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Education

Choosing the right Also check online reviews, and ask to see their ser-
vice level agreements for internal processes like ap-
ISO partner – Part 1 proval times or a merchant bank account change.
Ask if there are early termination fees on merchant
accounts, and if so, whether the ISO will allow the
partner to waive the fee, which would say a lot about
the company's approach to servicing customers.

• Integrity: Everything mentioned above is secondary
to this. Integrity also is one of the hardest attributes
to assess. Start by asking your friends in the indus-
try what they have they heard about the company
and how it operates. Does it have hidden production
quotas or residual minimums under which it stops
paying your residual? Is it doing frequent, inflated
price increases? Can partners waive price increase
on their portfolios? Also, one of the best ways to as-
sess the credibility of an ISO recruiter is to ask what
the ISO's weaknesses are.

If the potential ISO partner passes an initial screening, the
next step is understanding the sales partner agreement.
Most such agreements are written in favor of ISOs. That's
Hawkins Siemon just the nature of the business. There are many things to
Elevate Payment Alliance be aware of. Here are a few of the top ones:

electing a partner is one of the most important • Production quotas or residual minimums: Our
career decisions a sales professional makes. industry is ultra-competitive. A company that re-
Having recruited for a super ISO for the last 18 quires a minimum production of deals each month
S years, I am writing a two-part series to share for you to receive your residual is not a partner. The
tips to help you choose the right partnership. An ideal ISO portfolio you have worked hard to build belongs to
partner has integrity, a great product suite, high service you, and you should be paid on it unless you violate
levels and competitive compensation. the agreement for fraud.

When looking for a new partner, you will be overwhelmed • Selling your residuals: When you build up a portfo-
with options and big promises. Here are points to help you lio, you have an asset you can use to borrow against
focus on the big picture: or sell. It's essential you have the option to sell it.
Some agreements require you to get written permis-
• Products: Are the company's products differentia- sion, which can be dangerous because you could be
tors or will they help you close deals? Does it have forced to sell it back to the ISO at whatever multiple
unique offerings that will give you something dif- the company decides to pay. Strive to obtain a first
ferent to discuss with merchants? Does it offer solu- right of refusal clause, which will enable your ISO
tions for multiple merchant verticals? partner to make the first offer, but if you don't like it,
you can sell it to a third party.
• Compensation: Is the compensation offered com-
petitive but realistic? Large signing and activation • Changes to the agreement: Some ISO agreements
bonuses aren't always indicative of a competitive state the ISO can make changes to your agreement
program. ISOs are willing to pay large bonuses be- at any time without your consent. This is a strong
cause they understand the long-term value is in the indicator the ISO is unlikely to be an ideal partner.
residuals. Situations exist where bonuses are need-
ed, but the more the ISO invests in you upfront, the
more long-term residual value you are giving up. For Hawkins Siemon is the founder and CEO of Elevate Payment Alliance.
some, this can create an unhealthy cycle and forever Elevate is an ISO founded on doing business the right way and building
keep you living on upfront bonuses. If you focus on strong, long-lasting relationships. Our mission is to grow Elevate based
residuals, you will build a more stable income that on the success of its sales partners, merchants, and employees. This is
becomes an asset that can be sold.
why we have created the first ISO in the industry that offers ownership
• Service: Everyone will promise you the best service to both its Sales Partners and Employees. Contact him at hawkins@
in the industry. Call an ISO's support line to test elevatepaymentalliance.com.
hold times and service representatives' attitudes.

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