Short answer
In your first 90 days as a payment consultant, spend the first month learning how to read statements and the pricing models, the second month analysing real statements and building a repeatable method, and the third month finding merchants, delivering honest quotes and following up. Measure the number of statements analysed and quotes delivered, not just sales.
Part of Selling and savings quotes. Start with the main guide: Merchant statement analysis in five minutes: a repeatable method
Key takeaways
- Learn to read a statement before you try to sell, because everything else depends on it.
- Practise on real statements and keep a record of every analysis, with the assumptions.
- Build a repeatable method and one template, so every analysis takes about five minutes.
- Track activity (statements analysed, quotes sent) as well as results, because results lag.
- Ask for contract end dates and diary them, so you can come back at the right moment.
The first three months in merchant services are mostly learning, and the people who do best treat them that way. There is a body of knowledge that every good consultant carries: how statements are built, what the fees mean, how pricing models differ and how to compare them fairly. It takes weeks, not years, but it has to come before the selling.
This guide sets out a plan for 90 days, in three phases. It is written for someone new to the field, whether you are joining an ISO, setting up as an independent consultant or moving from another sales role. The plan is a framework, not a promise. Your results depend on your market, your agreement and your effort, so adapt it.
What is the 90-day plan at a glance?
- Days 1 to 30: learnHow statements, fees and pricing models work. Practise reading.
- Days 31 to 60: practiseAnalyse real statements, build your method and template.
- Days 61 to 90: sellFind merchants, deliver honest quotes, follow up and ask for referrals.
Each phase builds on the one before.
Days 1 to 30: learn the craft
The aim of the first month is to be able to read any statement and explain it to a business owner in plain words.
Week 1: the basics
- Learn the layers of a card payment: interchange, scheme fees and the provider's margin. See interchange fees explained and scheme fees explained.
- Learn the vocabulary. Our payment terms glossary is a reference to keep open.
- Understand who the players are. See acquirer, ISO, payfac and gateway.
- Read your own provider's statement, if you have a business, or a friend's, with permission.
Week 2: statements and the effective rate
- Work through how to read a merchant statement with at least three real or sample statements.
- Calculate the effective rate by hand for each. See effective rate explained.
- Practise rebuilding missing figures. See working out a missing rate, turnover or fee.
Week 3: pricing models and fees
- Learn the models: interchange plus, blended and flat rate and tiered.
- Learn the extras: hidden fees, PCI charges, minimum charges and monthly fees.
- Learn the rules in your market. See the country guides for the UK, US, Australia, New Zealand and South Africa.
Week 4: contracts and switching
- Learn how contracts, notice periods and exit fees work. See contract length, auto-renewal and notice periods and early termination fees.
- Learn the switching process. See how to switch card machine provider.
- Learn what your own ISO or provider offers: pricing, support, onboarding and compliance rules.
Days 31 to 60: practise on real statements
The second month is about volume and method. Reading ten statements teaches more than reading one ten times.
- Analyse at least 10 to 20 real statements. Friends, family businesses, local shops with the owner's permission, or practice material from your ISO.
- Use one method every time. Our five-minute method is a good base.
- Build a template. One record for turnover, transactions, model, fees, effective rate, bill check, exit cost and assumptions.
- Write one quote. Use the structure in building a savings quote merchants trust. Ask someone experienced to review it.
- Practise the conversation. Role-play asking for a statement, explaining a finding and handling "I'm happy with my provider". See how to ask a merchant for their statement and handling objections.
- Learn the rules of honest selling. See honest comparisons and misleading claims.
Days 61 to 90: start selling
By now you should be able to analyse a statement quickly and explain it clearly. The third month is for putting that in front of merchants.
- Make a list of 50 to 100 target merchants. Local, in a niche you understand or through your network.
- Open with a useful offer, not a pitch: a free breakdown of what they pay.
- Ask for contract end dates and diary them. Many good opportunities are a few months away.
- Deliver every analysis within the time you promised, and be honest about the result.
- Follow up with merchants who have not decided. See how to win a card machine switch.
- Ask for introductions from merchants who are pleased.
- Review what is working. Where do merchants drop out?
What should you measure?
Results take time, so measure activity as well as outcomes. The targets below are illustrative. Set your own.
Illustrative targets to show what to track. Adjust to your market and agreement.
An agent who has diaried 30 contract end dates has a pipeline for the next year, even if only two switches have closed. See merchant services sales pipeline for how to track it.
A week-by-week summary
| Weeks | Focus | Output |
|---|---|---|
| 1 to 2 | Layers of a card payment, vocabulary, reading statements | You can read a statement and explain the effective rate |
| 3 to 4 | Pricing models, fees, contracts, local rules | You can identify the model and spot hidden fees |
| 5 to 8 | Real analyses, a template, a first quote, role-play | 10 to 20 analyses and one reviewed quote |
| 9 to 10 | Prospecting, offering free breakdowns, diarying dates | A list of merchants and a calendar of contract dates |
| 11 to 13 | Quotes, follow-up, referrals and review | First quotes sent and a clear view of what works |
Which mistakes are common in the first 90 days?
- Selling before you can read a statement. Merchants notice.
- Chasing the biggest saving. The defensible one wins more deals.
- Not keeping records. You will forget how you reached a number.
- Ignoring contract dates. The calendar is your pipeline.
- Skipping the follow-up. Many switches are won on the second or third conversation.
- Neglecting compliance. Learn your ISO's rules and your local law.
A note on pace
The plan above is deliberately steady. Rushing the first month to start selling sooner usually costs more than it saves, because mistakes in the first analyses are the ones merchants remember. If you need to go faster, shorten the practice phase, but do not skip reading real statements.
Which tools help?
You can do all of this with a spreadsheet, though a purpose-built tool saves time and reduces mistakes. See Excel versus a web calculator for merchant statements. The checkmyrates calculator is built for the method in this guide: you enter the statement figures, it checks the bill, shows the effective rate and produces a quote. You can also learn how a polished quote looks on the sample quote page.
Frequently asked questions
How do I become a merchant services agent?
Learn how statements and pricing work, practise on real statements, then join an ISO or set up as an independent consultant, read the agreement carefully and follow the rules where you work.
How long does it take to learn merchant statements?
A few weeks of focused practice is enough to read most statements and explain the main fees. Fluency grows with the number of statements you analyse.
Should I focus on sales in the first month?
No. Learn the craft first, because credibility with merchants depends on your being able to read and explain a statement.
What should I track early on?
Statements analysed, merchants contacted, analyses delivered, quotes sent and contract end dates diaried. Results lag behind activity.
Where do I find merchants to analyse?
Through your network, local businesses with the owner's permission, referrals and any leads provided by your ISO. Open with a free breakdown of what they pay.
What is the biggest mistake new consultants make?
Overclaiming savings. A defensible figure that holds up wins more deals than a bigger number that does not.
Sources and further reading
Figures in this guide are examples to show the method. Fees, rules and rates change, so check your own statement, contract and current rules before you decide. This is general information, not financial or legal advice.