The general opinion is that selling credit card processing is lucrative. Well, that’s true, but the big question is: How much money can you actually make out of this business? And there’s no straight answer to this quiz because oftentimes your income depends on how hard you work. It certainly leads to the next question; what’s the earning potential for selling credit card processing? And the ideal answer is: the leading sales reps can make over $100k per year. Find out below how they do it.
Agents usually receive up to $500 each time they sign a new client— the amount is strictly paid for signing the deal. On top of that, they earn a bonus to the tune of $1,250 per month. And while this is an easy way to hassle and earn good money right away, it’s peanuts compared to where the business is money-spinning— direct sales of credit card processing, known as RESIDUALS.
But what are residuals? Each time a client uses their credit card to accept payments through their merchant account; the processing company earns a small percentage of the sale (any amount ranging from a few pennies to some dollars.) The processing company continues receiving this pre-determined amount for as long as the merchant is enjoying its credit card processing services. The sales representative who signed on the client earns about a 60% split of this income. Meaning every time the merchant swipes a credit card, the sales rep is making money. This is known as residual income.
And if the math of a few dollars adding up to a $100,000/year still seems ambiguous to you then look at it this way. If a representative signs on 15 clients per month and at an average of $50/client every month, he/she gets to increase their monthly income to around $750. And through 12 months of an uphill struggle, they will have raised their monthly earnings to $9,000. Any layman can tell that this equals $108,000 per year!
So what if you put in that kind of effort for a few years? It’s true that you can possibly earn up to a million dollars from selling credit card processing— only be sure to sell it at $50 all the time! For those looking to venture, you can get the best credit card processing iso agent programs and make lots of cash with iPayGreat.com