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Education

all been lured in by the promises of huge signing bonuses,
I, like many of you, used to think we only to find out if, for example, a merchant brought in by
were protected if we had a signed contract. an agent leaves in a year, the bonus is pulled back.
However, as several contributors noted Most of us have been put in situations where our costs
in the MLS Forum, wording can be increased, but we were never notified. Some of us have
interpreted in several ways. Differences filled out merchant applications not realizing we were
having our merchants sign an agreement with coding we
of opinion regarding what a contract's were not schooled on that plays around with card brand
terminology actually means can lead to fees, such as higher assessment or access fees than are
acrimony and significant business losses. published by the card companies.
Suing a large ISO or processor is possible, Investigate thoroughly
but do you really have the deep pockets Another suggestion I received from the field is that
and time to try and obtain a favorable you wouldn't invest your hard earned dollars in the
settlement? stock of a company that has financial issues unless you
understand the market and have a tolerance for the high
risks associated with gambling. Well, the same can be said
about the company you work with. It is definitely worth
It is quite possible that this sales office is being taken the time to investigate the entity you are going to commit
advantage of by whoever in the chain is above them. too.
Read, consult before signing
Not only should you find out about the company's culture,
The practice of ISOs passing through additional costs you should also determine how much debt the company
to their sub-offices is ongoing in our world. Here is my carries. A super-ISO that is struggling under a huge debt
thought for anyone contemplating signing up with a new load may do some things that could prove to be detrimental
group: thoroughly read the contract you are signing. Have to your business. A debt-ridden ISO may be forced to play
an attorney with industry experience review what you are games with its merchant base and with your residuals. So
planning to sign, as well. Do not sign an exclusive unless be smart and investigate.
you are positively sure of the ethical nature and practices Steven Feldshuh, President of Merchants' Choice Payment Solutions
of the entity you are dealing with. East, has 18 years' experience in sales and ISO development. Directly

prior to joining MCPSE in 2012, he was President of Payment Partners.
I, like many of you, used to think we were protected if In his current position, Steven devotes the bulk of his time to assisting
we had a signed contract. However, as several contributors agents in building their portfolios. Contact him by email at stevenf@
noted in the MLS Forum, wording can be interpreted in mcpseast.com or by phone at 212-392-9202.
several ways. Differences
of opinion regarding what
a contract's terminology
actually means can lead to
acrimony and significant
business losses. Suing a large
ISO or processor is possible,
but do you really have the deep
pockets and time to try and
obtain a favorable settlement?
Know when to move on

A suggestion I received and
endorse is that if you start
to experience anything that
causes you to question your
decision about the ethics of the
company you signed a contract
with, move on. I can pretty
much guarantee you if you are
new in the industry, your first
choice of an ISO partner may
not be the best choice. We have

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