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I have seen the same issues arise with gift and loyalty programs, but in the case it in-house. If we go the partnership
of cash advance, more is at stake because there is more money to be made. The route, we need to find relationships
product also provides you another reason to visit your merchants and locks with cash advance companies that
them in for the period of the advance. Additionally, merchants typically renew treat merchants the same way we
once the money is paid back to the lender, which gives you another payday. treat our merchant customers. Such
potential partners do exist.
I do think cash advance and credit card reps tend to have different types of
personalities. I have seen both at work and, yes, there are distinctions. But that My company’s decision was to offer a
doesn’t mean credit card reps can’t spend a few moments filling their merchant hybrid program for our sales offices.
customers in on a few cash advance basics and offering to help when they need For agents seeking full involvement,
money. Reps can either handle cash advances themselves or hand off leads to we let them submit completed
someone who is more comfortable dealing with the specifics. applications directly to us, finalize the
terms of the deals directly with their
Teamwork merchants and decide for themselves
Cash advance specialists don’t need official credentials, but they do need how high their commissions should
experience and a system in place to be successful. Just like when we all started be.
our careers in credit card processing, there is much information to digest, as
well as new techniques to learn to become successful. I believe credit card For agents who didn’t want to be
professionals can either learn the ins and outs of the funding business or the face of the advance company, we
can certainly work out a split arrangement with someone who is a pro in this arranged a commission split with a
market. cash advance specialist, who works
in-house. For the past two years,
As credit card professionals, we should all learn the cash advance basics and the in-house specialist has helped
decide whether to set up some sort of referral partnership for this product or do many of our reps close deals, lock
in merchants and provide terrific
additional income for those who
participate. With income from
leasing terminals at an all-time low,
this additional revenue has helped
boost agent income tremendously.

After two years of success for our
hybrid cash advance program, we set
up a completely new cash advance
division. The concept is to find the
best, most affordable program for
each merchant the division serves.
The idea isn’t unique, but to us, it
makes good business sense.

Steven Feldshuh, President of Merchants'
Choice Payment Solutions East, has 18 years'
experience in sales and ISO development.
Directly prior to joining MCPSE in 2012, he was
President of Payment Partners. In his current
position, Steven devotes the bulk of his time
to assisting agents in building their portfolios.
Contact him by email at stevenf@mcpseast.
com or by phone at 212-392-9202.

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