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02-08-2024, 05:54 PM #1
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 141
Question to Fellow Brokers Re Hiring New Sales Reps appropriate compensation programs
I starting to rebuild my sales team and am interested in getting the Forums opinion from specifically ISO brokers re your thoughts on a suited compensation programs for new Sales Reps?
Base/Commission or Commission Only or Draw and Commission -
We will be providing the CRM and communication tools and leads for all of course however We wanted your opinion on how to make a new sales hire comfortable moving forward thanks.
Last edited by G2efunding.com; 02-08-2024 at 05:56 PM. Reason: edit
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02-08-2024, 10:05 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,996
In house reps or remote?
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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02-09-2024, 08:10 AM #3
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 141
[QUOTE=G2efunding.com;188898]I starting to rebuild my sales team and am interested in getting the Forums opinion from specifically ISO brokers re your thoughts on a suited compensation programs for new Sales Reps?
Base/Commission or Commission Only or Draw and Commission -
We will be providing the CRM and communication tools and leads for all of course however We wanted your opinion on how to make a new sales hire comfortable moving forward thanks.
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02-09-2024, 08:11 AM #4
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 141
Good question - as long as we can monitor a reps success/progress remote or in office. This is as you know a very transient industry for reps who are always seeking the next best opportunity however I believe there is a sweet spot in compensation where Reps feels there is a future and they will stay and grow with us - I personally have experienced working in the past with several brokers as a rep and many of these brokers shouldn't even be in the business at all - good brokers who have the reps interest in mind are hard to find.
thanks for your feedback
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02-09-2024, 08:45 AM #5
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- Oct 2020
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- Ontario,Canada
- Posts
- 141
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02-09-2024, 09:54 AM #6
- Join Date
- Mar 2020
- Posts
- 133
It all depends on your waterfall, quality of leads and efficiency of support staff/training.
The best shops that I've seen typically offer a base somewhere between 30-55k annually and a commission split. The higher the base often times as you might imagine the smaller the split. Also an option to forego or lower the base for a higher commission split seems to be common. What I have seen across many different sales floors in a number of different verticals throughout my entire career is that even with a cushier base, support staff and training along with benefits the rate of attrition doesn't actually decrease very much if at all. That being said I personally think there's a sweet spot at about 30k or so base with a 25% split and accelerators on split the higher in GM you go. Also promoting from within and the ability to manage a team with a small rip on teams performance as well goes a long way towards longevity, because it gives folks something to work towards and pays top performers really well while also getting good help with management.Last edited by MichaelP; 02-09-2024 at 10:03 AM.
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02-09-2024, 10:58 AM #7
- Join Date
- Sep 2021
- Posts
- 190
If you have quality leads and great reps, a draw against commission should be good. I used to give $400 a week, keeps them above water until they close deals. 2-3 weeks max
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02-10-2024, 08:44 AM #8
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 141
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03-13-2024, 01:15 PM #9
- Join Date
- Jul 2023
- Location
- Miami
- Posts
- 13
Looking for a good B-C fuder?
Pathway funding - Subs@pathwayfunding.com
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