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cloud computing allow the company to provide state of local business fairs and events, and cultivate relationships
the art products and services to clients. with others such as insurance and investment salespeople.
They endeavor to explain to merchants not just credit
It is impossible to know what Fiserv's board of directors card processing, but also the new world of working with
was thinking when they agreed to buy First Data. This independent software vendors s to include inventory,
was a godsend for First Data, which had over $17 billion in marketing and accounting that bank calling officers
debt on the books. Perhaps Fiserv thought it could recreate typically are not familiar with. Looking at it this way, there
the former alliance program First Data rolled out many is a bright future for ISOs and MLSs who understand this.
years ago to its largest bank customers.
Thus, ISOs should cultivate their local community banks
The theory was that the banks would be able to and find sponsors there that will refer merchants to
outsource their complete bankcard acquiring operation them; in return they should procure leads for the loan
and eliminate the entire expense line. But over time, department. That becomes a win-win for both parties that
the program dwindled until only one primary bank the fintechs and large banks cannot touch.
participant remained, Wells Fargo, which had been run
for two decades on a mantra of expense management Brandes Elitch, director of partner acquisition for CrossCheck Inc., has
as the ne plus ultra goal for managers. Directly after the been a cash management practitioner for several Fortune 500 compa-
Fiserv acquisition announcement, First Data's largest
customer, Bank of America, declared it would terminate nies, sold cash management services for major banks and served as a
its relationship with First Data. If Wells follows suit, this consultant to bankcard acquirers. A certified cash manager and accred-
acquisition will start to look doubtful, and whatever plans ited ACH professional, Brandes has a Master's in Business Administration
Fiserv has to get its client banks to just push First Data from New York University and a Juris Doctor from Santa Clara University.
products to their SMB clients will be problematic. He can be reached at brandese@cross-check.com.
How can ISOs and MLSs benefit?

Jack Henry does not have an internal card
processing solution like First Data, so it is not emsagent.com
going to go to its community bank customers and
tell them that going forward, they can board all
their merchants on the bank's platform or portal,
rather than deal with an ISO. MANAGE YOUR

There is further good news for ISOs. Most
community banks have a small outside sales BUSINESS WITH EASE
force. They are trying to get the tellers, business
development officers and lenders to spot clients
or prospects who would need cash management
services, but unlike large banks, they do not have
a dedicated Treasury Management sales force.
They are not equipped to put on seminars on cash Partner with EMS and access the innovative
management, or program and deploy imagers or
terminals and train merchants to use them, or tools you need to manage and grow your
even provide a written proposal to compare their business.
offering with an existing one.

The answer for community banks is not to
abdicate this entire effort to First Data: the answer ; No Good Merchant Left Behind
is to cultivate strategic relationships with ISOs in
their community who can help their mutual clients ; Daily Residuals
with bankcard processing and also refer loans to
the bank. This is a real symbiotic relationship that ; Payment Solutions for any Business Type
benefits both parties. Loans are the lifeblood of
community banks, yet their lending officers do not ; Comprehensive Portfolio Management
have the time to be out of the bank calling on every
entrepreneur, new business, or startup. But ISOs
do, because that is their mandate. 866.887.8907

ISOs and merchant level salespeople (MLSs)
belong to groups like local Rotary clubs, attend

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