What are merchant services? While the term can mean anything related to payment processing options, normally when you hear the phrase the kind of processing being spoken about is related to debit and credit cards. Every time you swipe a card, whether at a convenience store or a high end boutique, you’re using merchant services.
Because the net is so wide, the business is obviously alluring. A sales career in merchant services can be a great business opportunity for those who want a lucrative career based on finance, availability and the opportunity to sell to so many stores – but this is just a basic overview of why merchant services may be right for you. These five reasons will go a little more in depth and detail about the rewards that you can bring home with a career in merchant service sales.
1 – The Prospect Pool
When you go to a restaurant or to go clothes shopping, how do you pay? It’s likely you either use cold, hard cash or you swipe a debit or credit card. Now think of five other stores you go to. Don’t you pay in the same way? It’s also more likely that you use some sort of plastic to pay – while cash and checks are waning in popularity, credit cards are still a very popular financial option for most Americans and debit cards have become one of the most commonly used forms of payment.
Because of this, many businesses don’t want to neglect a very large customer pool that is more likely to carry plastic than cash, coins or checks. Even small businesses like food trucks or small booths are getting more in tune with simple credit card processing systems. When they don’t conform to the popular form of payment, they don’t make money.
This is one of the main reasons that merchant services can be so profitable. There’s constantly a new small business springing up, and these small businesses need merchant services to widen the financial net they cast for customers. A business that only takes cash is a business that only snags a few customers. This makes them ready and willing to use merchant services to make more money.
2 – The Industry is Built On Change
Imagine two businesses. One is dedicated to growing as the market changes, while the other is set in their ways. When you peer 10 years into the future, the flexible business is more and more likely to continuously get a stream of new customers as it adapts to changes. The stagnant business, however, will retain loyal customers, but the new customers will have dried up – everyone has moved on to bigger and better things, just like that first business.
The merchant services business is founded on innovation. As financial options change, so does the business of merchant services.
3 – Your Financial Security
So you already know that the prospect pool is one that’s essentially never-ending. With this idea comes many different benefits for a merchant services salesperson. Because the customer pool is virtually endless, this means you have absolute financial and job security. Merchant services are to the world of business as food and water are to your everyday life – absolutely necessary.
This is especially fruitful when you sell based on commission and residual income. Unlike some jobs that ask for certain quotas, it’s so much easier to make sales when your pitched product is merchant services.
4 – The Sales are Easier
In line with number one, again, you’ve already been told multiple times that merchant services are something of a necessary aspect of business. When a product is necessary, it’s easier to sell it. Go back to the food and water example. Imagine you’re talking to a person about their need for water, versus their need for a 12-piece luxury cutlery set. You’re going to have an easier time selling a necessary item than something that’s more of a specialty case.
Merchant services are simple to sell because businesses need it. You’ll need to make business specific pitches, of course – but you’ve got your foot in the door with the product alone.
5 – It’s Easy to be an Expert
If you didn’t previously know what merchant services were prior to this article, then it might have sounded a bit daunting – what are merchant services, what all does it entail, etc.? In reality, merchant services are very easy to understand with a little bit of information and the willingness to learn about products and plans.
Being a salesperson means knowing a lot about a product that you’re selling, and merchant services is one where you can easily get up to date in a snap. While the industry is innovative, it’s not hard for anyone interesting in selling merchant services to learn about the products involved, the plans a business provides to customers and the current market trends.
To learn more about a career in merchant services, watch our Orientation video or call with questions 1-800-531-8575 x 100