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Education

Compete with Square with time. Remember, they are likely not starting a
business with the intention of not making money.
and remain profitable They might admit to happily processing $300/month
at first, but they do not want to stay there.

Imagine how painful it would be to send a friend
to Square, then, two years later, learn they're doing
over $5,000 per month and on track to get to $10,000
per month by the end of the year. But at that point,
it's too late for you. They are already invested with
Square or another competitor. It's so common to
see smaller merchants grow, so get in early before
Square or someone else does.

3. You'll get referrals. Referrals are the name of the
acquiring game. When something works, and is at
an attractive price, people tend to spread the word.
Positive word of mouth is how Square spread like
wildfire.

Value in relationships
By Dustin Magaziner
PayBright Your neighbor with her small bakery business might be
delighted with the service you're giving her and introduce
e've all been in situations where a close you to several other business owners she knows. Even if the
friend or family member approach- commissions aren't high to start, relationships have value,
es you for help setting up credit card and they lead to referrals and future business. When I was
W processing for their new side hus- out selling years ago, one of my largest accounts came
tle or small, part-time business. When you ask them from one of my smallest. The referring merchant was so
how much they expect to process per month, they small it earned me no money. Most agents would pass on
respond, "I dunno, maybe $300 to $3,000 per month." the opportunity, leaving a very large referral and eventual
merchant in the wind.
Your eyes roll. You think if you set them up with your
merchant processor, they'll balk at the monthly fees (PCI It's time we gave even the tiniest businesses the attention
fees, on file fees, etc.) and you'll end up making just a few they deserve and stop referring smaller opportunities to
dollars per month in residuals, if anything at all. Heck, Square. We should all borrow a page from Square and find
you may even lose money. the right mix of fees and equipment that can make our
services competitive while being there every step of the
Then you wonder, should you send them to Square and way as that micro-merchant grows.
not worry? Every agent faces this conundrum, and not
just with business customers who happen to be friends I'm not advising that agents stop working with larger
or family members. My advice: accept them all, no matter accounts or only target micro-merchants, but it's crucial to
how small. But make sure you have a winning solution for recognize that smaller merchants also offer value to your
these merchants. portfolio. Ignoring them is a mistake.
Small business, big potential If you are passing up on micro-merchant opportunities or
losing them due to the fees your processor charges, ask
Let's look at three reasons why it makes sense to work yourself why. If it's because you don't have a great solution
with micro-merchants. for yourself or merchants in these situations, it's time to
expand your offerings and take your business to the next
1. There are a lot of them. According to the U.S. level.
Small Business Administration, there are 31.7 mil-
lion small businesses in the United States, and 81 Dustin Magaziner is CEO of PayBright, founded in 2021 with the motto
percent of them (25.7 million) are small and have "Merchant Services, Done Right." Top to bottom, PayBright is focused on
no employees. (Only about 19 percent, or 6 million, providing agents and ISOs, and in turn their merchants, with the abso-
have paid employees.) The playing field is vast. lute best experience in the industry. By offering the absolute best rates,
no contracts, free terminals and POS for each merchant and true trans-
2. Those small businesses will likely grow. As they parency, PayBright has found a way to set itself apart in an industry of
grow, they will process more and more payments. little differentiation. Feel free to reach out to Dustin with any questions
If you are their agent, your residuals will increase at dustin@gopaybright.com.

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