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J From
the looks of it, the IMS team may break more records than its predecessor.
Since opening their doors on October 11, 1999, Innovative Merchant
Solutions is currently underwriting approximately 5,000 deals per month. Furthermore,
by the end of this year Kaplan expects to be writing between 7,000 and
9,000 accounts each month. If you paid attention in elementary math, that
computes to 84,000 to 108,000 deals in their first year. What
Makes Them Successful? This
all sounds fantastic, and maybe too spectacular for some skeptics, so we
asked Kaplan what makes IMS successful. Surprisingly, the answers were
simple. The
first area where we saw IMS shine was their approach to one of business’
oldest methods of communication—the telephone. We’ve all had the
experience of calling an organization and having one of a few things
happen: 1. We are on hold so
long we give up and hang up. 2. An automated system
tells us, “Push 1 if you want to wait on hold for a while, push 2 if you
want to wait on hold for a while longer...” 3. An actual living,
breathing entity answers the phone but they either don’t have the
information we need or the authority to execute the resolution we seek. In
contrast, IMS uses the telephone as an asset, which Kaplan tells us is
part of the their business philosophy and a big factor in their growth.
“IMS will continue to grow and evolve with the ever-changing needs of
the bankcard industry, but we will remain dedicated to a single common set
of service-oriented goals,” Kaplan stated. What
types of responses do you receive when calling IMS? IMS is a
service-oriented organization therefore, when you call them, Kaplan
assures us that none of the previous scenarios will occur—an actual
human being answers each call. Since IMS cross-trains each employee in all
aspects of the business, whoever answers the phone has the authority, and
the knowledge, to provide a solution immediately. Furthermore, if a
customer service call comes in and all the reps are on the phone, that
call will be routed to ring on every phone in the building, including the
President’s. IMS reports that this reduces the hold time to less than 17
seconds and the abandon rate to less than 1%. The
phones work both ways at IMS and the company goes out of their way to
maintain and retain merchant accounts. Every day each employee calls 3 to
5 merchants, just to say hello and see how they are doing. Merchants also
receive a happy birthday call on their birthday. Okay,
so we’ve established that the phones work over at IMS. What else? Well,
if you are an ISO interested in getting your merchants up and running ASAP
then you may want to know about The R.U.S.H. Program. R.U.S.H. (Responses
with Unbelievable Service and Handling) is IMS’s sales tool that
generates live, same day merchant numbers for merchants who process less
than $50,000 per month, regardless of business type or credit, with a few
exceptions. If your merchants are more concerned with high approval rates,
IMS may be your answer. IMS reports that since employees are
cross-trained, they are adept and efficient at approving accounts, which
translates to an approval rate of greater than 99%. If you’re looking
for a convenient solution you might want to check out IMS. They work
completely in house; they provide all the servicing of the accounts,
including Web page design if necessary. According to Kaplan, “This full
service capability allows us to have better control of the process, which
allows us to provide better services.” Products
and Services IMS
will accept virtually all types of business, including MO/TO, Internet,
high volume, restaurants, lodging, and retail. Their services include
credit, debit, ATM, check guarantee, and EBT. Products include most
payment gateways, software, and terminals. Looking
for Agents IMS’s
growth is good news for ISOs because the company does not have a sales
force; their goal is building and maintaining agent relationships. Kaplan
told us, “We consider the company a family and we are looking for good
sales people and good organizations who will share in our success.” The
company compensation structure includes shared discount rates, transaction
fees, customer service fees, and monthly minimums. Lifetime discount
compensation packages are available, as are training programs and leads.
IMS’s exclusive agent Web site allows its ISOs to view their current and
historical compensation reports, new account status, applications, news
and updates, as well as technical support information. For
more information about ISO opportunities with Innovative Merchant
Solutions call Joe Kaplan at (818) 871-7800. Also, visit their site at www.innovativemerchant.com—it
is exceptional. When you fill out the online form, a representative will
contact you to discuss opportunities to join their team.
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