The Payments Opportunity
Every business that accepts card payments needs a payment processing solution. In Australia, there are millions of merchants processing billions of transactions annually. Payment processing is one of the most lucrative commission based sales opportunities available, thanks to recurring revenue and high retention.
Understanding the Product
Payment processing involves EFTPOS terminals, online payment gateways, mobile payment solutions, and the underlying merchant services that process transactions. Commission structures typically include an upfront bonus per terminal placed and ongoing monthly residuals based on transaction volume.
Learn the key terminology: merchant service fee, interchange rate, terminal rental, and settlement timing. Understanding these concepts lets you have informed conversations with business owners.
Selling on Rate
Many businesses are paying more than they need to for payment processing. The sales conversation often starts with reviewing their current merchant statement and identifying savings. If you can show a business that switching to your provider saves them $200 per month, the decision is straightforward.
Beyond Rate
While competitive pricing gets your foot in the door, differentiate on the full package. Faster settlement, better terminal technology, superior customer support, integration with their POS system, and value added features like tipping, surcharging, and reporting all matter.
Target Market
Every business that takes card payments is a prospect. However, high volume businesses like hospitality, retail, and medical practices are especially valuable because higher transaction volumes mean higher residual commissions for you.
The Door Knock Approach
Payment processing is one of the few products where door knocking remains highly effective. Walk into businesses with an EFTPOS terminal visible, ask to see their latest merchant statement, and show them a comparison. Many agents build their entire business through daily door knocking.
Retention and Residuals
The real money in payment processing is in residuals. Every terminal you place generates ongoing monthly income based on transaction volume. A single busy restaurant could generate $50 to $100 per month in residual commission indefinitely.
After two to three years of consistent selling, many payment processing agents have built residual income exceeding $5,000 to $10,000 per month.
Compliance
Payment processing is regulated, and agents need to follow industry guidelines around disclosure, pricing transparency, and contract terms. Understand your obligations and always operate ethically. Misrepresenting rates or contract terms will catch up with you and destroy your reputation in the market.