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Education
StreetSmarts SM
Getting educated in payments and business
By Dee and Emily Karawadra the scenes to solicit merchants; set up merchant accounts
Impact PaySystem with the processor; download and deploy terminals;
support merchants' daily needs; understand card brands'
ecent questions we received sparked this arti- interchange, which leads to pricing and how to price
cle. Here's the query: If someone wants to start merchants; understand a merchant statement; and much
up a payments enterprise/ISO but has never more.
R owned or run a business, what are good ways
for that person to become educated? What things when it To gain this knowledge one must walk the walk of a
comes to starting up a business do people tend to forget merchant level salesperson (MLS) and hit the road to sell
to their later detriment? How do you make sure you have merchant accounts. This will allow you to fully understand
all the basics covered? the merchant application process, how to coordinate
equipment and downloads and support merchants' needs,
Having owned and operated our ISO for 19 years, we have and what goes on at the ISO or processor you're reselling
a different perspective than we did when we opened our for.
doors. Having been in the industry previously, we had
industry experience going into this. But being young Many ISOs and processors will allow you to work with
entrepreneurs, we weren't prepared for all aspects of them as a 1099 sales agent. This gives you experience
running a successful ISO. in the whole process and is what you should emulate.
Consider their strengths and weaknesses when creating
Industry knowledge your business plan. Whomever you decide to partner
with will offer education and training. Take advantage of
How important is knowledge of the payments industry it. The more you learn at the ground level, the better you
when planning to open an ISO? Being educated in the will be able to build your business and take advantage of
industry you are entering is crucial. Understanding the your partners' resources.
payments industry can be intimidating to newcomers.
Here are things that helped us make better decisions in Also, engage other active agents. A great way to do that is
operating our ISO. to become a member of the MLS Forum on The Green Sheet's
website, www.greensheet.com. There, you gain knowledge
If you pick up an industry publication like The Green Sheet, and network at the same time. It's a great resource where
you will see articles and ads with a wealth of relevant veterans and newbies can collaborate.
topics, products, legislation, compliance and ISOs. And
that doesn't scratch the surface of what's done behind
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