Job Responsibilities
As a Sales Consultant level one, you are responsible for 10
approved deals, $2.75 million in volume, and $10,000 in profit per
month. (There are two levels higher SC2 and SC3. Their Unit
quotas are less, but volume and profit goals are higher.) If you
fall below these goals, you can be subject to reprimand and
termination. For the first six months, WF puts SC1 on a ramp up
period and quota becomes second to acclimating yourself to the WF
banking culture and establishing your network. After the ramp up
period, your manager will focus on your numbers. If you are below
for two consecutive months with no signs of improvement, you are
subject to termination. You will receive a verbal and then a
formal warning.
To be a success in Wells Fargo Merchant Services, you need great
social skills. Your ability to work with fickle bankers will
greatly affect your book of business. At Wells Fargo, you cold
call very little. Instead, you work with your banking partners
and go after existing WF customers. Establishing good relations
with branch managers and business specialists is vital. These
people will be your source of leads. In many cases, they will
turn your job from sales consultant to order taker. The branch
manager will make you a priority on her team and the business
specialist will work hard to feed you leads. WF compensates the
bankers for each referral you book. Their bonuses are tied
directly into each booked referral.
A typical day at Wells Fargo Merchant services.
The day starts early 7:30 A.M. with a conference call. (You'll
have 2-3 conference calls a week.) Wells Fargo divides your time
into colors. Yellow - administrative, blue-networking with
bankers, - Green- consulting with clients, - Red- wasted time,
white- personal time. In the morning, you spend much yellow and
blue time checking your email, following up on deals, calling the
priority unit, and meeting with bankers. WF believes that a
successful SC should have two sales appointments per day (green
time). Much of your success will depend on setting these
appointments with your bankers. You will have access to all the
bank account at each of your assigned branches. It is your goal to
call on the bank's high value merchants with the business
specialists, set appointments, and then sell merchant services to
your prospects. You can close about 50-60% of these deals with
this method.
You have no set hours. WF wants you to work 40 hours a week. But
you are very much on your own. You do not have to punch in or
punch out. You need to show up to all of your branches at least
one a week. (SC1 is usually assigned 5-6 branches to start.)
Sometimes your deals come into the bank as you are sitting at your
desk. You can work from home on many days when you have paper
work or many calls to make. WF only cares that you make your
quota, not how many hours you spend working in the bank. However,
you want to be visible to the bankers. They will be your main
source for leads. Plan to spend a few hours each day in the
banks.
WF requires several administrative tasks. You will have weekly
sales report. It takes about 30 minutes to complete. You will
also have to send weekly updates to all your branch managers. For
each branch, you must complete a long and tedious partner plan,
which profiles each bank client. There is a monthly expense
account report.
To move up to the next level, you need to hit your quota on a
consistent basis. Volume and profit are more valuable to the
company. Although the new Merchant services president, Debra
Rossi, stresses units, your bottom line will be impacted by profit
and volume through residuals. Small deals under 200K in annual
Visa/Mastercard volume are not profitable to the bank or to you.
You may have to sign some to keep your job, but you won't get far
working on smaller deals. And you will find that WF pricing is
not competitive at this level. You need to sign the bigger
deals--those above 500K annually.
Networking is the key to getting the bigger deals. If you can
establish good relationships with the commercial loan officers,
the business Deposit consultants, and the wholesale bankers, they
will lead you to riches. These bankers work with the high profile
clients and are constantly looking for the big whales (using the
Vegas term).
Your manager more than likely will reserve these bankers for the
SC2's and SC3's. If you plan on making merchant services your
career and you have some experience in this field, don't start at
SC1 level. Ask to start as an SC2. You will receive a higher
salary (about 50k) and the door to big business banking is wide
open to you. As an SC1, you are limited in your contacts and your
manager may restrict your access to the business bankers.
Your goal at WF is not just to meet your quota but to exceed it.
You are paid a salary plus commission. WF does not want you
living off your salary. The commission structure is tiered from
13% to 30% of profitability. You start on dollar one at 13% of
profitability. As your book of business grows, you can make as
much as 30%. For example, let's say you're in the 30% club and
you book $21,000 dollars in profitable deals for the month, then
your commission would be $7,000. (WF takes out 40% in taxes right
up front). You continue to receive residuals for 13 months on
each deal you book. After that period, the deal drops off your
book of business.
It takes a year of hard work to reach the 30% club for an SC2. It
is nearly impossible for an SC1 unless you have a great manager
and great connections that can bring you the big deals. SC1 can
still earn a good residual in his first year and add perhaps 10k
to his 39k salary through hard work and dedication. A good SC2
with two to three years under her belt and a solid network can
make six figures or slightly less.
WF is a very political organization. You are better off pleasing
your bankers and manager than pleasing your customers. Your
manager holds the keys to your success. He can assign you the top
bank branches and the top business bankers. You will be feed
leads ad nausea. If you hate to cold call, you won't have to do
it anymore. However, if you anger your manager or bankers, life
as a merchant services consultant will be hell. The leads will
dry up faster than a puddle in the Mojave Desert. You will have
to hit the sidewalks knocking on doors to drum up business. If
this happens, you have two choices, find another job or try to get
back into your managers good graces. Brown nosing and acts of
repentance are effective if you find yourself in such a situation.
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Job Requirements
Sales consultants are required to have a college degree or
experience in merchant services. Since you will be working in a
bank, you must be bondable. WF will conduct a through background
check. Your record has to be squeaky clean. Criminal record or
DUI will disqualify you.
To move up in the company, an MBA is very helpful if you want to
move into management or another field within the bank. Merchant
services does not require any certification or licenses.
You will be sent to Phoenix for a week of merchant services
training. Classes are boring and the days are long, however the
training is not hard.
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Uppers
Wells Fargo is rated as one of the top companies in the US to work for. As an
SC1, you will have the whole bank open to you. You will have opportunities to
move to different fields in the bank if you so choose.
Working at a premier bank exposes you to the bigger deals that you might not
otherwise have access to.
No Cold Calling. At Wells Fargo, if you work the system right, you will receive
only warm leads.
Work from home. You have no set hours although you are on your honor to work 8
hours a day five days a week. You can set your own schedule.
Paid Vacation: 25 Days of Personal Time Off.
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Downers
Low commission. Wells Fargo does not pay much for in residual. If
you want a large residual, you are much better off working for an
ISO.
Numbers, Numbers, Numbers. You're job security depends on units,
profit and volume. You need to meet the quota for each one or
you're out. Wells Fargo will drive you hard. You think sometimes
you are one of those horses attached to the famous Wells Fargo
stage coach.
Politics. If you don't like office politics, then this is not the
place for you.
You must use your own car. Wells Fargo will pay for mileage.
There is still alot of wear and tear put on your vehicle.
Branch inequality. Not all branches are productive. If you get
stuck with unproductive branches, then your life with in merchant
services will be hard while your coworkers with the choice
branches will be hitting all the bonuses.
Conference Calls. Too often and too boring.
Fickle Bankers: Bankers can be dull and boring. However, their
fickleness is what you have to watch out for. A banker can change
his opinion of you seemingly on a whim. Perhaps a client is upset
with his merchant services. You may have done everything right;
but in the eyes of the banker you are responsible. Your future
business relationship with this banker depends how you handle
these situations. If you handle the banker's clients
incorrectly, you may not see another lead from this banker for a
long time.
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Lifestyle
The life of a merchant service consultant is very independent. You are not
confined to one cubicle or one branch. You will be responsible for several
branches and you will need to circulate. You have no boss looking over your
shoulder. Most managers do not like to micro manage. You only have to report
once a week to your manager and you may not see him for weeks if not months.
You will spend much time traveling to branches and appointments in your car. Get
a good stereo system. There is very little overnight travel. Most appointments
are within a 50 mile radius of your home. Dress code is business formal, coat
and tie. Some managers require a suit. Your wardrobe and cleaning bill will go
up. However, you will be the best dressed in the merchant services industry.
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Compensation
SC1 makes 39K plus residual and commission on equipment. A SC1 can
expect to make 50-60K his first year. 70-80K his second year.
Residuals paid for 13 months on each deal.
Mileage reimbursement.
$500 spending limit per month on purchase card for lunch, travel,
and office supplies.
Benefits:
Health insurance
Medical Savings accounts
Day care savings accounts
Life insurance
401k
Matches the first 6% of 401 contributions with Wells Fargo stock.
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Advice to Jobseekers
If you are a well-organized individual, who can motivate yourself
to sell everyday, than this job is a good fit. You must be very
sociable as well. On a daily basis, you will interact with
clients and bankers. Hustler mentality is not recommended. You
need to come across as honest and proficient.
The future looks bright for the merchant services industry. Most
mom and pop operations will be better servered by call centers in
India. However, mid-range and large companies will need an
experienced consultant to help them navigate the complex waters of
non-cash payment services. Furthermore, new payment products,
such as smart cards, will be introduced into the market in the
near future.
If you can get to an SC2 or SC3 position at Wells Fargo and you
enjoy selling, then you can have a long and prosperous career in
merchant services.
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