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ReadersSpeak

How do I avoid the bad apples? what charges are OK and what ones
aren’t? Don’t ISOs all have to do
saw recently that the two top executives of an ISO that goes (or maybe some markup to make money? I’m
went) by the name of Commerce Payment Systems, among other names, confused. I think the ISO I work
might be facing jail time in New York for allegedly overbilling more than with is on the up and up, but I want
I 10,000 merchants to the tune of $30 million. I looked on the web to find to be sure. What do you suggest?
out more about this company and was disheartened by what I saw, especially
some of the reviews posted by merchants. Dee Martinez
Merchant Level Salesperson
I don’t ever want to be associated with a company that cheats merchants and
agents, but I haven’t been in the industry long. How are you supposed to know Dee,

Many people and organizations in
the payments industry deplore the
illegal, deceptive practices used by
a minority of bad actors. A small
number of people can sully the en-
tire industry. You are right to be con-
cerned. While payment companies
are entitled to make a profit, they
must do so in a straightforward way
without using bait-and-switch tac-
tics and hidden fees.

Conducting due diligence on any
potential ISO partner is the best way
to make sure you’re dealing with a
reputable company that will do right
by you and the merchants you sign.

Conduct research on the web. Use
our online archives to familiarize
yourself with industry best prac-
tices. Attend tradeshows, make con-
nections with industry veterans who
can mentor you, and make sure you
understand all the details of con-
tracts you and your merchants sign.
Consulting an experienced pay-
ments attorney before you sign can
help you avoid costly, sometimes
catastrophic mistakes. These are just
some actions you can take to safe-
guard your business. Best of luck to
you in your payments career.

Editor

Do you want to shed light on an im-
portant but often overlooked issue in
the payments industry? Let us know
at greensheet@greensheet.com.

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