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Education

StreetSmarts SM

“Setting up your ISO for success”

WITH
AARON NASSEH

Positioning your ISO

for success from the start

By Aaron Nasseh I can tell you without doubt that "if you build it they will
Finical Inc. come" does not apply to the ISO business. It is far too
competitive and requires a great plan that differentiates
n your way to building an ISO, the deci- your company from others. And the plan must be executed
sions you make during the startup phase almost to perfection. However, if you take the necessary
are very critical; often they make the differ- time to plan your startup strategy and keep in mind the
O ence between success and disappointment. tips I'm about to share with you, you may be well on your
As enterprising merchant level salespeople (MLSs), we way to success.
are driven by results, and most of us want immediate Tips for startups
results. However, building an organization is far different
than making a single sale, and it is a much more involved Here are five tips to keep in mind when starting out:
process requiring patience, perseverance and, of course, a
well-executed plan. 1. Start small: Nobody likes the idea of starting
small, but starting small enables you to truly fine
I believe where most ISO owners and MLSs run into tune your plan before you do a complete rollout. This
trouble is that they don't place enough emphasis on the is critical, because for a startup that doesn't have sig-
management side of their established or fledgling ISOs. nificant capital, one poorly executed plan may be the
end of the road. Starting small protects you against
major financial setbacks until you have all your
ducks in a row.
10 years ago in Street Smarts SM
2. Think twice before borrowing: We work in an in-
In "To certify or not to certify: That is the MLS question," The Green dustry where "leverage" has become a cool term, and
SM
Sheet, May 29, 2007, issue 07:05:02, then Street Smarts author Dee for experienced ISOs, it is indeed an invaluable tool
Karawadra and members of the MLS Forum discussed the topic of MLS in growing their ISOs, but when you're starting out,
certification. This was before the Electronic Transactions Association it may also be the quickest way to get yourself into
established the payments professional designation, a voluntary trouble. I've seen ISOs start out with a lot of debt be-
certification program. To date, there is no governmental form of fore having a meaningful sales engine in place. This
certification for professionals in the payments industry, and there is puts a tremendous amount of pressure on you and
no agreement about whether governmental involvement would be your team to produce quickly, which often leads to
helpful: www.greensheet.com/emagazine.php?article_id=96. making poor management decisions. Build the foun-
dation of your business first before you consider bor-
rowing expensive money.

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