The payment processing sector is predicted to grow at a compound annual rate of 10.2% between 2021 and 2026. And while that growth is projected, many business owners are still using yesterday’s processing methods—which can negatively impact their sales and customer experience.
This is where agents can come in. They help pair merchants with the right payment processing partner. Also known as a credit card processing agent, merchant services reseller, or merchant services agent, agents work for a payment processing provider or larger ISO to build business.
So, what’s the key to success as an agent selling to business owners? Start with these four tips if you’re just getting started in the business, or are well into building your portfolio.
- Know your product.
A sale is far more likely when it’s clear the seller is knowledgeable, and can answer questions confidently about the product. Spend time understanding the ins and outs of payment processing—then, get to know the product you’re selling. Knowing beyond the basics will position you for success.
- Consider choosing a merchant niche (or two).
By choosing a market niche, you can quickly become an expert in it. For instance, an Agent or ISO may wish to focus solely on software-as-a-service (SaaS) technology providers. This enables them to become knowledgeable on SaaS companies and their payment processing challenges, whereas focusing on multiple industries at the same time makes it a lot more difficult to specialize in one or two in particular.
You may also wish to include a second, similar niche to your main one. For instance, hotels pair well with travel.
- Know your merchant.
While each merchant may have payment challenges specific to their business, they predominantly face the same payment management obligations. The right processing provider can equip you as the agent to solve these problems with purpose-built features.
- Choosing the right payments processor.
When searching for the right payments partner, products and technology are important. But you’ll want support from your partnership, too—whether it’s technical, marketing, or sales. It’s smart to work with a partner who focuses on the person selling their product.
All in all, it’s about finding the right people—and space—to work with. The CardConnect Partner Program is a channel dedicated to agent success. With access to the Fiserv tech stack, product education, industry-specific marketing collateral, and a network of helpful people who know payments, the CardConnect Partner Program may just be the perfect payments partnership to grow your Agent/ISO business
