Page 32 - GS190701

Education

StreetSmarts SM

What MLSs should expect from

ISOs and processors – Part 1

By Dee and Emily Karawadra systems of the processors they board with in-house and
Impact PaySystem may also have access to more than one processor. The
ability to board with multiple processors can be a critical
his is the first article in a two-part series by factor when trying to board a merchant whose business
Emily and Dee Karawadra on what merchant needs require access to a specific platform. This is when
level salespeople (MLSs) – also referred to as ISOs become a better choice.
T agents – can expect from their processors or
ISOs. In this installment, Emily shares her views. Dee will Most reputable ISOs have strong support staffs that walk
convey his thoughts in issue 19:07:02, which will be pub- MLSs through boarding a new account from start to finish.
lished July 22, 2019. This is what an ISO's main function is, as the ISO is not
responsible for moving transactions or billing merchants.
From Emily Unless the business is a wholesale ISO (an ISO that does
its own risk and underwriting) the ISO outsources all of
MLSs should spend most of their time in the field that to the processor. The ISO's sole focus is on service and
prospecting, closing deals and building relationships. support, so if you're with an ISO, you can demand service.
This isn't the case for many agents. They spend significant If you're not getting specialized service from your ISO,
time and effort managing the processors or ISOs to whom plenty of other ISOs can provide it.
they board business. From start to finish and at all stages
of boarding a merchant account, it's imperative for the Nine tips for securing the right partner
MLS to be informed. This allows them to properly prepare
merchants for the set-up process. If you are an MLSs new to the industry, have worked in
payments from a support role, and/or have taken steps to
When deciding where to place a merchant account, an become an ISO, the questions and points below will help
MLS can go directly to a processor or go to an ISO. Each you secure the right partner. Keep these in mind during
alternative has its strong points. If you are a big sales negotiations with a new partner.
office and have staff to manage the boarding process,
merchant deployment or terminal setup, working directly 1. Boarding communication: Clear communication
is essential from submission of an application for a
with a large processor may suit your needs.
merchant account to deployment and merchant setup.
If you're a sole proprietor MLS or have a small office, going Ask what the channels are for submitting new mer-
with an ISO may fit your needs best. ISOs often have the chant applications.

32