Page 8 - GS140301
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ReadersSpeak
ChapterTitleTitle
Chapter
Appreciating Jacques Breton
We received the following note in response to “NEAA
bids farewell to industry leader,” which was published
in our News section Feb. 24, 2014, issue 14:02:01:
Really great tribute to Jacques. Thank you so much for
posting this. You reached his three closest friends in
the quotes – it was perfect! NEAA will continue, and
we thank The Green Sheet for their past and continuing
support in our ever evolving industry.
Nancy Austin
VeriFone
Should we stop paying residuals?
I want to start an ISO with two friends in a year or so.
One of the decisions we’re facing is whether to pay
residuals after an agent is no longer boarding accounts.
We have no reps other than the three of us just now,
but we're thinking ahead on this and all kinds of other
issues. Do most ISOs stop paying residuals after a
certain amount of time? When residuals drop below a
certain level? Do they keep paying indefinitely? We’ll
appreciate your input.
Nancy Glendon
Aspiring ISO owner
Nancy,
It’s a fortuitous coincidence that you asked this question right
now, because a thread titled “Residual Streams” was started
in the MLS Forum on Feb. 26, 2014, and it addresses this
topic. You can access the forum from our home page, www.
greensheet.com. (If you haven't registered, you'll need to do
that first.)
As of this writing, all the replies in the thread are from
individuals whose companies continue to pay residuals
after agents are no longer writing business for them – even
when payments drop below $2. We do not know whether
this reflects the industry norm. When it comes to matters of
this nature, it’s best to consult an attorney with payments
industry knowledge who can guide you through drafting your
agent-ISO agreement so that it is fair to all parties involved.
Editor
Get in touch
Do you want to sound off about our publication,
industry trends, best practices for ISOs and merchant
level salespeople or other matters of concern to your
peers in the payments biz? Contact us via email at
greensheet@greensheet.com.
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ChapterTitleTitle
Chapter
Appreciating Jacques Breton
We received the following note in response to “NEAA
bids farewell to industry leader,” which was published
in our News section Feb. 24, 2014, issue 14:02:01:
Really great tribute to Jacques. Thank you so much for
posting this. You reached his three closest friends in
the quotes – it was perfect! NEAA will continue, and
we thank The Green Sheet for their past and continuing
support in our ever evolving industry.
Nancy Austin
VeriFone
Should we stop paying residuals?
I want to start an ISO with two friends in a year or so.
One of the decisions we’re facing is whether to pay
residuals after an agent is no longer boarding accounts.
We have no reps other than the three of us just now,
but we're thinking ahead on this and all kinds of other
issues. Do most ISOs stop paying residuals after a
certain amount of time? When residuals drop below a
certain level? Do they keep paying indefinitely? We’ll
appreciate your input.
Nancy Glendon
Aspiring ISO owner
Nancy,
It’s a fortuitous coincidence that you asked this question right
now, because a thread titled “Residual Streams” was started
in the MLS Forum on Feb. 26, 2014, and it addresses this
topic. You can access the forum from our home page, www.
greensheet.com. (If you haven't registered, you'll need to do
that first.)
As of this writing, all the replies in the thread are from
individuals whose companies continue to pay residuals
after agents are no longer writing business for them – even
when payments drop below $2. We do not know whether
this reflects the industry norm. When it comes to matters of
this nature, it’s best to consult an attorney with payments
industry knowledge who can guide you through drafting your
agent-ISO agreement so that it is fair to all parties involved.
Editor
Get in touch
Do you want to sound off about our publication,
industry trends, best practices for ISOs and merchant
level salespeople or other matters of concern to your
peers in the payments biz? Contact us via email at
greensheet@greensheet.com.
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