Hi, my name is James Shepherd.
I'm excited to do this little mini-series on Merchant Services Sales Commission.
So we are going to be talking about how much money you can make in merchant services and
more importantly, what are the assumptions that are under-lying this idea?
I could easily tell you, "Hey, I know lots of merchants services sales reps that make
$100,000 a year.
I also know some that make $20,000 a year.
I also know some that make $300,000 a year."
It's easy to just talk about "Wow, you can make this, or you can make that, or you
could make a certain amount per sale," but really there are certain assumptions that
are used to create these projections of how much money you are going to make.
In this first video, I'm going to talk about the most important assumption.
I don't care which processor you sell for.
I don't care how long you've been in the industry.
I don't care what kind of compensation plan you have.
The number one criteria or assumption is "How many merchants can you sell?"
How many are you going to sell each and every month?
As we go through this mini-series, I'm going to be using a calculator that I built.
I'm really excited about this.
I'm actually giving it to you totally for free.
You don't even have to have an account at our website, or log in, or anything.
All you have to do is go to instantquotetool.com.
Go to instantquotetool.com and click on goals.
It's in the upper right hand corner in the navigation bar, depending on if you are mobile
or not.
You might have to do a drop down, but you are going to go to instantquotetool.com and
then you are going to click on goals.
That's going to take you to a little income calculator.
This income calculator is something I made a while back because I had so many sales people
that were asking me, "James, how much money can I make selling merchant services?"
My answer to that question was like, "Well, you know.
I don't know.
How hard are you going to work?
What is your closing rate going to be?
How are you going to prospect?
What does the processor pay?"
There are so many variables.
Let's jump right in, in this first video and talk about how many merchants can you
sell?
Specifically, we are talking about that very first box.
Right there where it says, "Sales per month – year one."
In other words, the question we are going to answer in this video is how many sales
can you make per month your first year selling merchant services?
Well, in my experience, I'm going to give you these 3 criteria that are going to show
an average merchant services sales rep.
When I say an average merchant services sales rep is going to make X number of sales per
month, here is what I mean by that.
#1.
I mean that you are going to work full time in this business, and more specifically I
mean you are going to walk into 20 businesses a day, where you have not yet spoken to a
decision maker.
You are going to walk into 20 businesses a day, where you have not yet spoken to a decision
maker.
If you do that, that is full time.
#2.
You have gone through training.
You understand merchant services a little bit.
A guidepost, you are already at instantquotetool.com; click on training.
It's right next to goals in the nab bar.
Click on training and you will see some courses there.
It would probably take you a week or so to get through all of those courses.
You need to be trained.
If you are trained and you are going full time into the business.
#3.
You have some idea how to sell.
You are a good sales person.
An average merchant services rep walking into 20 businesses a day, where they have not yet
spoken to a decision maker, which is what you can easily do, if you are full time.
It will take you between one to two hours to walk into 20 businesses, maybe three hours
at the most.
You are trained.
You understand merchant services.
You've gone through some training like my courses I have at instantquotetool.com, or
something comparable.
You have those two kind of building blocks.
If you have that and you know how to sell and you can close at a reasonable rate, you
are going to make 12 sales per month on average as a merchant services sales rep.
In that little box at the top, I have 8 because I tried to make it really conservative by
default.
Go ahead and change that 8 to a 12 and look at what that does to your first year income.
It is pretty significant.
We are going to talk more about that in a little bit, but that first box we want to
take that from 8 up to 12.
You say, "Well, James, I'm an amazing sales person.
I'm the best sales rep I've ever met.
I close really high.
How many sales am I going to make?"
Well, you are probably going to make somewhere around 20 sales.
The idea is if you walk into 20 businesses every day, where you've never spoken to
a decision maker yet, you are probably going to be on pace to make one sale a day, if you
are a really, really good sales person.
If you are an average sales, person, you are going to lose a couple of those deals, that
maybe the best sales person would have sold an extra two.
You are going to lose those two.
You are only going to sell three a week.
Instead of selling five a week, you are only going to sell three a week.
So instead of 20, you are going to get 12.
If you say, "James, I'm not a great sales person."
Then you are probably going to close somewhere around 8 to 10.
Because your closing rate is going to be a little lower.
Then you say, "What about if I'm part time?"
If you are part time, it's really simple.
I said you are walking into 20 businesses a day, where you have never spoken to a decision
maker.
That's going to get you 12 sales.
If you are walking into 10 a day, that's going to get 6 sales a month.
Right?
If you walking into 5 a day, that's going to get you 3 sales a month.
Hopefully, you can use those metrics to put that first box in there.
Then in the next one, we are going to move on to the next two boxes and talk in the next
video about how many sales can you make per month after that first year.
So let's go ahead and jump into that next video.
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