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Education

StreetSmarts SM

Prosper by providing superior service

By Dee and Emily Karawadra That said, excellence does exist in this industry, and
Impact PaySystem great service is integral to an ISO or processor's ability
to achieve stellar performance. Great service consists of
shift in selling merchant processing has been many things. Here are ways we ensure superior service in
underway for some time. We can remember our ISO for merchant level salespeople (MLSs) and mer-
times when Dee walked into potential mer- chants alike:
A chant clients and was shut down before he • Communicate effectively with MLSs and mer-
could even start his pitch. The issue was that the reps
who walked in before he arrived sold the merchants chants. We have a three-ring rule in our office
during business hours. Someone must pick up the
unreasonable leases and fees. Unethical practices were inbound calls before the third ring. In many ways,
the norm in those days. From shady lease agreements that your office is a lifeline for agents in the field or mer-
never canceled and were overpriced, to offering a teaser
rate that only a small number of merchants' transactions chants experiencing issues. Providing them a con-
tact department or person will lower your attrition
qualified for, malfeasance was everywhere. How times rates. Being sensitive to how your MLSs prefer to
have changed. communicate also strengthens your relationships

Starting from the early days of our relationship, we had with them. Some old-school MLSs may prefer to
have a conversation by phone or in person rather
conversations about ethics in this business. In fact, it was than communicate via email or text, the preferred
one of the main reasons we decided to form our own modes of communication for many millennials.
ISO. In researching best business practices in merchant
services, Dee spoke with the owner of an ISO we put • Follow up, follow up, follow up. Be sure to follow
deals through and asked him, "How can we recruit sales up with your MLSs/agents on any pending deals
agents?" or open issues regarding their merchants. In a ser-
vice situation for a merchant, follow up and follow
His answer blew us away. He said, "It's a churn and burn through is vital in keeping the merchant in your
industry. You get an agent; hopefully, he puts on a few portfolio. As we all know, sometimes finding the
deals, and he is gone. And you go find someone else." This correct answers can take a minute when you're deal-
got us thinking about our own situation. We couldn't help ing with processors or ISOs. Keeping merchants
but wonder, what if that ISO "burns" us? And he did. abreast of the status of their requests puts them at
Strive for excellence, not perfection ease because they know someone is working on the
issue for them.
Today, businesses have to focus on providing great ser-
vice, building relationships that last and being ethical in • Be transparent. Being transparent in your service
all business dealings. No exceptions. Providing great ser- model and your agent residual system is a necessity
vice does not mean you have to be perfect. Let's face it: is- these days. Despite this, there are ISOs or sub-agents
sues are going to arise no matter how good your platform of ISOs that still do not provide accurate reporting
is. There is no such thing as a perfect ISO or processor. on residuals. We have seen situations where MLSs
Dee knows. He's been hoping to find one for more than receive no reporting at all. Requiring transparency
20 years now. within your own company and in partners whose

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