job I could get. Many of my contacts said, “Come work for me if you need money!” But they didn’t want me to clock in and clock out while remaining focused on my business. They wanted my focus, strategic planning, and emotional energy, all of which were not for sale but were reserved for my business.
I once got this good advice from a successful business person, “Think of your life as if you have a huge tank of energy and focus. Every time you do something, you drain an amount out of that tank. You can’t be successful if you are spreading that energy and focus all over the place. Successful people pour most of the contents of their energy and focus tank into one area.” Business is hard; you should know that going in. If you are not ready for that, you shouldn’t get into this business or any other business. Be prepared to be broke and stressed, but don’t take the easy out. Don’t allow yourself to take the career job you get offered if your dream is to succeed in business.
A few years ago my brother-in-law purchased a business from me which I had started from scratch. He asked me, “What is the hardest thing about being in business?” Without hesitation I replied, “Staying in business; not taking the unlimited off ramps with which you are presented.” The skill, determination, and self motivation needed to be even slightly successful in business is worth a lot of money in the job place and, honestly, pays a lot better for the first two to five years of your business.
The merchant services industry is one of the best long term businesses you can find, but the toughest thing is sticking with it. Are you prepared to do what it takes? Are you prepared to cut back your expenses for your business? Have you spoken with friends, family, and your spouse or significant other about the sacrifices that must be made? Are you ready to humble yourself and start back at the bottom?
What are you unwilling to do to keep your business alive? I am unwilling to compromise my marriage or my relationship with God to keep my business alive. If I felt God leading me in another direction or if my wife said she couldn’t deal with the business and felt I needed to step back from it, I would sell the business tomorrow. Other than that, there is no task I am too good to complete; no price I am not willing to pay; no amount of embarrassmentI am not willing to endure; and no amount of hours I am not willing to work to make my business grow and prosper. I know I got a little off point with this article. But I feel like the only way to really succeed part time is to have a dream of going full time because this business doesn’t sit well in the back seat. This business must be a full time focus even if it is currently a part time work.
If you are working part time, stick with it! You may need two or three years of part time work to build a significant residual income, but the success will be worthwhile if you can stay with it! Post a comment below this article if you have a story that would be an encouragement to others who are just getting started, or share your commitment to your business to motivate the rest of us!
James Shepherd email@example.com
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