Mindset for Success (w/ Rich Norton)

Watch this interview with Rich Norton:

The Business Mindset

When entering the payment processing industry, it's crucial to adopt a business-oriented mindset. Rich emphasizes that representatives should view this opportunity as running their own business rather than just a job. This distinction is fundamental for success.

He explains, "We put you in business for yourself, but not by yourself." Unlike traditional franchises, which require substantial upfront investment, the payment processing industry offers a low barrier to entry. However, this doesn't mean there are no investments to be made. The key investment here is commitment.

Rich points out that this business can be as big as you want it to be. There are representatives making substantial incomes—some even reaching $50,000 a month within five years. The potential is vast, but it requires thinking big and understanding the magnitude of the opportunity.

The Sacrifices and Investments

While there isn't a significant financial investment required to start in payment processing, there are personal and lifestyle investments. Representatives might need to scale back their lifestyle temporarily, communicate with their families about potential stresses, and fully commit to building their business.

Rich underscores the necessity of treating the initial phase with the seriousness it deserves. "You may have to invest in maybe even scaling your lifestyle back a little bit for a few months while you get going," he advises. This period of sacrifice is critical for long-term success.

The Job-Like Commitment

Interestingly, despite the entrepreneurial nature of the business, Rich highlights the importance of treating it like a job. This means adhering to a structured work routine and dedicating significant effort and time. "You have to treat this like a full-time job," Rich states, stressing the need for a disciplined approach.

To be part of the top 10% or even the top 1% of successful representatives, one must be willing to do what the majority are not. This includes early mornings, consistent daily efforts, and unwavering commitment. Rich shares his personal story, illustrating that his success came from going "all in" and treating his work with utmost seriousness from day one.

Holistic Success

Success in payment processing isn't just about financial gain. Rich advises maintaining overall well-being, including physical health and personal development. Eating right, getting adequate sleep, and staying fit are essential components of a successful and balanced life.

Rich's formula for success involves daily goals and consistent efforts. For instance, he suggests carrying 25 business cards daily and making a commitment to talk to 25 businesses each day. This relentless pursuit, day after day, builds a foundation for long-term success.

Conclusion

The right mindset is pivotal in the payment processing industry. Viewing the opportunity as a business, making necessary sacrifices, and maintaining a job-like commitment are crucial steps. By adopting a holistic approach to success, including personal well-being and consistent effort, representatives can achieve remarkable results.

As Rich Norton aptly puts it, "It's not about the money anymore. Now I'm on a level in life where I can go to a higher level and help other people." This mindset not only drives personal success but also fosters a culture of mentorship and support within the industry.

Stay tuned for more insights and expert advice in our Payment Processing Basics series.