Is a Merchant Services Referral Program Right for You?

With more and more organizations seeking quality merchant processing solutions to enable secure and seamless transactions, vendors are increasingly reliant on referring partners to send interested companies their way.

This comes as referral marketing is on the rise, especially in financial services, where trust and industry experience are crucial to closing deals. Joining a merchant services referral program enables you to connect businesses with valuable resources they need一which benefits all parties. And if you’re the one connecting a prospective party with a vendor, that can mean generating extra income for your business, boosting your network, and supporting companies that can greatly benefit from modern solutions.

Intrigued? Here are a few key points to consider when determining if a merchant services referral program is the right opportunity for you.

What Is a Merchant Services Referral Program?

At the most basic level, a merchant services referral program connects interested parties with providers in exchange for some form of payment, oftentimes in the form of a referral fee or commission.

Merchant services are used by millions of businesses every day to facilitate efficient and secure payment transactions for their customers. Businesses typically partner with third-party providers to access merchant services in exchange for transaction, monthly, or setup fees, among others.

Merchant services solutions run the gamut. Among them:

• Payment Processing
• Point-of-Sale (POS) Systems
• Online Payment Gateways
• Mobile Payment Solutions
• Fraud Prevention
• Reporting & Analytics

How Does a Merchant Services Referral Program Work?

If you’re serious about working with a vendor, the key, as with any business opportunity, is to identify a reputable provider that has earned your trust. Developing such a relationship is crucial because you want to be comfortable sending prospective clients their way.

Once you’ve identified that trusted vendor, enrolling in a referral program involves submitting information about your professional experience and agreeing to program terms and conditions.

Following approval, you can tap into your existing networks and industry knowledge to identify potential clients that could benefit from your partner vendor’s services.

A referral, including contact information and other details of a potential client, is made to the merchant services partner. This is followed by provider outreach to the interested party to discuss their needs and how to help address them.

If the referral results in the purchase of merchant services, that’s a win, and you’re eligible to receive a commission or referral fee. This is typically calculated as a percentage of the revenue generated from the referral client’s transactions or a fixed amount.

How You Can Benefit

Regardless of your industry, there’s a good chance that you’ve amassed an impressive network of smart and capable professionals. And it’s very likely that you’ve leaned on them from time to time to support your own efforts. As a merchant service referring partner, you have the ability to leverage that deep well of connections to help identify solutions necessary for them to grow their respective businesses. Here are several ways you can benefit from being a referral partner:

• Earn Supplemental Income. If you refer a business that becomes a client, you can earn additional income.
• Earn Passive income. Some merchant service referral programs generate ongoing commissions as the referral client uses the provider’s services. Over time, that’s income you earn without direct involvement.
• Leverage Your Existing Network. Get more value out of your existing network you worked hard to develop.
• Grow Your Professional Network. Connecting clients with a merchant services vendor can help expand your professional network, creating additional leads for even more referrals.
• Help Build a Community. Providing valuable solutions to businesses in need generates goodwill between participants and strengthens connections throughout the broader community.
• Commit Minimal Time & Effort. Participating in a referral program doesn't require a significant time commitment. You can refer businesses and provide initial introductions without managing the entire sales process.
• Bypass the Need for Sales Skills. Being a successful referring partner is more about matching the needs of businesses to the right solutions and facilitating introductions. Direct sales experience or training, while beneficial, is not required.

Who Should Consider a Referral Program?

While there are no requirements for joining a merchant services referral program, you may be better positioned to benefit if you have the following qualifications or traits:

• Experience in Business, Financial Advising, Sales, & Related Fields. Expertise in these areas may be helpful in understanding potential clients’ needs and communicating the benefits of merchant services effectively.
• A Significant Number of Industry Contacts. An extensive network of potential clients gives you more opportunities to make more referrals.
• A Positive Reputation Within Your Business Network. As mentioned above, trust is essential when making a referral. A carefully nurtured business reputation can be a unique and valuable advantage in a referral program.
• Consulting Experience. Whether you specialize in technology, business optimization, or finance, if you’re a consultant, you may have your own clients seeking assistance in merchant services. A referral program can complement your existing consulting practice, enabling you to address clients' needs more comprehensively.
• Entrepreneurship or Business Ownership Experience. Building a business often requires collaboration with various professional partners, which can mean amassing a large network of contacts within an industry or niche over time.

Finding the Right Merchant Services Provider Partner

Deciding to join a merchant services referral program is only half the equation. Selecting the right partner is equally important. Here are a few factors to consider when exploring potential partner companies:

• Trustworthiness & Reputation. Select a company with a proven track record of reliability and stability. Look for established brands with a history of consistently providing quality services.
• Range of Services Offerings. Ensure your merchant partner offers a comprehensive range of services that meet the needs of various businesses, such as credit card processing, point-of-sale (POS) solutions, payment gateways, e-commerce integration, mobile payment options, and more.
• Commission Structure & Payout. Review the contract terms carefully, including cancellation policies and contract lengths. Avoid partners requiring long-term contracts with weighty termination fees.

OnCore Payment Technologies Is a Preferred Merchant Services Partner

OnCore is a leading payment technology and merchant services business with a top referral program. As an OnCore referral partner一or referring agent一you can participate in its highly competitive commission structure while providing extraordinary value to clients.

Recognized for its deep expertise and innovation in the payments space, OnCore delivers best-in-class solutions for its customers and unparalleled support to its referring agents. Our dedicated support team is available to agents 24/7 and offers a suite of software tools to aid in your success.

In short, partnering with a brand known for quality, service, and a robust referral program, such as OnCore, could be a great fit.

To learn more about OnCore’s merchant services referral program, contact a representative today.