Customer relationships are stronger when your number is the one they always call.
Passive income is often why many people sign up to be independent sales agents. There’s nothing like working hard and then watching those benefits roll in. That’s because processing credit card payments means the card issuer, payment network, and your payment partner all get their cut, and a slice of those fees trickles into your pocket too. That’s the beauty of residuals; do the work once and get paid over the long haul with every swipe, dip, or tap of a customer’s credit card.
How to boost passive income.
Watching money flow into your account without lifting a finger is the dream — but that’s not exactly how passive income works. The reality is that the phrase “passive income” might be deceptively simple. Despite “passive” suggesting you aren’t doing anything to contribute, you actually reap the fruit of your labor after putting in the hard work upfront. Think of it this way: When you hustle early on, you’ll enjoy a steady trickle of rewards month after month.
If you need some ideas to start making passive income work for you, here are some steps you can take to boost your business to a whole new level.
1. Build an in-demand solutions suite.
Busy small business owners constantly have their hands full, which means having a dozen different vendors on speed dial is an extra annoyance they don’t need. Give your merchants one less thing to juggle by making your business their one-stop shop for all things payments, point of sale (POS) systems, and more. When problems pop up, a merchant will appreciate the simplicity of having just one number to call — yours.
Plus, merchants will turn to you as their integration expert to stay on top of ensuring their software and systems are not just in sync but also staying current with the latest updates and upgrades. Encouraging merchants to keep more of their accounts with you is the simplest way to build your pool of passive income.
2. Verticalize.
If you’re trying to make a name for yourself, a smart way to earn market recognition is by digging deep into one industry and becoming a specialist in the problems and priorities unique to that sector.
But if you’re the payments purveyor, you’ll need to call in experts who know the ins and out of POS systems. Sales support teams like the POS Pros help independent sales agents like you get the best-fitting POS system into each merchant’s business. Pocket the bonus and residuals and be as involved in the step-by-step decision process as you like, or hand the business off to NAB’s seasoned team of subject matter experts. The POS Pros are fluent in every vertical around and will seamlessly match each merchant with the point of sale that checks all their particular boxes.
3. Upsell.
Your relationship with small businesses might start with payments and POS solutions, but it doesn’t have to end there. Encouraging merchants to tack on a broader array of services will yield more passive income for you in the long run. Maybe they need a CRM solution, or perhaps they’ve been looking to replace their aging, lackluster loyalty program. Whatever the case, upselling Main Street mom-and-pops on a Software as a Service (SaaS) license gives you the revenue win while leaving all the minutiae of maintaining the code to your technology partner.
The last tip: Don’t be passive.
Be a first-rate Agent by taking an active approach to building your passive income. Staying close to your merchant accounts means you’re ready to step in and smooth over any issues with memorable service. When you’re ready to react to new demands, fresh pain points, and more, you can stay one step ahead of your rivals and watch your portfolio flourish.
Ready to get aggressive about building passive income? Contact North American Bancard.
