Maximizing Upfront Earnings in Payment Processing | w/Rich Norton

Watch this interview with Rich Norton:

Why Upfront Money Matters

For new agents, building residual income takes time. While residuals are the long-term goal, upfront earnings provide financial stability in the early stages of your career. As Rich Norton emphasizes, it’s important for agents to find a company that offers strong upfront compensation while they build their book of business.

“I’ve had many representatives reach out to me saying they want to succeed in this business but feel they might need to work part-time or full-time jobs while building their residuals,” Rich explains. “But that’s not necessary. You can make significant upfront money while growing your long-term income.”

Different Types of Upfront Money

Rich highlights how companies like Payrock offer generous upfront bonuses. For example, Payrock offers a $250 bonusfor traditional processing sales, regardless of volume, and a $500 bonus for other services like surcharging and consumer choice programs. These bonuses provide immediate income, which is critical for new agents who need to make money right away.

But it doesn’t stop there. Hardware options like equipment rentals and leasing also offer lucrative upfront commissions. Depending on the equipment and program, agents can earn anywhere from $200 to over $1,000 per deal. Rich mentions one of his executive team leaders in Wisconsin, whose agents are averaging over $800 in upfront earnings for each merchant they sign up.

Flexible Compensation Options

When it comes to upfront money, flexibility is key. As Rich explains, the combination of upfront bonuses, equipment rentals, and leasing options offers multiple ways for agents to earn. For instance, rental programs can provide a steady income stream without burdening the merchant, while leasing options can offer higher commissions. These options give agents the ability to customize their approach based on what works best for the merchant and the business.

However, it’s important to understand the economics behind these programs. “Leasing and rentals aren’t inherently bad,” Rich says. “It’s about finding the right fit for the merchant. If done right, they can be valuable options.” Whether it’s a lease or rental, agents need to ensure that the deal benefits the merchant while helping them maximize upfront earnings.

Can You Earn Six Figures in Your First Year?

One of the most exciting aspects of payment processing is the potential for significant earnings, even in the first year. Rich affirms that with the right combination of upfront money and residuals, it’s entirely possible for agents to reach six figures in their first year.

He explains, “A new representative could easily sign two or three merchants a week and earn between $1,600 and $2,000just in upfront money. Multiply that over a year, and you’re looking at six-figure earnings. The opportunity is real.”

Key Takeaways for New Agents

1. Look Beyond Residual Splits: Residual income is important, but upfront money is what will sustain you in the early stages of your career. Make sure to align with a company that offers strong upfront bonuses and commissions.

2. Understand Compensation Options: Whether it’s bonuses, equipment rentals, or leasing, make sure you’re well-versed in the different ways to earn upfront money. Each option has its place, and the right combination can significantly boost your income.

3. Think Long-Term: While upfront money is critical, remember that you’re also building a book of business. As residual income grows, you’ll be able to enjoy a stable, ongoing income stream.

4. Focus on What’s Best for the Merchant: Make sure that your equipment and service recommendations are tailored to the merchant’s needs. This builds trust and ensures long-term relationships.

Conclusion

Upfront money is a key factor in building a successful payment processing career. By understanding your options and aligning with a company that offers strong compensation structures, you can earn substantial income while growing your residuals. Whether through bonuses, rentals, or leasing, the opportunities are there for new agents to thrive.

Stay tuned for more insights in our Payment Processing Basics series, where we continue to explore the essential building blocks of success in this industry.