Credit Card Processing Terminal

Have you ever worked for a credit card processing company as a representative trying to open new accounts for credit card processing terminals? Did you have success with it? Make money? Competitive business?

Hi, I worked for a registered ISO/MSP for Visa and MasterCard (six years) and have done sales so I speak from experience.

You can make good money but it won't happen right away. The real money comes from residual income on the merchants you acquire. Although you can make money from selling credit card terminals that will only be enough to put food on your plate while you build up your portfolio.

As you build your portfolio your monthly income will grow accordingly. On average a typical merchant will make you about $25 per month. So when you are first starting off the residual income won't be enough to support you. But as your portfolio grows to about 100 merchants that residual income will now be $2500 a month or more which, when combined with your terminal sales, is enough to make a living. The average sales agent brings in 5 - 8 merchants per month.

Of course, your goal is to have as many merchants as possible in your portfolio and to land as many "big fish" as you can. Landing high volume merchants will make you much more money then landing start-up ecommerce websites as they tend to perform poorly. You also need to make sure you bring on enough new merchants to help offset the ones that leave you. Just like you will be stealing merchants from other sales agents, they will be doing the same to you.

If you plan on soliciting merchants directly a work week is never less then 40 hours if you hope to keep generating leads. You'll be spending half of your time generating leads and the other half making your sales pitch to the leads you have generated. Competition is fierce and merchants are reluctant to switch so don't be surprised to be turned down frequently.

I run the site below if you need to verify my knowledge.

2009-04-25 02:23:34 by rasckal

www.MerchantAccount-Free.com Free Hypercom Optimum T4100 Credit Card Processing Terminal Vist http email ryan.t@bngholdingsinc.com for info Tags ...

I am a small business owner, and hate to use the land line since I am constantly moving, but one the other hand, I must accept the credit card (visa, and Mastercard), like to find a good, low cost solution for credit card processing through my celluar phone, the volumn is not high, at max to about 25 times per day.
By my understanding, dail the 800 number and talk to the 800 service is all what the credit card terminal need to do with the merchant service, so if I can use the current credit card terminal plus a converter which can convert the phone jack to import the terminal line to my celluar line, it should ok.
Please share me with your experience and advices. Thanks.

Try contacting these guys. They do a lot with cell phone interfaces.

http://www.traktronix.com

2007-07-12 11:52:35 by david_sp

Price: $9.95 $9.95

I started this job about 5 weeks ago. I was making sales from week 1 and finally got a $75 paycheck last week. From my calculations I have made over $6000 and just waiting for all the processing of my sales to go through for my paycheck. This week my check was $525 and the breakdown of my sales just about killed me. They took so much out of my commissions. My supervisor would tell me that I could do all these things for my merchants to help close the deals and never told me that I was close to washing out all of my commissions. I am disgusted. I would love to talk to anyone else that has worked for them.

It sounds to me like you've been misled by TMG. $6000 a week from commissions isn't really possible in this industry even if you're damn good at what you do. I have to assume they didn't explain how the commission policy works properly. They probably did it because getting new sales agents on board isn't east to do so they did their best to make the position sound very profitable.

FYI, the kind of money you were expecting isn't really possible from commission in the short term. You need to build a very large portfolio of merchants and hope the residual income from their processing adds up to a nice sum of money. Long term experienced sales agents make good money month after month this way so if you're good at what you do the potential to make big bucks is seriously there.

2009-08-21 07:55:03 by hangninthere

Price: $9.95 $9.95

I have built several e-commerce websites for clients but I am trying one myself. I have the web site created and when orders are placed, I receive a PGP encrypted email with the necessary information to process the card. I ordered an Omni 3200 credit card terminal off Ebay and it seems to work okay but I need some help. I plan on getting a merchant account at my local bank so will they help set me up to use my terminal? I have been playing with my terminal and it says something about downloading an application but I have no idea what it's talking about. This is my first time. Please help!

The good news is that the Omni 3200 is Class-A certified by TSYS (the old VisaNet) so you should be able to use it with pretty much any processor. Many of the terminals on Ebay are old proprietary machines that can only be used with certain processors. The 3200 is a good terminal that will be able to process cards with qualifying info to achieve the lowest rates. The download will be performed by the processor who you decide on when you set up your merchant account.

Technically, you will be considered a mail order merchant instead of a e-commerce merchant since you do not process directly over the internet. As you probably know, this makes a big difference in regards to the setup costs. It does, however, also add a manual step in processing that will need to be properly managed.

Your bank may seem like a very easy choice for processing. Unless it is a very large bank, though, they do not actually perform merchant processing services. It is more likely that they have been solicited by a merchant processor that won the bid for your banks customer leads and a certain portion of your fees will now go to your bank. The service and support, though, will be handled by the processor and your bank will not be involved.

Be sure to consider the following:
1.) As you are processing mail order exclusively, be very aware of the retail "card not present" rates that your processor assesses.

2.) Be sure to know all of the different card rates. You will most likely receive debit cards, personal MC and Visa, Visa Rewards, MC World, and MC & Visa Corporate cards. Many processors sneak in a "nonqualified" rate for the Rewards, World and Corporate cards that can be upwards of 3%.

3.) Make sure that your processor and the service provider that shares your customer's card info are on the same page to assure your qualification levels. Anytime that you do not enter the required "Level 2" info for a mail order, you will be downgraded to a higher cost transaction.

4.) Lastly, ask the service provider that sends you your orders for their PCI Data Security compliance information. This should protect you against any penalties should there be a breach of cardholder information. For more about PCI, see the Visa webpage at: http://usa.visa.com/business/accepting_v isa/ops_risk_management/cisp.html

If you would like more information about merchant processing, feel free to contact me at jbordeaux@windriverfinancial.com or at (920)993-9433. Wind River is a merchant processor that specializes in offering well supported, competitively priced, custom processing services.

2006-06-08 18:03:06 by to_the_hurricave

I have a small business and wish to take credit cards for in person and internet sales. I am looking for one that offers free printing terminals and no penalty for termination. Please only answer if you know.

paypal is cheap

2009-07-20 12:33:53 by Nancy T