Still have questions?
Talk to a real person and see if you're a good fit.
How soon can I start making money?
It depends. Don't you hate that answer? Each offer and each client is different. Each reseller is different as well. Once you are paired with a partner it can take some time for them to get everything a business needs to get started in order. Once that happens it takes several more weeks for credit card processing applications to get reviewed and approved. From the moment you start, it could take three months for transactions to start running, and then payment would come the following month. We do our best to make sure the client is ready to go and shorten that time frame.
Can I stop any time?
Absolutely, but if you're making money every month why would you want to? The contract stipulates the terms and conditions of termination very simply. The client trusts us to find stable individuals so if backing out without a good reason is your plan it might be best to go over some of your concerns before we start the process.
How will this affect my credit?
It likely won't affect it at all. There is no money changing hands, the monthly limit on your merchant account isn't credit of any kind, just a parameter the processor uses to mitigate their risk. There is however a chance of credit inquiries which can affect your credit.
What about taxes?
You are only responsible for paying taxes on your portion of the revenue you receive throughout the year. This will be reported on Schedule C of your tax return.
It is important to remember that no one is withholding any taxes so you'll be responsible for paying those taxes at the end of the year. Be sure to save a portion of each payment for tax time.
How much risk am I really assuming?
You are the business owner which comes with inherent responsibilities, but there are a number of safeguards to make sure everything gets paid. 1) You sign a clear contract directly with your partner which relieves you of liability in the event something happens outside of your control. 2) Processors hold on to funds for 3 days before releasing sales to the business. If for some reason they can't recoup a chargeback from the business, they simply hang on to that money. 3) Processors keep a reserve. They will take 10% of every transaction until they have a significant reserve. If they can't get something from the business, they take it out of the reserve. 4) Processors have a very low tolerance for chargebacks. If the number of chargebacks exceeds the fixed number or percentage of total sales set by the processor, they will shut down the account, keep whatever funds had not been released and the reserve for six months or more to cover anything that might hit the account during that time. The processor has no desire to come to you personally to recoup fees so they make it all but impossible for it to get to that point. 5) The credit card processing application process ensures the client is following the strictest guidelines. Terms and conditions, fulfillment, marketing, websites, and customer service are scrutinized to the point of ridiculous to make sure the business adheres to every possible regulatory guideline.
Still have questions?
Talk to a real person and see if you're a good fit.
Helpful Videos
Brief Introduction to the Reseller Business Opportunity
Why Work With Resellers: Merchant Processing
Why Work With Resellers: Chargebacks
Reseller Orientation Webinar
Online Portal Screencast
Still have questions?
Talk to a real person and see if you're a good fit.