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Education

Five things every professional

payments agent should have – Part 2

By Mark Dunn information pertaining to your customers: merchant pro-
Field Guide Enterprises cessing application information, pricing, processing data,
customer service history and notes, etc.
art 1 of this article appeared in the Green Sheet,
Aug. 28, 2023, Issue 23: 08: 02. In Part 1 of this Also, you should be able to access detailed client process-
article, I described the first three things every ing reports for all of your portfolio, residual calculations
P professional payments agent should have. Here and residual reports and detailed data for all of the sub-
is a summary outline of that article: agents that are working for you.

1. Team. You can't succeed alone. You will need help Your ISO should have a library of solutions information,
from these folk: marketing materials and sales training materials. It should
a. Accountant have regularly scheduled solutions updates that showcase
new features, advantages and benefits. Your ISO should
b. Industry attorney also train you on how to qualify prospects, how to pres-
c. Tech resource ent the solutions, ways to overcome objections and how to
close the deal.
d. Second in command
e. Coach or mentor Your ISO should give special priority to your questions,
f. Backers, investors or banker comments or issues with your residual reports or residual
payments. Most agent agreements give the agent a fairly
g. Board of directors short window of time to identify and dispute irregulari-
ties or incorrect residual reports. It's important that the
2. System. Put these parts of your system in place: ISO be responsive, prompt and forthcoming when you be-
a. Business development plan lieve you've not been paid correctly.
b. Business continuity plan The bottom line here is that you should be welcomed and
c. Customer relationship management tool supported as a critical team member by the ISO for whom
d. Backup system you write business. If that's not happening, it is probably
time to find a new ISO.
e. Accounting 5. Plan for ongoing personal development
f. Agreements vault
Every person needs a personal development plan. You
3. Documentation. These are important proof sources of need to sit down and write out a plan that pulls all of these
your relationships and financial achievements: elements together:
a. Agent agreement 1. Regular reading and study of industry information.
b. Vendor agreements Keep up with current events in the payments industry.
c. Financial statements 2. Research for new business opportunities.
3. Regular discussion with your mentor or coach.
Following are the fourth and fifth things you should have. 4. Meaningful interaction with payments colleagues and

4. ISO support and tools industry leaders.
As an agent, you will have an agent agreement with an in- Read The Green Sheet twice a month. Discuss the articles
dependent sales organization (ISO). The ISO should have you read with your team and your industry peers.
plenty of methods for providing support, access, reporting
and communication with their staff. You will be an active Some of the sources of industry information are free.
member of their team and as such, you deserve great tools Some of the best sources of information, networking and
to complete your tasks. interaction with industry leaders will cost you some-
thing. You will need to have a budget for your personal
The ISO should have an agent portal with a secure login. development plan. Keep finding sources of inspiration for
On this portal, you should be able to use their customer your work. The agent business is centered around sales,
relationship management (CRM) tool to access all of the and sales needs motivation and energy. Find two or three

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