You are now responsible for your own merchant account. That means it's in your bank account and you control the flow of the money, for the most part.
You have to be smart and manage this new business power responsibly.
If you don't, if you let it get away from you, again speaking from 1st hand experience,
it can get ugly real fast.
Anyone with experience in merchant accounts will tell you that is not an easy battle to win.
Here are some crucial elements you must manage:
1. Keep impeccable records.
2. Maintain a 10-15% reserve in your account at all times.
3. Make sure your refund policies are 100% conspicuous to your customers, and if possible initiate a function that requires them to acknowledge they have not only read it, but they 100% agree to it.
4. If possible, get it in writing.
Always remember, there's no system on the planet that will MAKE you successful.
Your effort and dedication to your own success is all that counts.
No matter how "duplicable" a system may be, don't blame someone else if it doesn't work for you, the way it has for them. You aren't them ... You Have To Create Your Own Success and Write Your Own Story.
Outside of that, I hope everyone sees great results and success.
Amen to that Richard.
After being on an EN webinar, once I heard about the merchant account, I was done. Been there and done that in very recent days. Not fun.
(Great points too Adam.)
My views is - it doesn't matter what company you're in. It doesn't matter how big a payout is, and commission because....
If one's knowledge, skill is not there - AND they haven't done good so far with what they got 'ALREADY'; guess what? -Their in for a very big surprise. The same that has bitten majority of networkers who keep jumping from one company to another.
Focus on mastering your skills, in sales and marketing, and no matter what company; the person will succeed anyway.
I've got nothing but mad respect for David Wood, but as with any venture, you probably will make money, if you can find another sucker, I mean person, to join in with you. That's the key with EN and any other venture, getting others to come in with you.