As a merchant services partnership, your job is to convince merchants of all stripes to switch to your sponsor’s network, whether it’s for online transactions, card payments, or direct bank transfers. Your reward is a residual, a percentage of the net profit made based on the volume of the merchant’s transactions. How big this percentage is depends on how many merchants you convince and how much money they need to process.
However, you do have something of an obligation to keep up the relationship between the merchant and the processing company, and you’ll also eventually run out of friends who operate their own businesses whom you can ask to use the services you represent. You can always go out and start asking random merchants, store owners, and vendors to join your program, but that takes time, and so does maintaining your existing connections and keeping up with your day job.
That’s why partnership programs also come with referral bonuses, a smaller residual sum you get based on the success of the people you bring in to join the program as fellow partners. You don’t exactly have to act as their supervisor or boss, but the fact that their success reflects on your payment means you do have an incentive to pick people who want to go into this line of work and to help them succeed.
So what sort of person would be best to approach with this opportunity? There are a few points you should consider:
Sales isn’t a job for everyone, no matter what form it might take. Bringing in an affiliate partner doesn’t mean you need to conduct a job interview, but you should at least find out if the person is willing and able to put in the work first.
Posted in Merchant Card Services on Apr 18, 2017