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Merchants Part 1 from page 1 erchants Part 1 from page 1
Steven Peisner teven Peisner
them satisfied is pennies in comparison. An ISO that does
them satisfied is pennies in comparison. An ISO that does S
not care about their reputation is doomed to inevitable A Acquiring Solutions Internationalcquiring Solutions International
not care about their reputation is doomed to inevitable
f
failure. Good riddance.ailure. Good riddance.
1. There is no way that any ISO can ensure that every sales here is no way that any ISO can ensure that every sales
1. T
r
2. W rep is above board. I am sure every ISO out there has had ep is above board. I am sure every ISO out there has had
2. We live in an era of information. All of the managers e live in an era of information. All of the managers
one or two bad deals due to w
at our firm
at our firm have undergone diligent training in Internet have undergone diligent training in Internet one or two bad deals due to what a rogue sales rep may hat a rogue sales rep may
h
r research. Businesses that treat customers poorly or ille-esearch. Businesses that treat customers poorly or ille- have said in order to close a deal. ave said in order to close a deal.
gally will have negative Internet footprints. Businesses y will have negative Internet footprints. Businesses
gall
T
t that have been created with the sole purpose of deceiving hat have been created with the sole purpose of deceiving Taking the time to train a salesperson to do it the 'right aking the time to train a salesperson to do it the 'right
wa
or c
or cheating customers for profit will traditionally follow heating customers for profit will traditionally follow way' doesn't always mean that they will, and you can't y' doesn't always mean that they will, and you can't
listen to ever
t the same patterns of application:he same patterns of application: listen to every presentation that a sales rep makes. On the y presentation that a sales rep makes. On the
other hand, you cannot know what a merchant thinks or her hand, you cannot know what a merchant thinks or
ot
h
• They will try to digitally sign an application that They will try to digitally sign an application that
• how they interpret what a salesperson says either. This is ow they interpret what a salesperson says either. This is
w
was intended to be printed and physically signed. hysically signed. where the expression 'buyers are liars' originated.here the expression 'buyers are liars' originated.
was intended to be printed and p
Or they will use a cursive digital font to poorly rep-r they will use a cursive digital font to poorly rep-
O
O
resent a physical signature.esent a physical signature. Over the past 28 years, I have learned that the perceived ver the past 28 years, I have learned that the perceived
r
v
value of 'something' greatly wanted greatly diminishes alue of 'something' greatly wanted greatly diminishes
once t
• They will not be fully aware of – or try to mislead They will not be fully aware of – or try to mislead once that 'something' is delivered. In other words, the hat 'something' is delivered. In other words, the
•
merchant who says, 'I need it yesterday, and I will pay
you – regarding business start dates. Researching ou – regarding business start dates. Researching merchant who says, 'I need it yesterday, and I will pay
y
anything to get it!' really didn't mean it when he is paying
t the accuracy of this information is very easy.he accuracy of this information is very easy. anything to get it!' really didn't mean it when he is paying
$99/month for a terminal because I was the only company
$99/month for a terminal because I was the only company
that would deliver.
• They will send you a poorly manipulated (doc- They will send you a poorly manipulated (doc-
• that would deliver.
tor
tored) voided check.ed) voided check.
A month later, that merchant sees the sales rep as a vulture
A month later, that merchant sees the sales rep as a vulture
that took advantage of the situation rather than the hero
• that took advantage of the situation rather than the hero
• They will confuse you with other merchant proces- They will confuse you with other merchant proces-
that delivered.
sors to w
sors to which they have already sent applications.hich they have already sent applications. that delivered.
What we do to protect against issues like this is not have
• They will sign up with you without discussing or They will sign up with you without discussing or What we do to protect against issues like this is not have
•
any direct sales reps other than ourselves and have great
negotiating the fees involved.gotiating the fees involved. any direct sales reps other than ourselves and have great
ne
referral relationships. We do most (if not all) of our busi-
referral relationships. We do most (if not all) of our busi-
ness from referrals, and in every case, we communicate
I
It would be great if there were a true catchall to identify t would be great if there were a true catchall to identify ness from referrals, and in every case, we communicate
with the merchant directly in order that they know what's
f
fraudulent or unscrupulous merchants, but the best we raudulent or unscrupulous merchants, but the best we with the merchant directly in order that they know what's
up right from the very start.
c
can do is learn from mistakes and pay attention to our an do is learn from mistakes and pay attention to our up right from the very start.
underwriters. nderwriters.
u
On a side note, I have often said that our industry could
On a side note, I have often said that our industry could
do a better job policing itself with respect to who we let
Often enough, sales departments become frustrated with ften enough, sales departments become frustrated with
O do a better job policing itself with respect to who we let
sell services. I would like to see our industry operate more
underwriters because approvals equal earned income. Too nderwriters because approvals equal earned income. Too
u sell services. I would like to see our industry operate more
like the real estate and insurances industries (that is, if
often it is easy to forget that the protections that come with y to forget that the protections that come with
often it is eas like the real estate and insurances industries (that is, if
you have a criminal record, you cannot sell real estate or
a strong underwriting process can keep an ISO from tak-ong underwriting process can keep an ISO from tak-
a str you have a criminal record, you cannot sell real estate or
insurance products) instead of sending the message: Just
i
ing unnecessary risk.ng unnecessary risk. insurance products) instead of sending the message: Just
got out of prison yesterday? Come sell merchant accounts
got out of prison yesterday? Come sell merchant accounts
for us today!
3. B2B sales is a vast and varied industry. It seems to be for us today!
3. B2B sales is a vast and varied industry. It seems to be
highly improbable that the FTC's action against a mere
highly improbable that the FTC's action against a mere
2. At Acquiring Solutions we perform an in-depth tele-
three firms in one particular sector will lead to swooping,
three firms in one particular sector will lead to swooping, 2. At Acquiring Solutions we perform an in-depth tele-
phone interview with the merchant followed up with a
industry-wide federal regulation. Stranger things have phone interview with the merchant followed up with a
industry-wide federal regulation. Stranger things have
site inspection (if necessary). We want to know everything,
happened, but hot-button topics such as industry regula-
happened, but hot-button topics such as industry regula- site inspection (if necessary). We want to know everything,
and if we ask for something that we don't get, chances are
tion typically come strapped with national controversy
tion typically come strapped with national controversy and if we ask for something that we don't get, chances are
you aren't getting a merchant account.
and usually take a long time to institute.
and usually take a long time to institute. you aren't getting a merchant account.
Monitoring of merchants' websites and keeping updated
If federal regulation should become a reality, I'm not ter- Monitoring of merchants' websites and keeping updated
If federal regulation should become a reality, I'm not ter-
financials is a part of merchant acquiring good housekeep-
ribly concerned. If a regulating law is well-written and it financials is a part of merchant acquiring good housekeep-
ribly concerned. If a regulating law is well-written and it
ing. Also establishing a good relationship with the loss-
is designed to dissuade unethical characters from entering
is designed to dissuade unethical characters from entering ing. Also establishing a good relationship with the loss-
prevention team makes for fewer surprises. We also spend
my domain and sullying the reputation of the industry I
my domain and sullying the reputation of the industry I prevention team makes for fewer surprises. We also spend
a tremendous amount of time educating the merchant as
built my career around, I will welcome it with open arms.
built my career around, I will welcome it with open arms. a tremendous amount of time educating the merchant as
to the 'dos and don'ts' of merchant services. If approved,
to the 'dos and don'ts' of merchant services. If approved,
all site inspections are paid for by the merchant requesting
If the law is poorly written and becomes a hindrance
If the law is poorly written and becomes a hindrance all site inspections are paid for by the merchant requesting
services.
to our industry, then we all become hindered equally.
to our industry, then we all become hindered equally. services.
Regulation means change, and change means opportunity.
Regulation means change, and change means opportunity.
We also contact merchants annually to inquire if any of
We also contact merchants annually to inquire if any of
their business methods or product lines have changed.
their business methods or product lines have changed.
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