If you’re like most people, you swipe your credit or debit card at checkout without ever once giving thought to where the machine you’re using came from. Like with any everyday object, you just take for granted that the credit card processing machine will be there when you need it … And it will be, thanks to merchant account solutions and POS providers.
The Need for Merchant Service Reps
When people asked you what you wanted to be when you grew up, chances are that saying “to become a POS reseller” was far from your mind. After all, who dreams of selling credit card machines for a living? Though it may not be a glamorous title, the following statistics may convince you that selling credit card processing solutions to local merchants isn’t such a bad gig after all:
- 70% of consumers prefer to pay with card versus cash.
- Only 14% of people prefer to spend with cash.
- Only 10% of consumers make all of their purchases with cash.
- More than three-quarters of Americans have at least one credit card, while the average cardholder has four credit cards.
- When people use case, the average purchase total is $22. When they use card, the average purchase total is $112.
- More than one-third of individuals say that cash is “inconvenient.”
The statistics go on and on, but the bottom line is, plastic is preferable over paper. Credit card processing machines are no longer an option for merchants — they’re a necessity if a merchant hopes to stay in business.
Jobs as a POS Reseller
If you elect to explore credit card processing careers, you’ll find that you have several different options. Two of the most popular include a full reseller or a referral partner.
As a full reseller, you would essentially run your own business that is affiliated with the credit card processing company. As the business owner, you would be responsible for identifying new merchants, submitting quotes and proposals and building and maintaining client relations. The services provider will take care of the rest, including fulfillment, support and shipping.
As a referral partner, your job is simply to submit leads to the merchant services provider. The provider will follow through with the lead and, if the sale closes, give you a commission.
Making Money as a Merchant Services Rep
Making money as a POS reseller comes down to which merchant services company you choose to partner with. Too many providers overpromise and underdeliver, so you want to make sure your affiliate is someone with a long-standing reputation of providing honest and superior services. For instance, if a company promises cash discount credit card processing, check out reviews to make sure that’s true. Business owners are more likely to switch processing companies if it means switching to one they trust, recommended by someone they trust.
Once you partner with the right company, the sky’s the limit. As your own boss, you decide how often you work and how hard. That said, even individuals who sign up just a handful of low-performing accounts each month generate up to $500 in supplemental income. Imagine how much you can make if you sign up 10, 20 or even 50 high-performing accounts. The dollar amount would soar into the thousands.
Working as a POS reseller or referral partner is not for everyone. However, if you believe it’s right for you, look into a reputable program today.