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Education

Sales gimmicks and signing bonuses

Sales managers and their marketing teams in charge of
getting new agents and ISOs to sign up have more than If you feel rushed to make a
just pressure tactics up their sleeves. decision without having enough

In exchange for agreeing to an unfair contract, you might time to consider alternatives, pause
be given a short-term benefit, like a signing bonus. It's not
exactly a bait-and-switch, but it can lead you to make a the discussions.
bad choice.

Consider the entire package
Although a competitive Schedule A is important, it • Is your Schedule A clear and concise, or does it con-
should not be your only consideration. Consider the value tain unwelcome surprises?
you receive for your money. A processor or an ISO may
provide the best Schedule A but have subpar customer • Do you have lifetime residuals, residual survivabil-
ity, third-party sell rights, etc.?
support teams, insufficient or inaccurate reporting tools,
or require exclusivity, among other things. • Do you have consistent communication and edu-
cational opportunities, or do you have to seek your
Although assigning a dollar value to these features may own educational sources outside of your processing
be difficult, you may be able to estimate the amount of partner, such as social media contacts?
money you'd spend attempting to save a customer from a
poor customer or technical support. You should look for a partner whose commitment to
service does not end with signing a contract but instead
Consider how much time you will save by not having marks the beginning of a collaborative, long-term and
to jump through hoops, reconcile multiple reports, or successful partnership.
use numerous software programs to learn about your
merchants and their businesses. Worse, a contract might
stipulate that you cannot send your business elsewhere. Natasa Cvijanovic, co-founder and CEO of Tesla Payments, has a proven
track record within the payment industry of cultivating successful rela-
Shopping around tionships with ISOs, MLSs and strategic partners. In developing national

The ability to compare different quotes is a powerful sales channels, she provides training and coaching to sales partners to
and effective negotiating tool. Before making a final enable them to become better business partners and advocates for their
decision, you speak with representatives from at least merchants, and to assist them in building portfolios producing steady
three other prospective partners. Doing so will help you residual streams. She is also dedicated to consistently delivering high
gain understanding, confidence and a more competitive levels of professionalism, integrity, dependability and trustworthiness.
Schedule A. Also keep in mind that one size does not fit Contact her at natasa@teslapayments.com.
all.

Do not settle for a subpar processing partner. Although
there is no such thing as a perfect credit card processor
and/or ISO, you should be able to find one that meets your
needs and those of your merchants at a competitive price.
While you should advocate for your best interests, you
also need to be realistic. Having said that, you should try
to get the best overall terms and fees possible.

Although MLSs negotiate contracts daily with their
merchants, many struggle when it comes time to negotiate
their agreement terms with processors and ISOs. But
what makes a great deal great? In part 2 of this series, I'll
explore the following questions pertaining to contract
negotiations:

• Do you have a relationship manager you can contact
directly rather than an impersonal group that leaves
you waiting on hold?

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