Making money in merchant services

Here are four tips. Read the previous blog post. Be honest with yourself about your motivation. In all honesty, sales people in merchant services do not truly want the BEST deal for the merchants. The BEST deal for merchants would be a free terminal, zero transaction fee, and zero basis points mark-up. But IS that what mercchant want to offer them? Would that make you happy? Sales people are not running a non-profit.

Make Money With Merchant Services

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. 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. When you go to a restaurant or to go clothes shopping, how do you pay? Now think of five other stores you go to. Even small businesses like food trucks or small booths are getting more in tune with simple credit card processing systems. This is one of the main reasons that merchant services can be so profitable. A business that only takes cash is a business that only snags a few customers.

Make Money and live the lifestyle that you deserve with merchant services!

This makes them ready and willing to use merchant services to make more money. 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.

Merchant Services Careers: Selling a Product

First of all, you need to understand that there are several different types of compensation you can make in this industry. So, what does all this mean for the agent? 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! If you are reading this article and you are currently making more than this, my guess is that you are selling leases. Most of the larger processors in the US market now provide a free loaner terminal to the merchant when they sign up, however there are still many processors who sell the terminal on a lease. Because leasing a credit card terminal is so profitable, the commissions paid out are usually high, but make sure you understand the value proposition for the merchant. Some processors offer higher monthly savings to offset the cost of the lease in order to front load their profits but this can backfire so make sure you understand what you are selling. Many sales people in this industry sell for between 2 and 5 different processors and each processor has various programs which makes choosing the right program while standing in front of a merchant very complicated. Most of the top sales people in the industry use a tool like our Instant Quote Tool to compare all of the programs they sell instantly to see which programs offers the right blend of up front bonus money, residual compensation and savings for the merchant.

Merchant Services Careers: Providing a Service

There are unfortunate stereotypes associated with salespeople, and credit card processing salespeople and the companies that support them are saddled with the very worst of them. Most merchants who have been accepting credit cards for any length of time have felt deceived, misled, and even lied to by merchant services sales agents. They report having been promised incredible savings, only to find that these savings never materialized. And many also report seeing their rates increase outside the terms of their original contract. Any sales agent who has been in this industry long enough knows that the key to building long-term success and wealth as a credit card processing sales agent is to sign lots of merchants and keep the ones you sign. Because you get paid every month based on the volume and transactions your merchants process, the more merchants you have processing, the better. And those who do it well get paid handsomely for their efforts. But it takes hard work, determination, sales acumen, and even a little bit of luck. In order to increase your likelihood of success, , consider following these helpful suggestions. The pricing structure of credit card processing is very complicated. Few merchants are able to make sense of their merchant statement. And perhaps more surprisingly, many industry-experienced sales agents are sketchy on the details as well. There are two glaring concerns with that. The best sales agents in the industry can tell you within a few pennies how much profit is built into a merchant account after reviewing a recent statement.

Transfers through Western Union

Yours, Ikajo International. How to create a merchant account Merchant account. How to collect money You can collect money at any Unistream location in 10 minutes after it was sent in rare cases transfer may take more time. Among others are the monthly and decline fee, as well as chargeback and refund fees. Here is an overview that will help you determine some of the key characteristics of fraudulent transactions: Inconsistent Delivery Address. Thank you for the subscription! Common limit for transfers by one person from several Wallets is , rubles a month. Love it, but how toopen account with u an website. What is a merchant account? Pay with the card in supermarkets, in coffee shops, and at gas stations without commission. Come to the place, show your ID, tell the verification code, amount of the transfer, its currency, and sender’s full name.

How to be a successful sales rep:

It’s quick and easy to setup but the rates may not always be favourable for higher volume transactions. Don’t rely too heavily on this as many sophisticated fraudsters use proxy IP addresses that cannot be traced. For many new companies this means having an extended deferred settlement period, most established companies receive funds from their merchant account within 3 days from when the card payments were processed, for new companies that are deemed a high risk this may be extended to 30 days. The percentage of transactions taken by card. Also many merchant service providers allow you to deposit a security amount that they retain for a certain period of time to enable them to provide more favourable terms. The funds are usually held in the merchant account for a certain period of time before they are remitted to your business account. The merchant service provider may also levy a small charge for each transaction depending on the type of card used by your customer and the amount paid. A reference form a current supplier. Acquiring a merchant account is a way for a merchant to grow his business by reaching out to a greater number of customers willing to pay for his goods and services with a credit card, not cash. Companies like BitPay. Wait a little bit and our managers will contact you. The transfer number will be saved to your History view the operation details. Free Email Accounts. We will show amount of the commission.

Cancel Confirm. How does it work? What are Merchant Accounts? The funds are usually held in the merchant account for a certain period of time before they are remitted to your business merchat. The merchant service provider may also levy a small charge for each transaction depending on the type of card used by your customer and the amount paid.

How do I setup a Merchant Account? Servides are currently nine banks in the UK offering merchant services to businesses looking to accept card payments, these are often referred to as acquiring banks. The merchant service provider will require a range of swrvices to enable them to make a decision as to whether they can provide you with a merchant account and the terms under which this account will be operated. You may be asked to provide any of the following information when completing your application.

You current or projected turnover Business accounts Average transaction value Mercuant of transactions The type of product or service you are selling The time expired between the point at which the payment is taken and the point when you complete the order merchnat service.

The percentage of transactions taken by card. How your product or service is delivered to the customer. A reference form a current supplier. It takes around one to four weeks to open a merchant account. Each business is considered on a risk basis and the terms that are offered will reflect the risk involved in supplying your business with a merchant account. What are the alternatives? There are now so many new services appearing to allow payments to be collected electronically.

If you’re looking for a quick way to collect payments without the need to setup a merchant account, you could mercchant a service like GoCardless. GoCardless provide an innovative solution that allows payments to be made directly through the banking. They offer a very low flat rate and all payments are backed by the Direct Debit guarantee.

GoCardless merchqnt fully integrated into the free accounting system Quick File and allows you to raise one-off payments and Direct Debits with ease! You may also wish to use a service like PayPal or Stripe. Both PayPal and Stripe are ideal for occasional use. It’s quick and easy to setup but the rates may not always be favourable for higher volume transactions.

It’s also worth exploring BitcoinBitcoin is radically different to any of the other services in that it’s not a company but rather a decentralised network that maintains a public ledger of transactions, the fees are very minimal and bitcoin solves the problem of international payments makimg it works as a currency in it’s own right. Companies like BitPay.

What terms can you expect when opening serviced new account? It is important to remember that every business is considered on its individual circumstances. As many new companies looking to acquire merchant services do not have any trading history these are deemed as a higher risk to those that have been trading for some time. Below are a number of factors that may result in less favourable terms: Online payments.

Payments made online may be subject servicds a higher risk of fraud as they are more anonymous than a card payment made over the phone or in a shop. The higher your current or estimated turnover the higher the risk involved in supplying merchant services. Unfortunately there are unscrupulous individuals who collect payments through a business identity and disappear without fulfilling any of the orders. Although this is rare, is does happen and the banks are left to recover the loss.

Time to completion. Companies that have an above average amount of time from when they take the payment to when the order is fulfilled are deemed has higher risk for reasons similar to those mentioned in the above point. When the merchant service provider has assessed the risk involved in supplying your company with a merchant account they will issue a set of terms under which the services are supplied. For many new companies this means having an extended deferred settlement period, most established companies receive funds from their merchant account within 3 days from when the makjng payments were processed, for new companies that are deemed a high risk this may be extended to 30 days.

Also the individual transaction costs may be higher for none-established businesses. If you merchanr reading this and thinking that the merchant service provider will consider you a high risk then don’t worry. All new businesses are considered as a high risk and the terms that are issued when you open your i are not cast in stone and you will be able to renegotiate these terms with your provider when you build up a trading history.

Also many merchant service providers allow you to deposit a security amount that they retain for a certain period of time to enable them to provide more favourable terms.

You can even earn interest on iin amount while it is in their possession. What are Chargebacks? Chargebacks occur when an individual has purchased a product or service from your business and later raises a dispute with their bank relating to the fulfilment of the order, this may be because the customer has not received what they have paid for or what they have received does not match the description that was available at the point of sale. Chargebacks can also occur when a fraudster uses your business to purchase goods with a stolen credit card.

How are Chargebacks processed? Here is a brief series of events that occur before a chargeback is processed in the event of a customer grievance: The customer takes up his or her dispute with the business that they made the original purchase with in order to recover part or all of a funds they have paid to the company.

If the company fail to satisfy the customers request then the customer may then take up the dispute with their card issuing bank, at this point the bank will not take the dispute further unless the customer has tried to resolve the meechant amicably with the company i. If the issuing bank is satisfied that the customer has carried out all reasonable steps to attempt to recover the funds amicably then they may raise a request for further information RFI with the companies acquiring bank.

The acquiring bank then advises the company that they have received an RFI giving details of the transaction and the nature of the claim being. The company must defend its case by providing supporting documentation in defence making money in merchant services the company’s actions.

Ultimately the banks will make a decision based on the information provided from both sides and either initiate or cancel the chargeback.

If the chargeback is initiated the company’s acquiring bank servicrs take the money from the company’s merchant account reserves and send it back to the card issuer who will in turn credit the customers card. The process would be similar in the event that the dispute relates to a fraudulent transaction, the difference being that it ma,ing usually a cut and dry case and the company will not be in a position to defend the claim.

Protecting yourself against credit card fraud. Credit card fraud is one of the largest risk factors in taking credit and debit card payments and costs UK businesses nearly half a billion pounds each year. Merchant service providers are always looking to implement new measures to reduce the risk of fraud but unfortunately due to the anonymity of modern communications it is difficult to keep ahead of the increasingly sophisticated methods used by fraudsters.

Here is an overview that will help you determine some of the key characteristics of fraudulent transactions: Inconsistent Delivery Address. If you are delivering high value items you should only deliver the goods to the address where the payment card is registered.

Most merchant service providers will have tools to flag transactions that have been made with inaccurate billing addresses. Inconsistent Card Verification Code. Credit and debit cards have a small code on the signature strip that can be used as additional security when making payments. The merchant service provider can flag a transaction where the CV code does not resolve with the card. Many fraudsters never gain physical access to the card, they simply buy the numbers for a given card on the black market, it is less likely that they will have access to the CV code along with the card servicse and expiry date so you should always use the CV number as an extra check.

A lack of concern when spending money. Many fraudsters have no regard for the money they are spending. After all they never worked hard to earn the money in the first place so why should they be bothered. The simple message here is be suspicious of individuals who do not hold reservations or pay much attention when parting with money.

Big businesses invest millions in parting consumers with their money it is rarely ever easy and if it is then it’s probably not the kind of money you mrrchant to be taking. Quick delivery. Beware of individuals who push for a quick delivery or fulfillment of an order.

We all like to get what we have paid for in the least amount of time as possible but a pushy customer in this respect may indicate that they are trying to take delivery of the goods before you can realise that their payment is fraudulent.

High risk countries. There are certain countries that are considered a higher risk in terms of fraud. Some of these high risk countries include developing nations like Indonesia, Malaysia, Nigeria, Pakistan, Israel and Egypt.

It is always advisable to be more vigilant when dealing with international orders. As more and more businesses are trading online I have also included some additional guidance on how you can minimise the risk of online credit card fraud.

Bin Check. The first 6 digits of a card number is called the Bank Identification Number BINthis number indicates the country where the card is registered and the issuing bank. Free Email Accounts. Many people these days use free email accounts as merhcant provide an easy way to access your email on the.

These types of accounts like Hotmail and Yahoo are not difficult to setup and can easily be created using bogus information. It is advisable to be more cautious when dealing with such accounts. Telephone number. Many payment systems do not make the telephone number mandatory. If the customer has not provided a telephone number then they probably don’t want you to contact them in this way, this is not unusual but it should be considered inline with the other details provided.

If the customer has left a telephone number you may like to give them a call and speak to them in person. Postcode Lookup. If you are providing a service that does not involve sending out any deliverables then you could check a customer’s postcode to ensure that it is valid and resolves to the address they have provided. IP address. Don’t rely too heavily on this as many sophisticated fraudsters use proxy IP addresses that cannot be traced. You should always consider each transaction based on the information you have at your disposal.

Occasionally customers will omit to provide certain information or may accidentally mistype their postcode or telephone number this is normal and does not necessarily indicate suspicious activity. If however a number of flags are raised then do not be afraid to contact the customer to verify their identity.

If you are dealing with a genuine customer they are likely to appreciate your commitment. Ask the customer to provide you with a fax or photocopy of their passport or credit card. If you have any serious doubts then always resort to an alternative method of payment such as a bank transfer or cheque.

Useful links You may find the following links useful in answering any further questions you may have about opening a merchant account.

How to Make More Money Selling Merchant Services

Plastic Yandex.Money Card

Are you looking meerchant merchant services careers? It can be a great opportunity to earn more money, but how do you know which career is the right option for you? See how one rep ssrvices 10 times more by making the move to Shift Processing. The truth is, only one merchant services career will make you the most money, and we have the answer waiting for you right. When considering merchant services careersthere are lots of different types of businesses Jane can sell to. Think about it. If a business provides a good or service, they will likely accept credit cards as a form of payment.