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DSA

What does a Direct Selling Agent do?

Direct selling is a model that involves individuals buying products directly from the manufacturers and selling them to the customers. A direct selling agent (DSA) is an individual that partners with organizations and sells or distributes products in their name. In exchange for their services, direct selling agents receive a commission, which is usually a percentage of the total amount the firm earns from selling a particular product. 

 

In the finance industry, DSAs partner with financial institutions like banks and NBFCs to make loan application processes easier. They cut through the legal jargon and take care of the tedious paperwork. They may also offer financial tips and advice on choosing the best loan products suited to your needs. 

 

People prefer working with DSA agents, as it saves them a lot of time and energy. Big corporations cannot devote time to each customer. DSAs fill in the gap by reaching the product directly to the customers, resolving their queries, and providing customized assistance to every client. And, organizations collaborate with DSA agents to increase their reach and bring in more clients.

 

Benefits of working as a DSA

 

There are numerous benefits to working with valued institutions as a DSA. You can enjoy:

  • Flexible working hours

The best benefit of working as a DSA agent is that you do not have to report to a physical branch of an institution every day at a designated hour. Since your primary duties involve communicating with customers and persuading them to invest in your organization’s products, you can do them at your discretion. You can set up meetings at your convenience, however, make sure to call clients only during office hours. 

  • Unlimited income potential

Your monthly salary as a DSA agent depends on the number of products you sell. There is no limit to the number of products you can sell, hence if you earn a percentage from every product, you are sure to end up with a hefty paycheck. In the case of loan DSAs, the Reserve Bank of India and National Bank’s Commission set a precedent, however, banks and NBFCs are free to offer whatever percentage of the loan amount they see fit. This is why it is very important to go through the DSA agreement before signing it. 

  • Quick payouts

You earn your commission as soon as the customer receives the product or when the loan application process is streamlined. You do not have to wait around to receive your paycheck. Andromeda Loans are known for their quick and hassle-free payouts. Even their application process involves minimal paperwork. 

  • No meritocratic gatekeeping

You do not need a professional college degree to begin working as a DSA agent. You must develop strong persuasion skills and possess detailed knowledge about your firm’s products to pitch them to potential customers. Any individual, salaried or self-employed, from any field, is open to apply for the role of a DSA partner. 

  • Minimum investment required

You do not have to pay any money to the parent company to begin working as a DSA agent. However, you must go through their on-job training modules to get an idea about their existing and upcoming loan schemes. These training modules, offered by the facilitators coach you on the available products and help you fine-tune your communication and negotiation skills. 

  • Low-risk venture

There are no such monetary risks or health hazards associated with the role of a DSA agent. You do not have to make any investments from your pocket. There are on-job training modules to help you pitch products to clients and strike a deal on behalf of the parent company. 

  • Amazing exit opportunities

If you do not feel like working as a DSA agent sometime later in your career, you have a plethora of exit opportunities. You would have built a network of experienced professionals in the industry you worked in like tax advisors, chartered accountants, and business owners, who may help you find your next dream role. Also, you will be familiar with the entire life cycle of a product, from its manufacturing to its delivery, making you an ideal candidate for supply and operations roles. You will also develop excellent communication and negotiation skills after a stint as a loan DSA. These are core skills that are transferable across industries. 

  • Expand your social network

You come into contact with a large number of business owners, accomplished salaried individuals, and finance professionals when working as a DSA agent. You get to learn innovative marketing strategies, implement them, and convince new prospects to invest in your facilitator’s products. These expand your social network and hone your communication skills. 

  • Educate the masses on good money habits

If you have always wanted to be engaged in a social venture, but haven’t had the opportunity, try working as a DSA agent. As a DSA, you will be responsible for the kind of products you sell or distribute to your customers. If you work as a loan DSA, you can also introduce new loan schemes, share money management tips, and help people from low-income backgrounds get loans and fund their ventures. Microfinance companies are a type of NBFC that especially help people with poor credit scores or low monthly income take out loans safely. 

Roles and responsibilities of a DSA

  • Introduce products to prospects

Your first duty as a DSA agent is to acquire detailed information about a product, understand your client’s needs, and suggest the best products suited to their needs. In the case of loan DSAs, you have to highlight how they would benefit from investing in that loan scheme or how it would elevate their financial situation. 

  • Analyze competing products

To make sure that prospects choose your company’s products above others, you have to research competitors’ products and find out what sets you apart. When pitching products, you must highlight why customers would benefit from your product. 

  • Verify documents

DSA agents also take on the responsibility of verifying all KYC identification documents, running background checks, and ensuring that every document is in order. A single slip-up could very well hamper the relationship between customers and organizations. 

  • Resolve customer queries

Customers are free to call DSA agents during office hours and ask them to resolve their doubts. If you want to succeed as a loan DSA agent, you must develop a people-first attitude, for your primary duty will be to guide them throughout the loan application process. They are the first point of contact between customers and lending institutions. 

  • Meet sales quotas

Companies partner with DSA agents to popularize their products and increase their reach. While there is no limit to the number of products you can sell, most institutions specify the number of products that you must sell in a month. You must always try to fulfill the sales quotas as much as possible. 

  • Apply innovative marketing strategies

A DSA partner uses marketing strategies to position their facilitator’s products in a way that the customers would be compelled to choose them. They are also responsible for maintaining a good relationship between the company and the client and ensuring that the product reaches the customers smoothly without any hiccups. 

  • Maintain records

A DSA agent acts as the mediator between institutions and customers. They keep a record of their client’s details and pass them on to the parent company they have partnered with. 

  • Ensure information confidentiality

The most important duty of a DSA agent is to protect their client’s personal information. Since they are the first point of contact and are responsible for verifying their client’s KYC identification documents, they hold a lot of sensitive information about their income and assets. DSA agents must never mislead or use their information against them. 

 

Wrapping up

Having a people-first attitude is a must when working as a DSA agent. Your client’s financial status and loan applications are your primary responsibility and you must ensure that the process is streamlined as quickly and as efficiently as possible. Always respect your client’s personal space during in-person meetings and call them during official working hours only. If you want to begin your journey as a loan DSA, join Andromeda Loans, one of the best lending institutions in India.