Page 32 - GS211202
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Education
you are new to the industry or you have years of ex-
perience, it's good to know you're not just a number
and that the ISO you work with will go out of its way
to solve your issues immediately. Partner support is a
must and cannot be overlooked.
2. Provides access to the ISO's decision makers:
Further to the point of choosing an ISO with im-
mediate, real-time partner support, also consider
one that provides access to senior management
when necessary. Can you get the CEO, president or
other leaders on a call if you need them? This can
be extremely important when solving an unusu-
al issue or working with a merchant with unique
or complex needs. Having direct access to the top
can mean winning—or retaining—a big customer.
10 things to look 3. Values your relationships with merchants: The
ISO you choose needs to be flexible enough to un-
derstand your relationships with your customers and
for in an ISO provide the same level of attention to all your cus-
tomers regardless of size.
By Dustin Magaziner As such, raising rates and charging high termination
fees are surefire ways to destroy relationships you've
PayBright worked so hard to build. It's critical to work with an
ISO who not only sees eye to eye with you and your
gents often ask what separates ISO A from merchants, but also treats your merchants the way
ISO B. It can be daunting to decipher the pros you need them to be treated. Also, if an ISO doesn't
and cons of merchant processors and their treat its merchants properly (fair terms, rates, etc.)
A programs. To bring clarity to the process, first what makes you think they will treat their partners
determine what you're looking for and then go into dis- any better?
cussions with purpose.
4. Focuses on innovation: Every ISO claims to have
Not all ISOs are created equal. Some are large; some are the most innovative products and services, but how
small. Some provide top-level support; others believe in a many of them actually do? Or if they do, how would
hands-off approach. Having a wish list with priorities or they benefit your merchants? Work with an ISO that
must-haves is key. If you aren't sure, do your homework offers free equipment, and not just a basic countertop
first. Some agents are looking for high-risk, others are terminal. Having access to a full product line of POS
looking for top-tier residuals, still others may need a and free equipment will drive growth and sales. In
program that offers health insurance. today's ever-changing landscape, free equipment is
an absolute must if you truly want to compete with
Knowing what you need will make your search much more newer players like Square and Toast. Play the long
successful. You wouldn't walk into the first car dealership game and maximize your residuals.
you see and buy the first car that catches your eye, would
you? Invest the time to understand the differences that 5. Offers the best commissions: Where do you want
exist among ISOs, and you will be on your way to finding the bulk of your compensation to come from: residu-
the right fit. als or upfront bonuses? Do you want to work hard to
Choosing the right one for you make someone else a small fortune or do you want
to make a small fortune for yourself? The latter is
Here are 10 crucial things to look for in your new or current obviously a better fit, so it's generally a good idea to
ISO. Your ISO should: find an ISO that will offer you top-tier residual splits.
Bonuses are great, but residuals are where the real
1. Provide high level partner support—with hu- money is. Make sure you understand your Schedule
mans: Working closely with your merchants, you A and residual splits.
might find you need to speak with partner support
immediately. Does the partner support team pick up 6. Offers add-on products: Value-added products
when you call, or do they make you wait on hold—or make your merchants stickier and keep them with
worse, do they tell you to send an email? Whether
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