Seeing Dollar Signs
s Liza told us in "Cabaret," "Money makes the world go 'round." In the ISO
world, getting that money wheel turning sometimes requires the
maneuverability of a financial gymnast.
One independent sales organization is flexing its innovative solutions with
a new program that will jumpstart any ISO money machine. Founded in June
1995 under the name CPS Group, Cynergy Data is a registered ISO with
MasterCard and VISA. Having doubled its annual sales over the last year
alone, Cynergy Data is one of the fastest-growing merchant acquirers and
has programs, products and pricing that focus on the needs of its reps.
In addition to the 2001 name change, Cynergy has introduced a number of
significant programs, including new pricing for a more lenient credit
policy, electronic check conversion, electronic gift card processing and
electronic commerce solutions. Its latest offering is the Conversion
Incentive Program.
Announced on May 1, 2001, the Conversion Incentive Program was developed as
a tool to inspire motivation, increase productivity and exceed
expectations. With this program, Cynergy Data will pay a conversion bonus
for each Level 1 merchant account the agent converts. ISOs now have the
possibility of making up to $1,000 per converted merchant in addition to
monthly residuals. By reviewing merchants' last three months' processing
statements, the conversion bonus amount is calculated, of which Cynergy
Data will pay 1 percent. Here's how it works:
+ Add the merchant's MasterCard and VISA processing volumes from the
previous three months' processing statements.
+ Calculate the average processing volume by dividing the total MasterCard
and VISA totals by three.
+ Multiply the average by 1 percent, and that is the conversion bonus
total.
The maximum amount paid will be $1,000 with the first $500 rendered up
front and the balance paid after six months. The minimum payout received
will be $25, making this program a win-win situation. Keep in mind,
however, that the Conversion Incentive Program is for Cynergy Data Level 1
merchants only and takes the place of any previous conversion bonuses
offered.
Within Cynergy Data's credit policy guidelines, merchants are categorized
into three groups based on business type. These classification levels are
broken down by charge-back risk, loss and/or fraud exposure:
+ Level 1 - low-risk retail
+ Level 2 - high-risk retail, MO/TO and Internet merchants
+ Level 3 - exclusion list (unacceptable business types)
Headquartered in New York, Cynergy Data is eager to start spinning those
money machines. ISOs looking to catch some extra cash should visit
www.cynergydata.com or call 800- 933-0064.
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