Entering the payments industry can be a huge career move, especially for those new to the field of selling credit card processing services. Rich Norton, a seasoned expert with 24 years of experience, recently shared insights that are particularly valuable for newcomers. This blog post boils down what Rich covered about compensation, focusing on the concept of residual income and surviving your early days in the industry.
Residual income in the payments industry is money you earn as a result of work done once; it continues to pay over time whenever a transaction occurs using a system you've set up. This passive income model is highly attractive because it can significantly grow over time, offering financial security and freedom. Rich describes residual income as the ability to "make money while you're sleeping."
Despite the appeal of residual income, the first year can be tough. Starting from scratch means your initial residual income will be minimal, possibly as low as $25 from your first transactions. Rich advises that new agents focus on programs that offer upfront payments to sustain themselves while building their residual income streams.
Rich's company provides three key programs:
These programs allow new agents to earn a lot of money upfront — potentially $1,000 a week or more — by signing up just a few merchants. This setup helps agents transition smoothly without needing to take on part-time jobs, thereby focusing fully on their new roles.
Rich highlights that there's a big chance for long-term financial benefits. He mentions that some of his agents who have been working for more than 15 years now make over a hundred thousand dollars each month just from ongoing payments, and they can also travel the world freely. These earnings are stable over time because the company's policy allows these payments to continue for life and can be passed on to others, making sure that the efforts made today will provide benefits even after one's lifetime.
Rich stresses the importance of setting goals and finding mentors for those who want to enter this field. He believes it's crucial to know how much money you need to support your lifestyle. Rich and his team help by offering clear guidance on how to set these goals.
Starting a career in credit card processing sales provides more than just immediate financial rewards; it opens the door to sustained, passive income that can secure financial independence. With proper guidance and strategies for earning money upfront, along with concentrating on creating a strong residual income, new agents in this field can pave the way for a successful future.
For more details or to join Rich's team, reaching out directly via phone or email is encouraged (full details in video).