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2 Responses to “Have you ever worked for a credit card processing company as a representative?”

1. stymiee says:

   July 6, 2009 at 8:36 am

   Hi, I worked for a registered ISO/MSP for Visa and MasterCard (six years) and have done sales so I speak from experience.

   You can make good money but it won’t happen right away. The real money comes from residual income on the merchants you acquire. Although you can make money from selling credit card terminals that will only be enough to put food on your plate while you build up your portfolio.

   As you build your portfolio your monthly income will grow accordingly. On average a typical merchant will make you about $25 per month. So when you are first starting off the residual income won’t be enough to support you. But as your portfolio grows to about 100 merchants that residual income will now be $2500 a month or more which, when combined with your terminal sales, is enough to make a living. The average sales agent brings in 5 – 8 merchants per month.

   Of course, your goal is to have as many merchants as possible in your portfolio and to land as many "big fish" as you can. Landing high volume merchants will make you much more money then landing start-up ecommerce websites as they tend to perform poorly. You also need to make sure you bring on enough new merchants to help offset the ones that leave you. Just like you will be stealing merchants from other sales agents, they will be doing the same to you.

   If you plan on soliciting merchants directly a work week is never less then 40 hours if you hope to keep generating leads. You’ll be spending half of your time generating leads and the other half making your sales pitch to the leads you have generated. Competition is fierce and merchants are reluctant to switch so don’t be surprised to be turned down frequently.

   I run the site below if you need to verify my knowledge.
2. guneet says:

   July 6, 2009 at 8:36 am

   I have not worked as such with these companies but i will suggest you to read all the terms and policies before you sign any deal or contract with them. You need to be very careful because they may misuse with your resources.