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Credit Card Processing

by Luke Dennison
5 replies
With my IM going well, I have found I like to keep busy with commission only jobs because I like the flexibility. I've been doing basic stuff so far.

Selling karate classes, charity direct debits, appointment setting for boiler replacements et.

What is Credit Card Processing like? Has anybody done it?

I'm aware that you need to put a lot more time in than with the amateur stuff like I've been doing so far, but I'm drawn to the recurring commissions and very good pay.

Can anyone offer any "insider information" please.
#card #credit #processing
  • Profile picture of the author bizgrower
    Pick a good company.

    Be aware you are competing with giant companies.

    Also, I've been at this hotel off and on since 2008. We switched cc processors twice.
    Once because it was much cheaper through Sam's Club, then an even better deal through
    our new bank. A cold caller/visitor would not have stood a chance.

    Finally, I had a customer who was in the business. maybe he was not a good salesman,
    but he was very, very broke all the time. Still hooked on the dream of making $100,000
    though.
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    • Profile picture of the author Luke Dennison
      Originally Posted by bizgrower View Post

      Pick a good company.

      Be aware you are competing with giant companies.

      Also, I've been at this hotel off and on since 2008. We switched cc processors twice.
      Once because it was much cheaper through Sam's Club, then an even better deal through
      our new bank. A cold caller/visitor would not have stood a chance.

      Finally, I had a customer who was in the business. maybe he was not a good salesman,
      but he was very, very broke all the time. Still hooked on the dream of making $100,000
      though.
      Thanks for the insight. I had already assumed it would be a hell of a lot harder than the transactional sales I've been doing so far.
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      • Profile picture of the author Claude Whitacre
        Originally Posted by Luke Dennison View Post

        Thanks for the insight. I had already assumed it would be a hell of a lot harder than the transactional sales I've been doing so far.
        Yeah, every small business owner gets hit with CC processing calls every day.

        If you're the 35th caller that week, I'm deaf to anything said, no matter what the appeal.
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        • Profile picture of the author iAmNameLess
          Originally Posted by Claude Whitacre View Post

          Yeah, every small business owner gets hit with CC processing calls every day.

          If you're the 35th caller that week, I'm deaf to anything said, no matter what the appeal.
          I've always averaged 3-5 per day specific to processing. Very competitive field it seems.
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          • Profile picture of the author ronjonbb
            I actively work in the credit card processing industry for a few years and have been active in IM since the 90s. We work with multiple banks and processors both low risk and high risk.

            As others have suggested it's a very competitive field. Best to find a niche area to target. CC Commissions are recurring and are actually a portfolio asset you can then sell if you no longer want to be in the field. Another niche is merchant cash advance which are short term loans for merchants. Commissions on these can be 5-10% of the funded amount up front. (merchant borrows 100k you are paid 5-10k commission)

            Would be happy to answer anyone's questions about the industry or their own merchant situation.
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