Did you know that becoming a payments agent (reseller) could be a great career move for you? But you must keep in mind that the first choice you make is the right ISO or partner program; it will have a big effect on everything that comes after it.
This includes your income, how long you are going to stay in the game, and your overall reputation in the market. Merchant service agents are much more aware of things these days than they used to be 15 years ago. Modern agents want to stay away from programs that have hidden fees, unfair contracts with merchants, bad training, and a weak residual structure.
What New Merchant Service Reseller Agents Must Know
These days merchant service resellers and affiliate agents don’t just chase upfront bonuses. They are interested in clear contracts, fair prices, and permanent vested residuals that will help them build massive wealth over time. With a good ISO relationship, reseller agents get to know exactly and clearly what the buy rates and residual splits are. They also get to know exactly when and how the residuals are paid. Good ISOs share a residual calendar with approved resellers and agents.
These kinds of programs are very reliable and usually don’t have any surprises, such as a change of portfolio or quietly reducing the residual split. Some of the best programs in the industry usually avoid gimmicks like free bonuses, which in reality are just prepaid out of the agent’s future residual. Good merchant service reseller programs also do not promote early termination fee structures that can really hurt the merchants who are referred by the reseller.
How to Rate an ISO or Partner
There is a very good chance that you want to be a merchant service agent if you’re reading this. And for that you must look at ISOs that are focused towards helping merchants. We recommend agents go beyond the sales flyer and ask the payment service provider or the ISO some very tough questions. some of these questions are listed below.
- Who really owns the merchant contract?
- Can the agent sell or give away the residual without the PSP’s permission?
- You should also ask about the exact vesting schedule and what happens if you don’t work for a few months. Which simply means that you will not be able to get new merchants for a few months.
- Another important thing to ask is how often the residuals are paid.
- Is there a minimum wire amount?
- what level of reporting do you get?
- Do you see the whole portfolio or just a summary line?
- Also ask about buy rates and extra fees in writing.
- What kind of help can you get from the ISO or the PSP?
- Do you get real training?
- Do you get live deal support?
- Do you get access to a community where you can share knowledge?
- Do you get to offer a wide range of services, such as online payment processing, cash advances, opening a bank account, retail credit card terminals, and point of sale systems?
Long-Term Income, Reputation, and Ethics
Be careful of hidden batch fees, such as price PCI fees, long-term leases, or statements that sound too good to be true. It will be good for you to work with a partner who values openness, offers prices that are good for merchants, and makes it easy for you to close deals. You will need support; remember, merchant services sales is teamwork. This way, you can keep your residual safe over time and even grow it with the help of your ISO/PSP partners.
Why community and mentorship are important
A lot of ISOs and payment processors have very active communities that help new agents. When you join a free community, you get a lot of information about marketing and sales. In these kinds of groups new agents and their mentors share scripts, ways to deal with objections, niche strategies, and tips on how to analyze real statements.
All of this is worth a lot more than just a little extra money. In these kinds of communities, mentors and senior agents, marketing experts, and psp companies employees help you avoid bad deals and also help you set up complicated accounts in the right way. The community members teach you how to make a book that looks good and can be sold later if you want to get out. Remember that in an industry that is already full, knowing people and having connections are much more important than the exact difference in your residual split.
QuadraPay Partner Program
You can look into the QuadraPay Partner Program if you really want to build a long-term, open business that will keep making money. QuadraPay is a reseller and works with many PSPs. You will get the ability to place your files with our current partners. Our partner program is built on the exact principles that you are looking for.
We give our referral partners clear written terms and conditions. They can work with many different acquiring partners on three different continents. Our agreements are always non-exclusive. Our agent partners can work with other resellers as well. Our partner network includes both standard low-risk payment processors and high-risk PSPs.
Our program will also help you with marketing. Our in-house marketing team can create landing pages and marketing materials for you. Our team will help you make proposals and will also help the merchant with the boarding process so that you can focus on selling rather than doing back-office tasks.
Our agents can work at their own speed. That means you can build up their lifetime residual at your own pace or during the hours you want to work. Agents get paid a commission for every account they get approved. Agents get commissions based on transaction volume. You can benefit from our team’s knowledge of both global acquiring and high-risk processing.
If you’re interested in QuadraPay’s Partner Program and want to know if it’s right for you, then you can email us directly at info@quadrapay.com. We would love to talk about your experiences, your favorite markets, and your goals in the industry. Email us today, and we will show you an agent program that is transparent and solid.