Nowadays, each and every business that sells goods or services needs some sort of credit card processing, whether it is a retail location, online store or home-based company. Offering a variety of merchant services programs allows a credit card processing company to market to all types of companies, build long-term clients and grow in profits. You can open your own independent merchant services company.
Establish the Business
Once you know how you want to start, franchise or independent register your business with the secretary of state. Also , along with your own personal credit history, are required when starting a merchant services company.
Here you are dealing with private financial data, and you must pass background and credit screenings with banks and credit card providers to obtain the merchant services provider contract. Obtain commercial insurance, including general liability, business property, inventory and errors and omissions insurance. If you have employees, you’ll also need workers’ compensation insurance.
Partner With a Bank
Contact local banks to present your business plan. Banks are an important part of credit card processing, so you will need to work with a bank or banks to get your business going. You need to present the bank with your business plan, and let it know that you are starting a business to operate as an authorized agent of the bank’s in-house processing service. This means that you will be working with the bank as a contracted agent instead of an employee. Focus on working with only one bank to begin with.
Contact Equipment Leasing Companies
Firstly, purchase the equipment that you will need to process credit card transactions. Find out if the bank requires specific types of equipment and software
Hire a Sales and Marketing Team
This team will be responsible for calling on business owners and soliciting their business. Most are paid on commission or on a salary base plus a commission and work as independent contractors. The manager will receive an override on all the business his sales force does. You will have to offer the sales force enough in compensation to keep them working on your behalf, but not so much that your business is no longer profitable.The sales team can generate business by calling on potential clients and working with them to develop a relationship. A marketing team is also essential for the promotion of your business via an online presence as well as print ,digitaland even broadcast advertising
Contact local business owners to let them know about your business.