Have you ever wondered how you can increase your mobile recharge business income?
The mobile recharge business has made many people self-employed worldwide. Over time, the definition of mobile recharge business has changed into international platforms. Thanks to technology, you can now easily start an online mobile recharge business and provide your customers with international recharge services.
How can you make extra bucks at no extra cost?
Can you offer your customers beyond recharge services through your point of sale?
In today’s blog, we are going to learn the advanced ways of increasing your mobile recharge business income internationally
Table of Contents:
- How mobile recharge business income works
- Ways to increase your international recharge business income
- 5 myths & facts about the online mobile recharge business
- Choosing the right international recharge service provider
- Pro tips: how to become the best international mobile recharge provider in your country
- Last thoughts
How mobile recharge business income works
There are a group of people contributing to the different stages of a mobile recharge business income distribution system. The supplier, the distributor or retailer, and the agent. Each entity of this chain performs a greater role in providing the end customer with a seamless international mobile recharge experience.
However, when it comes to income, the first party to set the pricing and commission range is the supplier. The distributor or retailer then passes the rate to the agents provided by the suppliers.
As an agent, you get a fixed rate from your distributor. But here’s the catch: you can add your desired service charge before processing the transaction and get profit directly from the end customers.
CAUTION: Do not charge your customers more than your competitors.
Yes, that’s right. Many international mobile recharge agents fail to continue the lucrative business due to the lack of market knowledge. So you better check out what your competitors are charging for a single service for a specific country & operator and try to stay close to their rates. This will allow your customers to choose from the most viable service (which will be you) and turn them into returning customers.
Ways to increase your international business income
Ways to increase your international recharge business income
The primary source of international recharge business income is, obviously, sending mobile recharge worldwide. But it’s not limited to this anymore. The definition of global recharge business has changed over the years.
Now you can sell recharges, and e-vouchers, pay utility & DTH bills, transfer money to other mobiles, and beyond.
Here are basic earning sources to increase your mobile recharge business income:
Through the international mobile recharge business, you can trade the following:
-Local & international recharge
- Food vouchers
- Electricity vouchers
- Fabric vouchers
- Healthcare vouchers
- Grocery vouchers
- Utility bill (gas, water, electricity)
- DTH bill
Suppliers and operators frequently offer commission-based sales. That is, the more you sell, the more commission you will receive from them. You will benefit from this in two ways. To begin with, the more you sell, the more service charges you can add to each transaction. Second, you will get commissions. It’s a two-for-one deal!
Competitive service charge
The easiest way to profit from a mobile recharge business is to charge a service fee. You can process a transaction after adding your service charge. You may charge your customers whatever you like, completely at your freedom.
Sales incentives from suppliers or distributors
You will receive an additional commission if you meet the monthly sales target. For example, if you sell a €1,000 recharge weekly, you will receive an additional 5% bonus. This is your extra income.
Operators and suppliers with whom you are integrated may offer various incentives to assist you in generating revenue. Examples include recharge campaigns, data campaigns, and special combo offers.
4 myths & facts about the online recharge business
As the online mobile recharge business is a fully virtual service and doesn’t have any physical existence, people are likely to develop various myths surrounding this business. Here are some common myths and misconceptions, along with real-life factors that’ll help you understand the business better:
Myth 1: A handsome amount of capital is required to start the
online recharge business
Fact: This fact is not entirely true. The amount of capital investment depends on your business model for the international mobile recharge. If you want to start small, with what you have, it’s best to become a local agent under a distributor and provide international service in the local market. All you need for this is a stable internet connection, a PC or laptop, and/or a smartphone.
You can start your journey as a distributor or purchase the complete solution on a white label for greater opportunities and profitability. This business model gives you full control with authority and to manage smaller entities accordingly.
Myth 2: It requires lots of technical knowledge & skills to carry
out the business
Fact: The mobile recharge business solution is an application developed in such a way which is ready for any ordinary person. If you know how to use a smartphone & any other general mobile app, you’re likely to understand the business without zero technical knowledge & skill.
Don’t forget about instant support from your solution provider for any technical issues.
Myth 3: It is challenging to get customers for international recharge
Fact: Many people have this stigma which is ridiculous. As the world has become a global village, people travel & migrate to assorted countries for study, business, and work purposes. These travellers and immigrants need international recharge services constantly and instantly.
Myth 4: The international recharge business is not profitable ENOUGH
Fact: The international recharge business can be very profitable if you plan it right. It also depends on external and internal factors influencing the business’s profitability.
External factors: If you reside in a place with many immigrants, you are most likely to succeed in your international mobile topup business. Because there’s a surplus of foreigners and a huge demand for global services like these.
Internal factors: If you can diversify your services rather than sticking to a single service such as mobile recharge, customers will definitely come to you in need. Also, the profitability depends on your supplier and service provider supporting you from the back end.
Choosing the right international service provider
The solution you choose must be modernised, updated, and user-friendly. The dashboard should give you the versatility to run your business.
Ensure that your service provider enables you the entrance to become a multi-service business point in your community by providing numerous services at once.
The transaction procedure must be smooth to operate, and an instant transaction facility should be enabled so your customers can get their desired services quickly.
Transaction & data security
As you will work on the international corridor, transaction processing, and customer data security are crucial. The service provider you choose must assure you how secure their system is.
There might be a technical problem or transaction delay, or you might need instant information about something your customer is asking. Is your provider ready to assist you with such difficulties with dedicated support?
Pro tips: How to become the best international mobile recharge provider in your area
To become the best at what you do, you should-
Now that we’ve reached the end of this blog, you have got a clear understanding how the mobile recharge business income works and the profit scope of this versatile business.
However, if you still have questions, feel free to comment below, and we’ll reach out to you ASAP.
In the meantime, learn more about the mobile recharge business for further knowledge & accountability.