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SELLING FOREX MERCHANT ACCOUNTS

There is a good potential for earning money by selling merchant accounts. This does not mean that it is an easy thing to do but still the truth prevails. The qualities needed for pursuing this profession are the ability to allocate the requisite number of hours, general know how of the card processing industry and also a commitment for the profession. It is a good idea to take it up as a free time job and then consider it as a full time one after learning the basics of the profession. It is only when the profession reaches a stage of achieving good profits that the agent must consider it seriously so that the agent’s financial concerns can be met successfully.

The earnings will depend on the number of new customers who were added in a month and thus the earnings keep improving when the agent’s sales target looks up. This can be achieved after gaining experience in selling the account to prospective customers.

As a first step in selling merchant accounts, the agent must first enter into an agreement with Independent Service Operator (also known as ISO). After the agent’s task of getting people to sign up for the merchant accounts is done, ISO takes on the responsibility of assigning the account, providing technical support and also the customer support. The processing fees are shared between the agent and the ISO. After that, the profits earned by the agent and ISO is linked to the amount of card processing that happens. Certain things should be borne in mind while selling the merchant accounts to potential customers.

Using questionable practices – There are ISOs that do not think twice before applying questionable and unethical means for procuring business. Though such ISOs are few in number, it is better to be in guard and avoid them.

Working without a contract – If a contract is signed with an ISO, the agent will not face problems in receiving payments. Otherwise, the risks associated are quite high.

Free terminals – It sounds too good that free terminals can sell merchant accounts easily. But in reality that is not the case. Though the success rate is high with businesses that exist already, it is not as successful as it seems to be.

Upfront Cash Program – These programs are beneficial when the terms associated with it is known fully. It is actually the exchange of future residual for some upfront money.

Getting entangled in price wars – Set a good price and reduce it for big deals only. Bidding for a low price always is not advisable because there will always be a competitor who can lure the customer for a lower price.

Getting into the big business scenario – It is not true that big businesses bring in more cash compared to small businesses. It is actually the other way round with big businesses having a lower margin and so is actually not better.

Using due diligence and being aware of these facts are mandatory while selling merchant accounts. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.