The Ideal Sales Agent Program in the Payments Industry Does Exist
As exciting as it can be to begin a sales career in merchant services (or credit card processing), there’s a lot to learn before mastering the payment processing industry. Without the proper reseller support, navigating this lucrative, yet intricate industry will be more difficult than necessary. And although merchant services pricing is notoriously complex with several pitfalls that newly-minted sales agents can potentially fall into without proper training, many payment processors offer agent programs that are designed to help new agents get started. With that being said, some agent programs are better than others.
See below for the top features that every merchant-services agent program should have:
1. An Informative Course on Industry Terms
Interchange, basis points, PCI compliance—these are just some of the terms a sales agent in the payments industry needs to know to become successful. Additionally, becoming familiar with the names and functionality of different credit card processing devices, such as point-of-sale systems and EMV-compliant terminals, are crucial elements to an agent’s success.
An agent program should include a detailed course on industry-related terms and topics to help new agents learn as much as possible. A comprehensive agent program will make it easier to explain the rates, fees and programs the company offers as you meet with potential merchants. The better this information is understood, the easier it will be to communicate comfortably with a client. With the CardConnect Agent Program, agents are equipped with the tools they need to succeed and win new business - including onboarding training, monthly educational webinars and dedicated 24/7 support.
2. Training on Pricing
Pricing is a topic that can easily confuse even the most sophisticated and number-savvy professionals. To make matters worse, industry providers often veil their pricing structures on monthly merchant statements to keep customers in the dark about what they’re paying and why - preventing competitors from identifying savings opportunities.
Those who understand industry pricing and can dissect different account types will have a clear advantage over those who don’t. Providers that offer clearcut training on merchant services pricing are sure to give agents a competitive edge over the competition. CardConnect is dedicated to providing merchants with easy-to-understand statements backed by 24/7 support so that businesses can better understand their account and feel confident in their relationship with their payment partner. Better yet, we have a team that’s dedicated to helping agents understand the different pricing structures that are available to their merchants.
3. A List of Key Benefits Offered to Clients
Once you have the terminology down, agents should then learn the specific ways in which their payments partner stands out from other merchant service providers. For example, CardConnect grants merchants access to the CardPointe platform, which offers next-funding, free online reporting, surcharging capabilities, customized processing solutions and a variety of account add-ons, such as accounting and shopping cart plugins. These features are key to winning new business, so it is important to understand and convey this information to prospective clients. Without being properly informed of such benefits, it will be nearly impossible to make an effective sales pitch.
4. A Step-by-Step Breakdown of the Sales Process
Every merchant service provider has a different sales process agents must follow. Without a step-by-step guide explaining what that process entails, new agents are likely to face unnecessary challenges. Process breakdowns give agents a better picture of the agent-to-payment processor relationship, outline their roles and responsibilities and inform agents what should be expected. An online repository is a great resource for this very concept! The CardConnect Agent Portal houses all information that is central to the agent experience - from our support team rosters to operational documents, product information, user guides and a completely stocked marketing library - this site backs agents with unbeatable support every step of the way.
5. A Clear Explanation of Commission and Residuals
An agent program should clearly lay out how agents will be paid. Just as sales processes vary from provider to provider, merchant services commission structures and reporting details can vary drastically. Some companies, for instance, offer monthly residuals to their sales agents for as long as that merchant is an active client. Other companies may pay upfront bonuses for signed deals and offer little to no residual income. At CardConnect, we understand that there is no one-size-fits-all solution when it comes to agent commission programs. Not only are commission plans customized to fit each agent’s needs, we offer residual and commission reporting and calculations with line-item detail via the CoPilot portfolio management portal, which was created exclusively for our payment partners.
However the agent commission and/or residuals operates, it’s important to completely understand how that system works to maximize earnings. Ask your potential processing partner to view a sample commission statement, and be sure to find out how they handle agent questions about commissions.
Looking for a payments partner you can lean on? Click here to learn more about partnering the CardConnect Agent Program!