Payment processing is a massive opportunity

Every business that accepts card payments uses a payment processor. In Australia, the merchant services market is worth billions, and businesses switch providers regularly in search of better rates, better technology, or better service.

For commission sales agents, payment processing is attractive because the commissions are recurring. You earn a small percentage of every transaction your merchants process, for as long as they stay with the provider. A busy cafe processing $50,000 per month can generate hundreds of dollars in monthly commission for years.

Who to target

The best prospects are new businesses that need a payment solution, businesses on outdated terminals, businesses complaining about fees, and growing businesses expanding locations or adding online sales.

Many small business owners feel they are paying too much for payment processing but have never compared rates. You can save them money and earn a commission in the process.

How to pitch it

The conversation usually goes like this:

  1. Ask what they currently pay in processing fees (many do not know the exact percentage)
  2. Offer to review their current statement and compare rates
  3. Show them the savings or additional features they would get by switching
  4. Handle the objection that switching is too much hassle (it usually is not)
  5. Walk them through the setup process

The key selling point is always savings. If you can show a business owner that they will pay $200 less per month in fees, the decision becomes obvious.

Watch out for these pitfalls

Some payment processing companies have aggressive contracts with early termination fees, hidden charges, or bait and switch rate structures. Only represent providers you trust. Your reputation is on the line every time you recommend a product.

Read the merchant agreement thoroughly. Understand the fee structure. And be transparent with your clients about all costs.

Building a residual income stream

The real power of payment processing sales is the residual income. Unlike one off product sales, your commission arrives every month without any additional effort from you. After two to three years of consistent selling, your residual income alone can exceed most salaries.

This is one of the most reliable ways to build long term wealth as a commission sales agent.