How to Become a Credit Card Broker

Video Transcript

"Hi, my name is Bill Rae. I'm with Alumni Financial services out of Seminole, Florida. Your question is how to become a credit card broker. Interesting terminology you use, credit card broker. If you look around, what the word broker means, it means to arrange deals if you will. If I know of a product and you're looking for a product, I bring you to it. I get paid a little bit of compensation. In the credit card industry, this is called merchandising or merchant services. So if you're looking to become a credit card broker and all you're trying to do is steer people to the places that have credit cards, that's fairly easy to do. You can find a list of all the banks that are offering credit cards, all the different financial services such as Capital One, Bank of America, Fifth Third... All of them have credit cards. All you have to do is steer people to them. But how are you going to get compensated? You need to make arrangements with them, and unless you're really big in the business, I don't think you're going to get too far. If you're talking about becoming a merchandiser processor, or a representative in an industry, any of the big banks or any of the big processors such as IBS, Radiant. New kid on the block by the way, excellent and growing rapidly is Simplicity Payment Solutions, contact them. Every area has what they call an ISO or an area manager. Talk with them and they'll show you. It's a profitable field, but it's highly competitive so unless you're a people person and you're willing to go a ways in order to get comfortable and get people comfortable with you, after all we are talking about taking their money, it's going to be a hard climb. But it can be rewarding. My name is Bill Rae. I'm with Alumni Financial Services, and as always we're here to help you build true wealth."