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Insights and Expertise

your sleeves and get to work. Sometimes partners make
Reconciling residual statements mistakes; be a good sport but hold them accountable.
doesn't have to be onerous. One of my favorite expressions, which has been attributed
to Mark Twain but predates him, is "figures don't lie but
liars can figure." Check your bank account and residual
What's an MLS to do? reports for negative numbers and zeroes. Don't be the MLS
who never checks your bank account. Take 10 to 15 min-
Reconciling residual statements doesn't have to be oner- utes every month to check your figures and don't be a Si-
ous. Here's a simple checklist to keep you and your ISO on lent Joe. Not asking questions is the worst thing you can
the same page: do. Just remember: your stupidest question is the one you
didn't ask.
1. Match bank account deposits and monthly residu-
als shown as paid. Want to know more? Keep reading The Green Sheet and

2. Check all revenue columns to make sure they are consider following me on LinkedIn, where we can share
filled out and don't have zeroes. ideas and support each other.

3. Get one or two merchant statements from a high- Allen Kopelman, a serial entrepreneur, is co-founder and CEO of
volume merchant account, including chargebacks Nationwide Payment Systems Inc. and host of B2B Vault: The Payment
and debits, to make sure that you're getting paid Technology podcast. Email him at allen@npsbank.com nd connect on
for chargebacks.
LinkedIn https://www.linkedin.com/in/allenkopelman/ and Twitter @
4. Check for price increases and line-item expenses, AllenKopelman.
such as statement fees, etc., and
make sure that you agreed in
writing to these changes.
COMPANY
5. Be vigilant for fluctuating resid- PROFILE Get the right
ual volumes on accounts that are Company Name
usually steady, as these could be L Logo Contact folks talking
go
o
potential red flags that an ISO is Position
in financial trouble or possibly Phone Number about your
Email Address
selling. Website
Company’s story: business with a

When you find a discrepancy, follow Lorem ipsum dolor sit amet, consectetur adipiscing
elit, sed do eiusmod tempor incididunt ut labore et
the guidelines of your ISO agreement dolore magna aliqua. Green Sheet
and email your ISO. Most contracts have Ut enim ad minim veniam, quis nostrud exercitation
ullamco laboris nisi ut aliquip ex ea commodo conse-
a 30-day window for complaints. If the quat. Duis aute irure dolor in reprehenderit. Company profile!
ISO does not respond, send a letter de-
tailing the issues you described in the
email. In my experience, you rarely need We’ll help you showcase
to take this step because most ISOs re-
spond promptly to these issues. Your products and services
Your mission
Trust but verify
Your skills and expetise
Sometimes your merchant portfolio will We’ll tell the world
be sold. We've seen this happen multiple Why your company matters
times. In fact, we have one portfolio that
has been sold four times since 2001, and Take steps now to
the last sale was a total nightmare. We Enhance your visibility
stopped sending new business to the Boost your credibility
partner and have always had a backup
processor, because mergers and acquisi- Gain industry recognition
tions are part of this job. Unlock networking opportunities
Stir investor interest
Trust but verify is the golden rule in Don’t delay!
merchant services. There's no exact sci-
ence or AI software that can analyze Contact Rick Aston today at
your residual reports for you. Roll up 707-284-1693 or rick@greensheet.com

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