Page 46 - GS140201
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ChapterTitleEducation
messaging; c. cash advance (I know); d. financing the merchant's clients; e. "6. Don't get into this business with
anything that drives business to the merchant; f. POS-based systems; g. [online] $10 in your pocket. You will need to
ordering. I am sure that there is more but you get the message? spend to make.
"After they have purchased any of those items, tell the merchant that the credit "7. From day one get a really good
card processing automatically comes with it, and you will never talk price. Also database that does everything. (We
if they stop processing the [credit cards] then the price of the other products built our own but there are others out
goes up. there.)
"3. Have [approximately] 100 at all times potential merchants that you want "8. Get a really good lawyer because,
to sell. Make [sure they are not small] and no-revenue merchants. Only the the odds that you are going to [need
quality ones get to qualify for your expertise. legal counsel] to keep you out of
trouble are high. Also [the attorney
"4. Once you have [approximately] 100 active merchants, sell them any and all will] create the documents that you
of the other products and services you offer so that you are always increasing will use and need.
your monthly recurring revenue.
"9. Pick a great ISO or partner to send
"5. Make sure that if a merchant is sold a bill of goods, and some two-week your business to. Not just one that
wonder is trying to steal the account, you have one serious" early termination gives away the store such as bonuses,
fee that gets you "a minimum of 36 months of fees. You need to make it really free equipment, 90 percent splits, etc.
hurt if they leave. …. [N]o merchant lasts more than 36 months with any If they are giving that much away,
processor anyway, so all I am looking for is 36 months of revenue, one way or they are going to either go bust or
the other. I was never in favor of this, but I have seen the light. The blame falls short you someplace. And that is
squarely on every idiot that is encouraged to lie, cheat or steal a merchant just when you are going to need that good
to make $10. lawyer.
"10. Read and study everything you
can get your hands on that will make
you smarter than the merchant and
your competition.
"11. Go to every possible association
meeting you can afford, but go to at
least one.
"12. Figure out how to get as many
leads and referrals as possible. Stop
walking up and down the street."
Stay up-to-date
Emerging technologies, evolving
standards and changing consumer
behavior are transforming our world,
making it more important than ever
for merchant level salespeople (MLSs)
to stay up to date on industry trends.
Using the example of someone
returning to the merchant services
trade after a 10 year absence, Clearent
wrote, "The world has changed.
Depending when they last sold, they
will have a learning curve just like
any new MLS. The question will be,
can they allow themselves to not
default to what they knew before, but
question everything?
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46
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messaging; c. cash advance (I know); d. financing the merchant's clients; e. "6. Don't get into this business with
anything that drives business to the merchant; f. POS-based systems; g. [online] $10 in your pocket. You will need to
ordering. I am sure that there is more but you get the message? spend to make.
"After they have purchased any of those items, tell the merchant that the credit "7. From day one get a really good
card processing automatically comes with it, and you will never talk price. Also database that does everything. (We
if they stop processing the [credit cards] then the price of the other products built our own but there are others out
goes up. there.)
"3. Have [approximately] 100 at all times potential merchants that you want "8. Get a really good lawyer because,
to sell. Make [sure they are not small] and no-revenue merchants. Only the the odds that you are going to [need
quality ones get to qualify for your expertise. legal counsel] to keep you out of
trouble are high. Also [the attorney
"4. Once you have [approximately] 100 active merchants, sell them any and all will] create the documents that you
of the other products and services you offer so that you are always increasing will use and need.
your monthly recurring revenue.
"9. Pick a great ISO or partner to send
"5. Make sure that if a merchant is sold a bill of goods, and some two-week your business to. Not just one that
wonder is trying to steal the account, you have one serious" early termination gives away the store such as bonuses,
fee that gets you "a minimum of 36 months of fees. You need to make it really free equipment, 90 percent splits, etc.
hurt if they leave. …. [N]o merchant lasts more than 36 months with any If they are giving that much away,
processor anyway, so all I am looking for is 36 months of revenue, one way or they are going to either go bust or
the other. I was never in favor of this, but I have seen the light. The blame falls short you someplace. And that is
squarely on every idiot that is encouraged to lie, cheat or steal a merchant just when you are going to need that good
to make $10. lawyer.
"10. Read and study everything you
can get your hands on that will make
you smarter than the merchant and
your competition.
"11. Go to every possible association
meeting you can afford, but go to at
least one.
"12. Figure out how to get as many
leads and referrals as possible. Stop
walking up and down the street."
Stay up-to-date
Emerging technologies, evolving
standards and changing consumer
behavior are transforming our world,
making it more important than ever
for merchant level salespeople (MLSs)
to stay up to date on industry trends.
Using the example of someone
returning to the merchant services
trade after a 10 year absence, Clearent
wrote, "The world has changed.
Depending when they last sold, they
will have a learning curve just like
any new MLS. The question will be,
can they allow themselves to not
default to what they knew before, but
question everything?
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