David & Patricia Carlin are the powerhouse couple behind Residual Payments. They have dominated the credit card processing industry for over 2 decades creating millions in residual income.
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Guest Resource
Residual Payments – Learn more about the program with a 30-day money back guarantee!
3 Value Bombs
1) A merchant account helps a business accept payments online. Once you get setup, every time you take a card payment, residual income is generated as a percentage of that transaction at the end of the month.
2) It’s not the knowledge, it’s the accountability to make sure they do what they need to do, hit their goals, and have support.
3) Having personal relationships far surpasses being a sales person and trying to get a deal.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
Coda.io: The doc that brings it all together! Get your team all working together on the same page for free at Coda.io/fire!
Thinkific: Ever feel like a record on repeat with 1-on-1 coaching? That’s what’s great about online courses – take your knowledge and turn it into an online program! Get started with Thinkific for free at Thinkific.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The Secret to Creating a Residual Income Empire off of Credit Cards.
[1:16] – Patricia shares something that she believes about becoming successful that most people disagree with.
- You don’t have to walk over anybody or be ruthless just to get to the top. You can do business by being trustworthy, honest, transparent – just be yourself.
[2:27] – How realistic it is to make residual income off of credit cards?
- They have been making residual income off of credit and debit cards for over 2 decades.
- Anytime someone shops online, or every time someone setups up their account, they get paid.
[3:20] – Patricia and David share their origin story.
- Patricia started way back in 1998/99. During those days, one of the first companies that allowed Internet billing was an adult online website.
- She went on emailing different companies to see if they were interested in setting up subscription billing online. From a Star Wars website, to Sony music, to the first dating websites, it encouraged her to be a consultant and no longer go to college.
- David got started when he figured out a way to help business owners accept payments less expensively, and every time that they accepted payment, he would get paid at the same time.
[6:50] – Where does the money come from exactly?
- A merchant account helps a business accept payments online. Once you get setup, every time you take a card payment, residual income is generated as percentage of that transactions at the end of the month.
- They grow their base by having agents. This massive amount of agents goes out and gets the merchant accounts and that person gets paid by a merchant processor.
[9:26] – A timeout to thank our sponsors, HubSpot, Coda.io, and Thinkific!
[11:50] – What advice do you have for Fire Nation – or for someone who has never owned a business before?
- You need to recalibrate and think like a regular person.
- For an everyday person who didn’t own a business before – that doesn’t mean that they haven’t gone to coffee shops for the last 5 years, or rented a room at a motel, or changed their oil.
- Having personal relationships far surpasses being a sales person.
[14:29] – David’s idea of a person who has become a success from earning residual income.
- They ask people what is it that they want to achieve, and then help them.
- It’s not the knowledge, it’s the accountability to make sure that they do what they need to do, hit their goals, and have support.
- Keep your full time job while building your company. Building up the residual income is a long-term play.
[16:58] – Building a business with a partner or your significant other.
- In terms of working together, it’s about setting boundaries.
- Have open communication.
- Regardless of the fight, no matter who’s right or wrong, move on.
- A lot of people want to build a business together. The fear is in ruining the relationship.
[21:37] – What do you want Fire Nation to take away from this conversation?
- Have insights on the behind-the-scenes of what really is going on in your business
- Shopping online will help you understand how this business model works.
[25:42] – David and Patricia’s call to action.
- Residual Payments – Learn more about the program with a 30-day money back guarantee!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
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