If you are a merchant services salesperson, how do you choose the processor to work with who will give you the most residuals for your effort?
Most salespeople choose to sell for a processor who gives them the best percentage split for their commission share of the merchant payment processing.
And I ask them—percentage split of what? And they can’t tell me.
They have no idea how much their processor skims off the top before giving them their split or what the split is even based on.
- How many basis points does your processor split off themselves first?
- How much of the transaction fee do they keep first before you get your split of the rest?
- Is it 3 cents? 5 cents?
- If you write the merchant up at a 10-cent transaction fee, are you getting a split of 5 cents or 7 cents?
- What about the monthly fee?
- Are they keeping the first $10 of your $12.50 monthly fee?
- What about PCI?
- How much do they keep of that?
The processor should provide you with a Schedule A, which is an outline of all the buckets of processing fees in which the salesperson can earn a commission.
- Know your Schedule A.
- Look at the whole picture of categories where you can earn commissions.
- This is the best way to compare.
A strong payment processing system should also provide seamless online payment processing options for your merchants.
📞 Give me a call, Ginger Gaye, at 505-362-0837 if you want to compare your current situation and are considering a switch.
Here are some other considerations in choosing a processor who retains merchants for the long term:
✅ Does your service and support help retain your merchants?
✅ Or are your clients frustrated after getting off a tech support or customer service phone call?
✅ Is your current processor honest and transparent about fees?
✅ Do they raise rates and fees on your merchants every six months with a tiny notification buried in fine print?
✅ Are they locking merchants into large lease payments for four years?
✅ Does your processor pay out bonuses?
I invite you to check out my YouTube videos below:
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We are actively looking for experienced merchant salespeople who aren’t being treated right by their current processor and want to skyrocket their portfolio income.
I look forward to talking to you—bye for now!
