The PowerHomeBiz.com Blog has an excellent article on the facts about the merchant account business. Sometimes you see Craigslist and other ads seeking folks to sell this service. Isabel Isidro does a good job of outlining the difficulties of doing well in this business unless you have some sort of advantage… either an extensive experience along with an extensive contact list or are a sociopath who thrives on eating “no’s”.
Let me give you another reality about this business.
Once I got a business telephone number, but it was actually for a non profit agency’s local branch. We didn’t take credit cards at all and had no need whatsoever in having a merchant account.
But because it was listed as a “business account” the number received calls at all hours from telemarketers trying to set up merchant accounts!
This barrage went on for as long as the account was active and there was never a need for a merchant account.
If you’re going to be marketing this service, realize that from the day that your prospect’s business got a business telephone number, they were in the sights of sleepless telemarketing machines.
If you can enter a business on a favorable basis (or sell merchant accounts as an add on to a bread and butter business), it’s quite doable.
But as Isibel reminds and I hope my true story illustrates, there are many difficulties to consider.
Note: If you’re looking for a way to escape having to sell other people’s pre-packaged products and services (or learn how to use these to your advantage) you should read about Skip Rosell’s new program that trains you how to think like an entrepreneur.
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