Yes this is true. I can show you, the reader, how to make a 6 figure income selling over the phone. For my blog purposes we will focus on the credit card processing industry. Hopefully you haven't clicked your way out of here. Reason why i say this is because as a merchant level sales (MLS) expert, my experience when ever you mention merchant services over the phone, or to people you meet there entire posture changes along with the tone in voice. Most of my friends in the business are millionaires and most of them have of them come from a sales background. Either way its not a must. What is required is the desire to learn and the commitment of working hard. I started this portfolio in 2013 and grew it to over 540 merchant accounts. They process over 300 million in volume with over 95000 transactions each month. This brings in over 60k in residual revenue each month which is shared. Last year i made a little over 300k. Not bad for someone who was kicked out of high school and eventually settled on my GED.I would like to think this would qualify me as a expert in merchant level sales (MLS)
STEP 1 If you are considering a career in the merchant service industry, my advice is to do research on a company that is a registered ISO or sub registered ISO. This is the license per say from the bank or banks that allow your business to sell there product. This is important for several reasons but to keep it simple, we will say the true cost of the service you are providing is called the schedule A. This is determined by the banks and is a little different for each company because its based on sales, volume & clicks. The more buying power a company has, the better pricing you will get as a sales agent or agent office. There are some ISO's who pass there cost on, and then have the nerve to mark up certain areas of the fee schedule, to make more money, which means you will have to factor that in when closing a merchant. Fortunately if you are new to the industry we are offering turn key solutions for all BBS merchants and strategic partners. I'm passing through my cost/schedule A to you ALL who decide to do business with me. No buy rates. If you aren't sure what that means give me a call or shoot me an email. You will also want to make sure that there aren't any monthly minimums on a deal count they require. I would also advise you to ask about any sort of value add services and if you share in the revenue on those products. Some do and many don't. We do because as a sales rep who worked his ass off, we wanted to make sure we share on all services.
Step2 Cost is important but if you aren't a tech savvy like myself, a "back end" is a major deciding factor. Let me tell you why. We make money when the merchant processes credit cards. It is ours/yours job to make sure they can process with out interruptions. Because no processor is perfect. There will be times when merchants call in because there equipment or technology is down. This means they can not accept payments during this time. This is usually handled via phone where a tech can log in remotely and help troubleshoot the issue and get them live again and processing. In the old days we did it all including servicing at times. Thankfully that won't happen with our team. Our back end is the best in the business and I just don't say that because its ours. It consists of very seasoned techs with years of experience. We actually have an online ticketing system that will allow issues like this to get handled in a very timely matter. If its a big merchant that needs help right away you can always call me and i will make sure its handled right away.
STEP 3 This next step is the reason why i'm starting the blog. I've had a few sales jobs over the years. In my experience most companies just kind of throw you to the wolves and expect you to figure it out. I've never understood this because most companies are successful due to their sales teams. Here are a couple stats for 2019 I found online that support my statement.
"The average company spends $10k-$15k hiring an individual and only spends $2k per year in sales training." -Brevet company stat
"Sales professionals with 3 to 4 years of selling experience spend 50% more time on training than those with 2 years or less and 110% as those with 5 years or more." -Hub-spot
If you want to thrive in an industry that has no ceiling from a compensation stand point, my advice is to opt into our blog and submit your email and contact info. Come join us as we crush this journey together. Sales is an art and in order to become good at it you must train and practice. I always like to use sports as an analogy when talking sales training. In baseball in order to become a good hitter one must swing the bat constantly. This means going to the gym to get stronger and the batting cages to get your timing down. Same thing in sales. You must constantly train. In baseball your muscle memory helps you swing with the right timing and power. In sales one must be quick with his responses or rebuttals and that only comes through practice and training. If you could learn this craft of sales over the phone and become really good at it, you will be able to get a job in sales anywhere whether its merchant services or hustling stocks on Wall St. We have developed many strategies and sales techniques that work and will help you achieve results you desire. We will be blogging on many topics to help the "rookie" that may be new to sales game or merchant services. If you are a seasoned sales agent from a different industry or merchant services, don't worry because we can also help you polish your game and increase your sales/goals. If any of you have specific things you would like to touch on or bring to my attention please do. Please look out for our next blog as we will touch on some exciting things like niches and who you should call or prospect after. Oh yeah and pitches. Hopefully this helps for those of you who are considering a bank card career and what to look for when partnering with a back end.