Page 57 - GS131101
P. 57
Inspiration
What motivates your business partners?
Some of these attributes are easier to assess than others,
and certain companies are more forthcoming than others.
To get insiders' views on payment businesses, many
pros attend regional acquirers association meetings, the
Electronic Transactions Association's annual meeting and
expo, and other industry tradeshows throughout the year.
They also post questions on GS Online's MLS Forum,
where the industry's feet on the street gather to share
information and expertise.
What's going on inside?
Even so, doing thorough research is a challenge, especially
since factors such as those just listed aren't the only ones
to assess when looking for partners. It's also essential
to go beyond what can be measured and look deep into
n today's commoditized payments world, many the heart of a company to see what makes it tick. Two
merchants believe all ISOs and merchant level sales- successful, reputable companies could appear to offer
people (MLSs) are basically interchangeable. Thus, everything you're looking for, yet one might be a superb
I the problem persists of retailers readily jumping to fit and the other not.
whichever service provider appears to offer the lowest
rates. This will first require that you do some soul searching
to determine what you stand for and what matters most
to you. With that clearly in mind, you can ask probing
However, those of us who have carved out careers in questions of people representing your prospective
this industry know there are extensive and significant partners. Ask why they do things a certain way, and when
distinctions among payment companies. These can make you receive an answer, ask another "why" question related
the difference between a merchant having a cost effective, to that answer. Keep going; dig deep.
well supported POS that meets the demands of his or her
unique business environment and an expensive, unreliable You'll find that some companies, above all else, want
nightmare POS that hinders the merchant's ability to to be the biggest and best; others want to be known as
provide a smooth checkout experience for shoppers.
the experts, the ones all others turn to for industry
knowledge; some disdain convention and care deeply
The distinctions between ISOs can also mean the about innovation; others think of themselves as guardians,
difference between a merchant level salesperson (MLS) willing to go above and beyond duty to see that merchants
whose sales soar and one who barely gets by. Thus, the are protected; some want only to grow rich as quickly as
choice of business partners is extremely important to an possible.
MLS's ability to succeed.
What's being offered? There are more possibilities than these, and you'll
discover them as you investigate. It's worth taking time
When seeking a new ISO partner, an MLS typically to identify these inner, driving forces and pick partners
evaluates a number of factors; among them are an ISO's: whose motivations are in sync with yours. If you do this,
you will be more comfortable with your colleagues, better
• Product and service offerings able to communicate authentically and establish business
• Processing platforms supported relationships that will be rewarding for years to come.
• Vertical market expertise You'll also help change merchants' perceptions of the
• Support for MLSs industry in the process.
• Support for merchants
• Residual split
• Timeliness of payments to MLSs
• Bonuses offered
• Initial and ongoing training for MLSs
• Length of time in the business
• Reputation within the industry
57
What motivates your business partners?
Some of these attributes are easier to assess than others,
and certain companies are more forthcoming than others.
To get insiders' views on payment businesses, many
pros attend regional acquirers association meetings, the
Electronic Transactions Association's annual meeting and
expo, and other industry tradeshows throughout the year.
They also post questions on GS Online's MLS Forum,
where the industry's feet on the street gather to share
information and expertise.
What's going on inside?
Even so, doing thorough research is a challenge, especially
since factors such as those just listed aren't the only ones
to assess when looking for partners. It's also essential
to go beyond what can be measured and look deep into
n today's commoditized payments world, many the heart of a company to see what makes it tick. Two
merchants believe all ISOs and merchant level sales- successful, reputable companies could appear to offer
people (MLSs) are basically interchangeable. Thus, everything you're looking for, yet one might be a superb
I the problem persists of retailers readily jumping to fit and the other not.
whichever service provider appears to offer the lowest
rates. This will first require that you do some soul searching
to determine what you stand for and what matters most
to you. With that clearly in mind, you can ask probing
However, those of us who have carved out careers in questions of people representing your prospective
this industry know there are extensive and significant partners. Ask why they do things a certain way, and when
distinctions among payment companies. These can make you receive an answer, ask another "why" question related
the difference between a merchant having a cost effective, to that answer. Keep going; dig deep.
well supported POS that meets the demands of his or her
unique business environment and an expensive, unreliable You'll find that some companies, above all else, want
nightmare POS that hinders the merchant's ability to to be the biggest and best; others want to be known as
provide a smooth checkout experience for shoppers.
the experts, the ones all others turn to for industry
knowledge; some disdain convention and care deeply
The distinctions between ISOs can also mean the about innovation; others think of themselves as guardians,
difference between a merchant level salesperson (MLS) willing to go above and beyond duty to see that merchants
whose sales soar and one who barely gets by. Thus, the are protected; some want only to grow rich as quickly as
choice of business partners is extremely important to an possible.
MLS's ability to succeed.
What's being offered? There are more possibilities than these, and you'll
discover them as you investigate. It's worth taking time
When seeking a new ISO partner, an MLS typically to identify these inner, driving forces and pick partners
evaluates a number of factors; among them are an ISO's: whose motivations are in sync with yours. If you do this,
you will be more comfortable with your colleagues, better
• Product and service offerings able to communicate authentically and establish business
• Processing platforms supported relationships that will be rewarding for years to come.
• Vertical market expertise You'll also help change merchants' perceptions of the
• Support for MLSs industry in the process.
• Support for merchants
• Residual split
• Timeliness of payments to MLSs
• Bonuses offered
• Initial and ongoing training for MLSs
• Length of time in the business
• Reputation within the industry
57
