The majority of us like being rewarded for our efforts. Leading merchant level salespeople are no exception, and in credit card processing and the payment processing industry, these awards frequently take the form of residuals.
When it pertains to calculating the specifics of those residuals, it's typically the responsibility of the salesperson to look at the numbers and compute his or her own outcomes. But how do you know that the numbers you're receiving from your merchant providers are correct? How can you make certain somebody hasn't unjustly influenced the results, and you're getting the full benefit you've earned?
The answers to those concerns depend on openness and timeliness.
Transparency should not suggest a "data dump," or a substantial file of information that needs a sales representative to end up being an accounting professional. Raw data does offer information, but assuming that it's accurate without confirmation might adversely affect your bottom line.
True transparency suggests that your merchant services service provider is offering you numbers in such a way that does not need an accounting degree to comprehend. The information you're provided need to clearly show what was charged at the merchant level in each category– and reveal how your share of that revenue was computed. It ought to be formatted in a manner that fasts and easy to understand, and you must be able to clearly identify underperforming merchants– in addition to spot those that are surpassing your expectations.
The timing of your reports is likewise an essential aspect when it comes to your residuals. Some merchant services companies send these a couple of weeks prior to when you are paid. Others might not make your report available till the day your income comes. In the payment processing market, extra time to review is constantly an advantage. Brief timing can put you in a crunch to review the numbers, making it a difficulty to ensure you're being paid properly. Include to that the time it takes to evaluate things if you're getting raw information (as discussed above), and you can rapidly find yourself in a tough area. Timing can have a big impact on things, and sadly when it's tight, it can result in lost sales time– or even worse, incorrect residual payments.
As you can see, valued merchant services your bottom line can benefit significantly when timeliness and openness are in order, so it's advantageous to review how your merchant providers accumulates. Not only will you gain from more accurate residuals, but it'll also be much easier to adjust your existing sales efforts, change how you price brand-new organisation, and improve your overall return– and you won't have to work two times as tough to do so.