Direct sales organizations provide significant opportunities for entrepreneurs. As of 2018, direct sales represented $192.9 billion in sales worldwide, including $35.4 billion in the United States. To achieve the greatest benefit from this opportunity, you need hard work, discipline, patience, and a payment partner who has your back. Working with the right partner can help you achieve the highest success possible.
Multiple Forms of Payments
On the most basic level, you need to be able to accept payments from your customers. In direct sales, this can mean taking payments from customers with multiple forms of payment and paying in many different currencies. Your sales may come from customers online or in person, across the street or around the world. Any limitations you place on who can pay, or how they can pay, cut into your potential revenues.
A payment partner that limits its scope to only in-person or only online transactions limits its potential. So, too, does a partner that only processes in U.S. dollars or a limited range of currencies. Direct sales opportunities tout themselves as opening the full range of potential, limited only by your abilities and work ethic. For this to be true, your payment partner should never constrain what you should do or whom you can reach. Look for a partner that enhances your ability to reach customers everywhere.
An extensive reach often runs against problems of fraud and chargebacks. A direct seller averages more chargebacks, often out of personal limitations on ferreting out fraud. Because of this, payment processors may reject direct sellers, or charge higher fees to adjust for their risk in taking you on. Your bottom line shrinks because of the industry you are in.
A payment processing partner should not penalize you for what you do. Instead, the best will provide tools to help you lower your chargeback rates by helping you identify and follow up on transactions that raise red flags. In conjunction, you should be able to use actual experience and rates to negotiate and reduce your processing fees as you develop your business.
Finally, the right payment partner can do much more than just let you take payments. You should be able to rely on software updates, ongoing technical support, and the right technology to keep you operating smoothly and efficiently. Processing requires an initial and ongoing investment, so you should look for a partner you feel comfortable trusting and relying on to help you get the most from your direct sales opportunity.
Payment processing is more than a tool; it is a service that gives you the ability to grow in a highly competitive direct sales market. Your payment partner should work with you not only at set-up but as a true business partner dedicated to helping you and the business relationship succeed. Be selective, and look for a processing provider who will help get you where you want to be.