Wednesday, April 19 2017
Selling credit card processing services can make you a lot of money both upfront and as residuals. The key is to find a company that will cater to your needs and those of your clients. Before you sell credit card processing services, you need to make sure that the company you will work with is reputable and that their fee structure will work for you. Also, make sure that they have a fair compensation system.
Two of the most important things to consider when choosing the right company are whether they will take your clients’ applications and whether they have up-to-date technology. If you work with “high risk” clients, you need an ISO that is still willing to take them on, otherwise you will be wasting tons of time. Similarly, your clients will expect a certain level of quality when it comes to the equipment and services that you will offer, so make sure that the partner company that you choose has a vast array of modern equipment and software.
Don’t be led astray by impressive promises on marketing material. Always carefully research the company and read the contract from top to bottom. In the long run, it is this attention to detail that will make your business a success.
Tuesday, April 11 2017
Are you considering becoming a registered ISO? This can really bring you to the next level when it comes to expanding your credit card processing business, but it can be quite a journey to get there. As a registered ISO, you can have sub-agents and have more control over your business, but you have to go through the work of finding a large ISO or a sponsoring processor that will take you on. In addition, you need to also be registered with Visa and Mastercard, which is not cheap and requires hours of bureaucratic maneuvering.
The rewards can often be well worth it, though. If you are a registered ISO, you have more freedom and more income potential. These high upfront fees may be in the tens of thousands, but you can probably recover your costs in very little time if you have structured your business correctly.
As a registered ISO, you can charge less for credit card processing, so you keep more of the cut without a middle man. You have more power because you have a more direct relationship with the credit card companies. You can control your pricing a lot more, you can negotiate your rates more easily, and you will have better options when it comes to residuals.
Best of all, you can build your own brand which is what will ultimately lead to the big bucks. Having your own brand is more secure as well, and you have the freedom to tweak more aspects of your business.
Monday, April 10 2017
There are many things that you’ll have to consider before choosing a merchant service agent program. Keep these tips in mind:
Pick an ISO With Good Support
You should be able to communicate back and forth easily with your prospective merchant services company. If you’re having trouble getting your questions answered before you join, it’s going to drag your business down once you’re out in the field.
Pick an ISO That is Upfront With You
Skip all the fancy marketing talk and get down to the details as soon as possible. What will your cut of the fees be? Are they trying to shave away your share with random complicated stipulations and sneaky clauses in their contract?
Pick an ISO That Will Train You
You need to learn about the products you sell or you can never support them effectively. Your ISO should give you free training of some sort to keep you up to date.
Pick an ISO With Diverse Products
Since you will find that your clients vary in their needs, you need products that will suit them. Having extra services that you offer can also make you more money.
Pick an ISO With a Fair Contract
Look over the contract carefully before signing. Make sure you get a fair cut, that your residuals can’t be taken away, and that you aren’t getting into an exclusive relationship with any specific ISO.