Selling Merchant Services Part TimeApr 20
One question I get from a lot of agents in the credit card processing industry is, “How can I sell merchant services on a part time basis?” When I started as a sales agent, I started full time with a processor that did not pay well and I very quickly ran through my savings. I got an evening job in order to bring home some money for about 6 months before I was able to go full time again, so I know what it is like to work this business part time. Here are a few tips:
1. You can do this business full time or part time but not some of the time. If you want to build your business, you will need to work on it consistently and continuously. Decide ahead of time how much time you can afford to dedicate to your business, what level of service you can provide to your clients and then do that consistently. Don’t do this business for 3 or 4 weeks then take a month off and do it for 2 months and then take 2 months off, etc. Your clients will get upset, your sales pipeline will stay empty and your residual will never build.
2. Accept the fact that you will need the processor to provide most of the service. Don’t tell your customers that you will always be available because you wont be. Have a voicemail that provides the contact number to tech support and if a customer contacts you, you might need to call tech support and have them call the customer to handle the problem. If y0u only have 10 or 20 hours per week to sell, you might need the processor to do the installation / reprogram and training over the phone so you can spend all of your time selling.
3. Get a job not a career, keep the main thing the main thing. Before I started selling credit card processing services, I was making $70,000+ per year as a successful sales manager. However, after I started selling in this business and had to get a part time job, I got an hourly, evening job paying $12.00 per hour plus commission. It was a dead end job and that is exactly what I wanted. It was really embaracing telling my friends and business connections about the job because it was a huge step down from the type of job I could get. Many of my contacts said, “Come work for me if you need money!” But, they didn’t want me to clock in and clock out remaining focused on my business, they wanted my focus, strategic planning and emotional energy, all of which were not for sale and were reserved for my business.
I once got some good advice from a successful business person, he said, “Think of your life as if you have a huge tank of energy and focus and every time you do something you drain something out of that tank. You can’t be successful if you are spreading that energy and focus all over the place, successful people poor most of the contents of their energy and focus tank into one area.” Business is hard and you should know that going in. If you are not ready for that, you shouldn’t get into this business or any other business. Be prepared to be broke and stressed but, don’t take the easy out. Don’t allow yourself to take the career job that you get offered if your dream is to succeed in business. A couple years ago my brother in law purchased a business from me that I had started from scratch and he asked me, “What is the hardest thing about being in business.” Without hesitation I replied, “Staying in business and not taking the unlimited off ramps you are presented with.” The skill, determination and self motivation it takes to be even slightly successful in business is worth a lot of money in the job place and honestly pays a lot better for the first 2 to 5 years of your business.
The merchant services industry is one of the best long term businesses you can find but, the toughest thing is sticking with it. Are you prepared to do what it takes? Are you prepared to cut back your expenses for your business? Have you spoken with friends, family and your spouse or significant other about the sacrifices that must be made? Are you ready to humble yourself and start back at the bottom? What are you unwilling to do to keep your business alive? I am unwilling to compromise my marriage or my relationship with God to keep my business alive. If I felt God leading me in another direction or if my wife said she couldn’t deal with the business and felt I needed to step back from it, I would sell the business tomorrow. Other than that, there is no task that I am too good to complete, no price I am not willing to pay, no amount of embarrassment I am not willing to endure and no amount of hours I am not willing to work to make my business grow and prosper.
I know I got a little off point with this article but, I feel like the only way to really succeed part time is to have a dream of going full time, because this business doesn’t sit well in the back seat. This business must be a full time focus even if it is currently a part time work. If you are working part time, stick with it! It may take you 2 or 3 years of part time work to build a significant residual income but, it will be worth it if you can stay with it!
Post a comment below this article if you have a story that would be an encouragement to others who are just getting started or share your commitment to your business to motivate the rest of us!