How to Pick the Best Merchant Services Agent Program
Are you looking to join a Merchant Services Agent Program?
When it comes to the world of merchant services, it’s important to understand what the right processing relationship can do for you.
Think about the relationship between a real estate agent and a broker. When considering a partnership, the real estate agent looks for a few key things, including: the opportunity for a slick headshot, great compensation, flexibility, and access to technology. Take away the headshot, and the relationship between an agent and their merchant services partner is quite similar.
Do you know what you should be looking for in a partnership?
If not, that's ok! We are here to help you find the best partner that will work with you and for you. Keep reading for our five most important tips to keep in mind when choosing an agent program.
This goes beyond simply receiving clear and concise answers about the terms of your contract.
You want (and should expect) to see tangible data to help you both analyze and optimize your business. A partner who values transparency will also help you understand the terms of your contract and any unfamiliar industry buzzwords.
In short, you want the power to take an in-depth look at the numbers driving your business. Look for a partner equipped with reporting tools that allow you to recognize and understand valuable data sets hidden in plain sight.
2. Customer Support
Total transparency is nothing without a reliable system providing it to you.
Have you ever been put on hold for over an hour just to get an answer to a simple question? It can be so frustrating and leave you more stressed than you were before you even made the call.
It is important to seek dedicated customer support that is specialized to suit your needs. You’ll want access to multiple resources, including experienced staff explicitly assigned to you.
This can be the difference between getting stuck in neutral and driving ahead of the competition.
It’s important to have everyone on the same page. As the industry evolves, it is extremely valuable to have access to both initial and ongoing training services.
Customized training sessions— for individuals or groups—online, over the phone, or in-person are vital to the success and relevancy of your business. Adapting is essential, but being the first to understand how to adapt will keep you ahead of the competition.
Look for a merchant services partner with a diverse product line.
This includes, but is not limited to:
- Point of Sale Systems
- Online Ordering Services
- Loyalty and Gift Card Programs
- Merchant Funding Services
- eCommerce Options
As the needs of your customers continue to change, a diverse catalog of solutions and services has become more than a luxury - it's now imperative. When you choose a merchant services partner who offers more than simple credit card processing terminals, you gain a competitive advantage and the opportunity to serve more customers than ever before.
Whether you are new to the merchant services industry or an experienced agent, the focus is always on the “Schedule A.” The Schedule A is the last page of the agreement you as an agent sign with the merchant services provider of your choice. It includes buy rates, a commission breakdown, and your potential earnings.
When you receive your agreement, the Schedule A may look status quo on the surface. But remember, the language of the agreement is just as important as the Schedule A itself. Therefore, it is important to carefully review this document in its entirety.
Understanding the terms of the agreement and potential pitfalls are paramount to your success. Never sign an agreement with an exclusivity clause. Your merchant services partner should earn your business every day, not the other way around.
Another important section to understand is residual payments. Residuals should be offered for the lifetime of the merchant account, and there should be no minimum production quotas. After all, you are in business for yourself!
Above all, make sure that you are well informed about your agent program. If you've chosen the right partner, you'll have a litany of tools, products, and resources at your fingertips. Understanding the ins and outs of your program is the first step to success.
Contact EMS Today
We believe a merchant services provider with an offer of "let's talk" should first show how they "walk the walk".
To contact EMS today, click the link below and we can discuss the Best Merchant Services Agent Program for you!