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Education
Insights from puppy • Training: None so far, and puppy leaves his mark
training applied to all over the place. Numerous missteps.
payments
• Shots: Puppy has been set up with an ISA agree-
By Steven Feldshuh ment but is clueless what any of it means. Puppy
Merchants' Choice Payment Solutions East has no idea what he signed. Puppy doesn't know the
"meaning of residuals, claw backs on bonuses, or
A fter my wife and I received delivery of a new what non-solicitation really means along with many
puppy, it dawned on me that I have been train- confusing paragraphs that are difficult, at best, to
ing puppies for many years and have made understand. Puppy doesn't realize how his food, his
some critical mistakes with each one. I came to security blanket, his place in the family can be taken
this conclusion when the puppy trainer, who was also the away from him.
breeder, required my wife and me to read through a thick
loose-leaf binder of instructions and tested us on some of So how do we help the newbie breed in payments? How
real-life conditions he wrote about. do we establish the correct expectations, working habits
and understanding about the industry? How do we get
While being quizzed by the dog trainer, I realized I hadn't newbies excited, but keep them under control so they
addressed some of the most important questions in the don't make a mess? I believe addressing key items I have
past, because no one had asked me to. I also realized that previously overlooked will help get newbies off to a solid
in some respects new merchant level salespeople can start.
be likened to puppies in their need for consistent, basic
training. Please do not take this personally if you are a The contract to be a good newbie (puppy)
"puppy" in this industry. This is intended to be a guide for
ISOs and MLSs who are expanding their businesses. One area I haven't properly tackled is the agent contract.
Bringing your new puppy home There's so much to explain to newbies that details in the
agreement get overlooked. Yes, the non-exclusive part
First, let's take a look at the new payments industry of our agreements should give agents piece of mind, but
puppy's background: what about the clause of non-solicitation and its potential
penalties? What about the claw-back period on signing
• Birth date: Two to six weeks in merchant services bonuses? What about explaining the bank risk fee?
industry.
I haven't made sure to emphasize these and many other
• Breed: Newbie. General disposition is excited, atten- items, simply because of time. But if we want our puppies
tive, ready to learn, full of promise, hungry to make to behave, produce and stay with the organization, they
money, but very confused. must understand the backbone of our relationship. So,
don't skimp on thoroughly reviewing the high points of
• Puppy check-up: Had three to four recruiters em- an agreement. Your newbie must understand this is a real
phasize the riches of their ISO programs, how easy business that can provide a great life style, and there are
the business is and how the new recruit will make consequences if one misbehaves.
tons of money in the first year. Misleading, maybe.
Setting daily expectations as the puppy matures
I've always asked newbies about their expectations, but
I often haven't stated what my expectations were. With
my expectations unstated, how can newbies know what
I expect? It takes a huge investment of time to properly
train a newbie in merchant services. How much time have
I wasted by not setting expectations?
It's important to include expectations in a plan, so newbies
have a strong, achievable direction. If strong direction
isn't given with set responsibilities, and a set plan, it's like
giving your puppy free rein.
Role playing, critiquing
Most of us are good at explaining the business. We
understand interchange pricing, industry terminology,
various equipment options and technology needed to be
successful in this industry.
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