FAQ - Park Place Payments
 

FAQ

Account Executive FAQs

What is payment processing?
Payment processing is a fancy term for credit card processing. Every business from a hair salon to a dentist to a book store accepts credit cards and they all have an intermediary between Mastercard, Visa and American Express and the business. The intermediary can become YOU!

 

What are the roles and responsibilities of a Park Place Account Executive?
Account Executives are sales professionals who sell payment processing to businesses. They are responsible for generating leads, presenting proposals (that Park Place creates on your behalf!), and closing new business. Once a client says “yes,” Park Place Payments boards and services the account, freeing you up to sell your next one!

 

What is Park Place’s role in the sales and support process?
Park Place provides support to Account Executives throughout the entire sales process with one-on-one conversations to address specific questions as well as a weekly training call with the sales leadership team. Park Place completes each statement analysis, creates individualized proposals and coaches you on presenting the proposal. Once a merchant is approved, Park Place will ship their payment terminal, launch the client through their new product set up and provide day to day support.

 

What does the $199 one-time fee cover?
The $199 covers the cost of Park Place Academy, the initial training program, personalized coaching calls, weekly ongoing training sessions, your customized business cards, a Park Place branded Welcome Kit, support through the sales process, the preparation of individualized client proposals and rate comparisons, a dedicated Park Place Payments email address, and access to the Account Executive resource center.

 

Is Park Place a multi-level marketing company?
No. Account Executives are not responsible for recruiting other Account Executives.

 

Do I need to purchase inventory or any equipment?
No. Many direct sales companies require sales team members to invest in inventory, sell that down and then buy more. We do not do this at Park Place! You pay your one time course fee plus a $10 monthly system access fee and that is IT.

 

What is an average commission?
At Park Place, you earn 50% of the revenue received from each client in your portfolio on an ongoing basis for the life of the account. This is the magic of Park Place. It is all recurring revenue. For example, if you bring in a business processing $25,000 monthly in credit/debit card volume you would earn approximately $50.00 a month for that account. If you bring in a business earning $150,000-$250,000 in monthly volume you have the potential to earn $250-$350 a month for that account. You will also have the opportunity to participate in monthly incentive programs.

 

What is recurring revenue?
Recurring revenue means that for each client you launch, you earn money monthly for the life of that business. This is the magic of Park Place! No need to reinvent the wheel each month with one-off sales. Instead, the commission earned for each new client is added to your existing monthly revenue.

 

Will I have a sales territory?
Prospects are not restricted by location, but we encourage each Account Executive to start in their hometown and then grow from there.

 

How will my client and prospect list be protected?
Park Place Payments has an internal CRM (Client Relationship Management) system designed to protect your time, energy and client portfolio.

 

How and when will I get paid?
By direct deposit to your bank account on the 25th day of each month. You can view your earnings in your personalized Account Executive portal.

 

What is my “Park Place Forever” number?
At Park Place we hand out numbers in the order in which you sign up as an Account Executive so that you will recognized for the time you’ve been part of the team. Picture your badge at one of our annual conferences with the number “183.” Future Account Executives might be number “2,345” but you were there from the beginning! Once you sign on, you never lose your Park Place Forever number. Need to take a break for a year and come back? We’ll keep your spot safe!

 

What if I sign the Independent Contractor Agreement but I do not want to continue to sell or participate?
No worries. Just let us know. You will never lose your “Park Place Forever” number. That way, if you want to return to Park Place, the door is open for you to reenter!

 

What is a Non-Disclosure Agreement (NDA)?
The NDA is an agreement between Park Place and an Account Executive to protect confidential and proprietary Park Place information.

 

Who can I contact with further questions?
Selina Meere, Vice President of Marketing and Business Development at selina@parkplacepayments.com or (888) 727-5456 Option #2.