HOW MUCH CAN I MAKE?

Your Tip of the Day from EPI's Mike Nardy:

When it comes to underwriting, knowing a signor’s tax ID classification is important. Bank regulations do not permit non-U.S. citizens to hold a merchant account, even though Federal and State Laws allow non-citizens to own a business. While both SSNs and ITINs follow the same format - 9 digits broken into 3 groups, xxx-xx-xxx - there is a clear distinction between the two. ITINs begin with the number 9. This only applies to ITINs. Employer Identification Numbers (EIN) can also begin with the number 9 , but follow a different format: xx-xxxxxxx.

When completing a merchant application, make sure the merchant does not provide a personal tax ID number that identifies them as a non-citizen. This presents an opportunity to look further into the merchant’s eligibility before moving forward and/or possibly walking away from the deal. It’s possible that the merchant is accustomed to providing their ITIN even though they established citizenship and have a valid SSN. If this is not the case, you can ask if they have any partners with citizenship.

Mike Nardy

**************

Your Happiness Tip of the Day:

HAPPINESS

Every morning send a friend, family member or co-worker an email to say thanks for something.

Might sound silly but it’s actually excellent advice on how to make your life better.

There’s tons and tons and tons of research showing that over time, this alone – one silly email a day – can make you happier.

Via Harvard professor Shawn Achor’s The Happiness Advantage:

This is why I often ask managers to write an e-mail of praise or thanks to a friend, family member, or colleague each morning before they start their day’s work—not just because it contributes to their own happiness, but because it very literally cements a relationship.

And in our case, THANK A MERCHANT!

***********

How To Sell Credit Card Processing and Make over $100k A Year

Published 06/21/2012 by a competing ISO
 
We have many people apply to sell credit card processing with us every day.  The top question they ask is:  How much can I make in this position?  The answer is a difficult one - because at the end of the day their income is based upon how hard they work.  It inevitably leads them to ask how much earning potential there is.  The short answer:  Our top sales reps make over $100k a year.  Below is a brief explanation of how they do it.

Every time one of our agents signs on a new client they earn up to $100 just for signing the deal.   This is a great way to put some money in their pocket right away - but it pales in comparison to where the real money is made when you sell credit card processing - RESIDUALS.

What are residuals?  Every time one of our clients runs a credit card through their merchant account we make a percentage of the sale.  (This may be anywhere from a few pennies to a few dollars.)  This is paid to us for as long as the client is processing credit cards with us.  The  sales rep who brought the client to us earns up to a 30% split of this income. So EVERY TIME the business swipes a credit card our sales representative is making money.  This is residual income.

How could a few pennies or dollars possibly add up to a $100,000 a year income?  If our rep brings 15 clients to us every month (less than 4 a week) at an average profit of $50 per client per month to the rep they are increasing their MONTHLY INCOME by $750.  After 12 months of hard work they have increased their monthly income to $9,000.  This is the equivalent of $108,000 a year!  Now imagine if you put in that type of hard work for a few years?  We like to say that it is totally possible to make a million dollars when you sell credit card processing -  you just have to do it $50 at a time!

  ****************

The above article is about earning from gathering merchants ONLY.  Imagine the residual accruing to you when you get paid on

1. bringing in other Agents who
2. bring in other Agents who all
3. gather a few merchants!

$100 K sounds good -- but we KNOW DWP incomes as we grow this company will be 10x magnitudes of that!!

But in both cases, you do it $50 or $100 at a time.

*******************