Recently, the internet has inspired a new kind of sales staff: the affiliate partner. Affiliates don’t work for the company directly, not as an enrolled employee, but they do earn commissions and residuals in exchange for referring customers to the company’s products and services. Commissions are more common for one-time deals, while residuals come from ongoing partnerships.
Merchant processing companies are one of the industries making use of affiliates to spread the word about their competitive fees and services and to help cement the sometimes rocky relationship between the two. Money is a sensitive issue for any business, after all, and it can help to have someone invested in making sure merchants and merchant processors stay happy.
For most processors, the way you get payments is by convincing merchants to sign up your affiliated processor and using your name and ID as a referral. After that, you get either a flat rate or a percentage of the transaction fees the merchant pays the processing company. If you bring in more merchants, your residual payments will go up, too.
Being an affiliate partner and a client aren’t mutually exclusive, either. You can pay fees to a merchant processor and accept residual payments at the same time. In fact, this puts you in the very helpful situation of knowing just what you’re asking your friends to sign up for and having a good idea of what they can expect. Just make sure you’re up front about what you stand to gain by referring your friends, because otherwise it’ll be hard for them to trust what you have to say.
Affiliate programs help companies spread their name through word of mouth and help their affiliate partners earn a little extra income to supplement their day job. If that sounds like a good idea to you, you should see whether your merchant processor has an affiliate program of its own. Learn more about National Processing's affiliate program, which is one of the best in the industry – with payouts up 70% residual.
Posted in Payment Processing on May 23, 2017