By Mark Dunn
Field Guide Enterprises
Part 1 of this article appeared in the Green Sheet, Aug. 28, 2023, Issue 23: 08: 02. In Part 1 of this article, I described the first three things every professional payments agent should have. Here is a summary outline of that article:
a. Accountant
b. Industry attorney
c. Tech resource
d. Second in command
e. Coach or mentor
f. Backers, investors or banker
g. Board of directors
a. Business development plan
b. Business continuity plan
c. Customer relationship management tool
d. Backup system
e. Accounting
f. Agreements vault
a. Agent agreement
b. Vendor agreements
c. Financial statements
Following are the fourth and fifth things you should have.
As an agent, you will have an agent agreement with an independent sales organization (ISO). The ISO should have plenty of methods for providing support, access, reporting and communication with their staff. You will be an active member of their team and as such, you deserve great tools to complete your tasks.
The ISO should have an agent portal with a secure login. On this portal, you should be able to use their customer relationship management (CRM) tool to access all of the information pertaining to your customers: merchant processing application information, pricing, processing data, customer service history and notes, etc.
Also, you should be able to access detailed client processing reports for all of your portfolio, residual calculations and residual reports and detailed data for all of the sub-agents that are working for you.
Your ISO should have a library of solutions information, marketing materials and sales training materials. It should have regularly scheduled solutions updates that showcase new features, advantages and benefits. Your ISO should also train you on how to qualify prospects, how to present the solutions, ways to overcome objections and how to close the deal.
Your ISO should give special priority to your questions, comments or issues with your residual reports or residual payments. Most agent agreements give the agent a fairly short window of time to identify and dispute irregularities or incorrect residual reports. It's important that the ISO be responsive, prompt and forthcoming when you believe you've not been paid correctly.
The bottom line here is that you should be welcomed and supported as a critical team member by the ISO for whom you write business. If that's not happening, it is probably time to find a new ISO.
Every person needs a personal development plan. You need to sit down and write out a plan that pulls all of these elements together:
Read The Green Sheet twice a month. Discuss the articles you read with your team and your industry peers.
Some of the sources of industry information are free. Some of the best sources of information, networking and interaction with industry leaders will cost you something. You will need to have a budget for your personal development plan. Keep finding sources of inspiration for your work. The agent business is centered around sales, and sales needs motivation and energy. Find two or three people who can put wind in your sales and make you feel like giving it your best. The money you invest in a relationship with a great coach can be the best money you spend.
Find agents who are working through the same struggles that you experience. Start an agent discussion group on social media. Or join one of The Green Sheet forums.
Budget the money and the time to attend the closest regional acquiring association conference—Midwest (MWAA), Northeast (NEAA), Southeast (SEAA) and Western States (WSAA). Participate and lend your voice to the discussion.
When you start making a lot of money from your merchant services company, it is very important to do two things. First, carefully plan out how much you will put back into the company to develop your next round of successes. Many small businesses fail to set aside funds for upgrades and new business opportunities.
I would recommend you adopt the attitude that the business' revenues are not your personal money to do with as you please. Work with your board of directors to set your salary and plan how much to set aside so you can invest in new business initiatives. Pay yourself a salary and stick with it regardless of how much revenue your business brings in. Consult with your board for input on raises.
Second, get a qualified financial adviser to help you invest your personal earnings and create a personal wealth plan. Your financial adviser should build a plan that helps you maximize the impact of your earnings within the context of your priorities. Be prepared for your financial advisor to challenge your thinking. Finally, I hope you earn a lot of money. When that happens, don't get bedazzled by big residual checks. Perhaps you should fully fund your children's college fund before you buy that new boat you've been thinking about. Treat those big checks like this may be the only year you will be receiving them. Given the competitive factors in our industry, that may prove to be true.
Be a leader and a positive influence on your company, your clients, your vendors and your community. Be wise and build a legacy for your family, your company and those who follow you. 
Mark Dunn is an independent consultant and president of Field Guide Enterprises LLC. He has been in the payments industry for 34 years. Contact him at mark@gofieldguide.com.
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