Branching Out

Dear Sir,

I enjoyed reading your Green Sheet publication. I am considering a new career working for an ISO as an independent (1099) Merchant Level Salesperson. However, I am not familiar with your industry and have some additional questions. I would appreciate a short conversation to answer some basic questions about this type of position, such as:

• Is a two-day training program enough time to learn the MLS business?
• The ISO says it will set up two to five appointments a day for me. Is this realistic?
• Do I need to register and pay fees to Visa/MasterCard or face fines?

Sincerely,

David Bongo

David,

We are happy that you are enjoying our publication. For more information on this industry, we offer the following suggestions:

Register as an Merchant Level Sale at our Web site, www.greensheet.com. Then read through the sections, Industry FAQs and Knowledge is Power. You also should browse through some of the past Forum topics - your questions are discussed in some length there. A two-day training course will introduce you to some of the basics, but the learning process continues for years. This is a dynamic industry, and things are in a constant state of change. We suggest you do research on the ISO with whom you will be working. Make sure you thoroughly read your contract and fully understand its terms.

Our Industry FAQs offer you advice on registering with Visa and MasterCard. We wish you the best in your new career choice!

Editor

More about Registering with Visa/MC

I am evaluating whether to register with Visa/MasterCard as an ISO/MSP with an acquiring bank. I am an agent for a registered ISO, but I want to register as an ISO myself to accomplish the following:

• Protect my residual portfolio if the ISO I am sending accounts to happens to go away for some reason (bankruptcy, etc.).
• Develop a competitive buy rate program so that I can bring on existing sales agent groups within our organization.

Ultimately, I am ready to grow my business and want to seek existing sales agent groups to come on board with my ISO program. Where can I get detailed information that I can review to evaluate the pros and cons of registering as an ISO/MSP with Visa/MC as well as the requirements needed to become an ISO/MSP? Your help would be greatly appreciated! Eric Douglass

Eric,

Please check out our recently revised Industry FAQs online (www.greensheet.com/industryfaq.html). We have posted a great deal of information there to enable you to make informed decisions about this industry. Additionally, we suggest that you subscribe to participate with the MLS Forum online (www.greensheet.com/forum/bb_register.php?mode=agreement). This is a networking space for sales professionals in the payment processing industry. As with all of the tools that we provide for professionals like yourself, the MLS Forum is free.

Editor