As we move into 1998 we once again take a look at the "ISOs Looking for Agents" section of The Green Sheet's Resource Guide. Each year we are surprised by the changes in this list, and this year is clearly no exception.
In January 1997 a total of 54 companies were listed in the Resource Guide as "ISOs Looking for Agents." Today the list contains only 32 companies. Some of you may quickly come to the conclusion that continuing industry consolidation has eliminated some of the listings. While this is true in a couple of instances, the primary difference is that a Resource Guide listing through January 1997 was FREE, and in 1998 they are PAID listings. In addition, last year we found that 10 of the companies listed were difficult to get in touch with, and we essentially chalked this up to the fact that they were very small organizations. This year we were unable to secure company information on six (6) of the organizations, all of which are listed at the end of this article.
Given the continuing changes in the industry we feel that it is important to point out that 12 organizations have remained on the list from 1997 to 1998, these organizations are:
- 1st Merchants Bancard
- Affordable Merchant Services
- CBS
- CCV
- Electronic Credit Services
- Electronic Merchant Systems
- IRN Payment Systems
- Merchant Services, Inc.
- Merchants Bankcard Network
- Money Tree, Inc.
- TermNet Merchant Services
- USA Processing, Inc.
The Green Sheet continues to receive requests from new and experienced sales professionals each year asking us for our recommendation as to who they should call to get going in the business, or to find an organization that they hope will be better than the one they currently represent. As you know, we print many of these requests each year, and we feature the company profiles as an answer to these requests and the often-asked questions below:
1. Does everyone listed have a package of materials or something in writing that the requester can read which explains the benefits of that particular program?
2. Do any of the organizations provide access to more than one bankcard program?
3. Who are the banks they represent?
4. What are the other services or products that the organization will provide to the requester?
5. How do they differ from one another?
6. Who has the best buy rate?
If you have had these or other questions, we hope the following information will answer your questions, or that YOU will let us know the additional information we can provide:
1. 1st Merchants Bancard Services (800) 477-0173 represents Chittenden Bank and others. 1st Merchants seeks "residual motivated" sales agents with whom it will share all aspects of merchant income, including statement, transaction, and "non-qualified" fees. Flexible merchant billing system allows for custom merchant pricing. Experienced Internet, ECR, and integrated software product processor. Special "roll-over" incentive and "lease residual" programs. Most merchants accepted and approved in 3 to 5 days, or less. Package available following phone interview.
2. Affordable Merchant Services (888) 464-3010 offers a rate of 1.43% plus 19 cents credit (lower rate with volume), 23 cents debit, transaction fee. Automatic lease approval, no fees, low monthly minimum, low statement fee, 1 to 3 day turnover. Handles VeriFone, Hypercom, and NURIT equipment. Complete market plus mail order. ATM cash machines, CrossCheck check guarantee, and long distance service at 10.9 cents anytime, anywhere. Liberal residuals. No rollover application fee. Professional brochure. Most low risk merchants accepted regardless of credit.
3. CBS (800) 480-3695 represents, among other banks, First National Bank of Omaha/Retriever Payment Systems, and is one of the oldest ISOs in the business. Offers numerous alternative banks that allow them to process any type of business including adult entertainment and travel services. Also processes ATM cash machine sales and service with a vault cash program, debit, long distance, and check draft services. Attractive referral bank program. Also seeking small to medium sized banks.
4. Card Payment Systems (800) 211-6855 has been in business for six years. They represent National City Bank and NPC. Deals with retail, EBT, MO/TO, home-based and Internet businesses. Application approved in 1 day. Guaranteed lease approval. Lifetime residuals, 24-hour turnaround time, flexible underwriting, EBT processing. Currently recruiting reps nationwide.
5. CCV (800) 875-0055 represents Michigan National Bank and is looking for experienced Independent Sales Reps (ISR). General buy rate is everything above 1.49% plus 19 cents. MO/TO buy rate is 2.15% plus 25 cents. ISR relationship with CCV is non-exclusive with a $35 start-up fee. Equipment and leasing can be arranged either through CCV or through independent channels. Other commissionable services are check verification, check recovery, and accounts receivable collections. Will send details upon request.
6. Electronic Credit Services (800) 755-4ECS has developed laptop software that reduces paperwork. Looking for integrity driven, motivated self-starters who are interested in self-employment. Services MO/TO, Internet, home business, flea markets, professional, retail, travel, wholesale, and difficult to place businesses. Product line includes ATMs and POS systems. Corporate Business MasterCard available for merchants. Revenue opportunity. www.ECScards.com.
7. Electronic Merchant Systems (800) 726-2117 is a full service merchant provider. Offers 24-hour turn around time on all merchant applications and provides guaranteed best rate leasing with all leases approved. Merchant types include: retail, start-up, home based, MO/TO, and Internet, with all types of credit accepted. Residual includes retail buy rates of 1.4% and 2% on keyed transactions. Statement fee and transaction income on SCAN and all nationwide debit networks. Program targeted to organizations and individuals who wish to go direct. Ask about no minimum program. Custom programs for qualified agents. Package upon request.
8. Electronic Processing Inc. (800) 745-2758 offers complete programs with low retail buy rates, unlimited MO/TO volume, wholesale hardware pricing, conversion commissions with no application fees. Full training at corporate office, manual, and four-color corporate brochure available. Both associate marketing company and sales representative contracts are possible.
9. IRN Payment Systems (800) 366-1388 or (516) 942-0100 x203 was established in 1988 and represents several different processors and banks. Their marketing strategy is designed around each sales office. Competitive rates, flexible merchant pricing programs, guaranteed leasing (no discounts), split funding, lifetime vested residuals. Additional products and services include wholesale equipment pricing, electronic check processing, electropay ACH services, national debit, POS phone card activation, ATMs, proprietary card programs and agent bank programs. Larger sales offices may participate in the IRN Partnership Program which combines all of the above with account ownership and an equity interest. Package available upon request or visit their Web site at www.irnpayment.com
10. Jetstream ATM (800) 655-3382 is a premiere debit, ATM, and ACH transaction provider. Buys and sells new and used ATMs, all brands. Reports on all credit card terminal and printers, factory trained on Tidel and Triton. Offers cash replenishment and placement services. Looking to acquire existing ATM locations as well as credit card portfolios. Complete bankcard program.
11. Merchant Services Inc. (800) CARD-SWIPE has been in business nine years. MSI represents various processors, enabling them to accept and pre-approve a variety of business types. Rates start as low as 1.366% and 16 cents. They have a 100% guaranteed lease approval program. Residuals are 100% lifetime vested, day one. Currently looking for ISOs, Managers, and Reps.
12. Merchants Bankcard Systems (800) 766-8990 represents First National Bank of Omaha, and has been in business since 1989. Strong points are an excellent Agent Bank Program, along with debit and check guarantee (CrossCheck). The company is certified to process "EBT" and provides leads to its reps in all designated states. Merchants Bankcard Systems is looking for strong management types and sales representatives.
13. Merchant's Choice Card Services (800) 478-9367 has been in business for more than 12 years. They represent Woodforest National Bank and Horizon Bank. Accepts retail, MO/TO and home-based businesses. 24-hour turnaround, 1.49% buy rate, 100% lease approval program. Also offers referral program, roll-over bonus, commission for AMEX signups, high approval rate, low application fees, 24-hour funds availability, 24-hour technical support, debit program. Currently recruiting experienced, talented individuals. Residuals offered. Contact for details. Sales packet available upon request.
14. Money Tree Inc. (800) 582-2502 is First USA's second largest ISO. ISOs/reps earn 100% over the 1.39% discount rate. No application, encryption, or reprogram fees. No monthly minimum or earn 50% if a minimum is charged. Additional income earned on hand-keyed transactions, statement fee, and debit card transactions. Instant residual vesting, residuals for the life of the account. $50 AMEX application fee income. Two day approvals. Supporting all terminal types. Instant lease approval. Specializing in merchant portfolio conversions. In the business since 1984, with FUSA since 1988. Partnership Manual available upon request.
15. NETKEY (619) 565-0872 has been in business for five years and represents Bridegeview Bank and First Bank of Beverly Hills. They focus on MO/TO and retail, and deal with start-up and Internet businesses. Applications approved in 2 days. Buy rate is 1.69% plus 20 cents for retail and 2.69% plus 30 cents for MO/TO. Leases approval is guaranteed in 2 days, monthly minimum of $23, statement fee of $12. At first sale, NETKEY provides step-by-step directions (via phone) on use and installation. Guarantee lease (98%), fast approval. Customer support 800 number. Currently recruiting reps throughout the U.S.
16. Netcom Data Southern Corp. (800) 875-6680 has been in business for eight years and represents National Data Corp. and Michigan Bank Card Services. Services all business of all sizes (except adult entertainment) including national accounts, small businesses, Internet, in-home businesses, retail, and dining. Applications approved in 2-10 days. Buy rate is 1.39% plus 25 cents (NDC) and 1.41% plus 16 cents (MBS). 85% lease approval rate. Monthly minimum of $15, $7.50 statement fee. Training provided, travel expenses covered. Sales materials upon request, 50% of residual profits based on actual buy rates. No mark up. Check company pays 100% residuals as well as all of bonus paid for turning in an application. $25 per AMEX application. Free paper supplies, guaranteed rates. If equipment purchased from Netcom breaks, Netcom will replace after warranty has expired for the return of equipment and $95. Blended and non-blended rates. Lead referrals. No application fee. Always looking for qualified reps.
17. Network 1 Financial (800) 903-8819 (East Coast), (800) 905-2105 (West Coast) has been in business for 11 years and represents City National of Kentucky. They deal with retail, recurring billing, specialty, government contracts, and MO/TO. Also accept home-based services and Internet. Applications approved in one day, buy rate is negotiable. Lease approval is automatic with merchant number. No monthly minimum, negotiable statement fee. Sales materials provided and include customized materials for associations and agent banks. Training available. Guaranteed residual buy-out program. Also offer EFT cash program, program for portfolio acquisitions, and loan program. Merchant benefits program includes free supplies, free equipment repairs, no T&E authorization cost. Bundled or unbundled rates available. Currently seeking reps in all regions. Specifically looking for reps with specific industry experience (alarm system, utility, hospitality, etc.), and national account coverage.
18. PAYNET (800) 676-2265 or (510) 688-0600 has been in business 10 years and represents Harris Bank Trust and Bridgeview Bank. They deal with retail, mobile, mail order, new, and home-based businesses. Applications are approved in 3 days. Buy rate is 1.49% plus 20 cents. Lease approval is guaranteed. No monthly minimum. Statement fee is $12, includes credit and debit statement and lifetime warranty on any VeriFone unit. Professional brochures available. Provide full training. Lifetime residuals as minimum requirement met. Lead referral probe and agent bank program. No annual membership fee. Equipment leasing to own, guaranteed rate for 3 years. Bundled rates available. Non-qualifying transactions are passed through at Visa/MasterCard cost. Currently looking for reps in Washington, Oregon, California, Arizona, Utah, and New York.
19. Preferred Merchant Services (800) 809-6602 has been in business for seven years. Represents American National Bank and deals with all types of businesses including EBT, start-up, MO/TO, Internet, and travel. Applications approved in 3 to 5 days, buy rate is 1.49% plus 20 cents for retail, 2.39% plus 30 cents for key-in. Lease approval is guaranteed. Monthly minimum of $25, statement fee of $10. Training is available at the corporate office in Miami. Residuals are offered 100% over buy rate. In the process of becoming a certified EBT processor. Currently looking for reps nationwide.
20. Retriever Payment Systems-MSP (Merchant Service Providers) (800) 985-8835 represents First National Bank of Omaha, and is looking for experienced bankcard people who wish to open an office and hire individual reps, or one person offices. Offers ATM, debit, SCAN, NDC check services, CrossCheck check guarantee, full bank-based agent bank program (acquirer and issuer), AMEX, and electronic medical program. Guaranteed leases, full residual payment over buy rate.
21. SAMSAR ATM Co., Inc. (800) 811-3342 is a full service nationwide ATM company, which offers stand-alone, dial-up ATM machines complete with processing for sale or lease at competitive prices. Full 24-hour service and warranty repairs. Commissions and residual income paid to qualified distributors. Installation provided on training. Low lease payments and quick turnaround (in most cases installed the same week). No investment for distributors.
22. S.I.A. (312) 755-5680 has been in service for 5 years. They represent American National Bank of DeKalb County and Chase Manhattan Bank. They focus on retail storefronts and restaurants and all accept start-up, in-home, and MO/TO businesses. Applications are approved in 48 hours. Buy rate starts as low as 1.49% for retail, 2.39% for MO/TO. Lease approval is immediate and guaranteed as long as merchant number is issued. No monthly minimum, $10 statement fee, sales materials available. Sales training in Chicago or on phone also available. 100% residual over buy rate as long as merchant processes with specific banks. Quick turnaround time. Minimal unacceptable list. Also have check guarantee, ATM, Debit, AMEX ESA program. No bundled rates. No set up fee. Currently looking for reps in the Mid-West and West Coast. Experienced preferred.
23. TermNet Merchant Services (800) 344-VISA ext. 183 is one of the oldest members of the Bankcard Industry and is expanding. Offers a full line of "Non-Cash Payment Services" including all major credit cards, nationwide debit, EBT, check verification/recovery/guarantee, and turnkey agent bank programs. Looking for dynamic, self motivated individuals to market our "Non-Cash Payment Services." Offers commissions, residuals, salaried positions, and benefit packages including medical/dental, 401k and paid vacations. Program is designed for those looking for a new career. Offers necessary training and sales materials, and competitive pricing. There are no geographic restrictions. Interested parties call Andrew Phillips.
24. USA Processing, Inc. (800) 872-8572 offers BA Merchant Services, Inc. program (a BankAmerica Company). USA's credit, debit, ATM, Scrip, agent bank, and municipality programs have access to all major credit cards and all major debit networks. Competitive pricing including no application fees, monthly minimum or member fees. Free supplies, life vesting, and low buy rates. The programs target merchants who swipe or imprint transactions. No limit on transaction or monthly volume.
25. Worldwide Electronic Bankcard (800) 932-1525 represents national banks. Compensation package developed after interviewing existing agents on what market, profit center, and selling support the agent/ISO wants. Full service processor including all credit cards, debit, Internet commerce, and MO/TO. 100% lifetime guaranteed, vested residuals. Equipment offered at cost, 24-48 hours account approval, acceptance of A, B, and C paper. Accepts mail order, Internet, and home-based businesses with 98% approval rate. No programming fees, free business cards. 24-hour help desk. Has retained a separate marketing firm to provide support and assistance to the agent/ISO.
Finally, the following organizations are listed in the Resource Guide, however, we were unable to secure a company profile on them: 1st Bankcard Merchant Service, Merchant Bankcard of Texas, Merchants Bankcard Network, Omnicard Inc., Preferred Card Services, and Retriever of Sunrise.
ISOs Looking for Agents Represent The Following Bank Programs:
1. American National Bank, Illinois
2. Bank of America, California
3. Boulder Bank, Colorado
4. Bridgeview Bank & Trust, Illinois
5. Chittenden Bank, Vermont
6. City National, Kentucky
7. Commercial Bank of Georgia, Georgia
8. First Bank Systems, Minnesota
9. First Charter Bank of Beverly Hills, California
10. First National Bank of Omaha, Nebraska
11. First USA/Benchmark Bank
12. Horizon Bank, Texas
13. Humbolt Bank, California
14. Imperial Bank, California
15. Intrust Bank, Kansas
16. Key Corp., Ohio
17. M & I Bank, Wisconsin
18. Mellon Bank, N.Y.
19. Michigan National Bank, Michigan
20. National State Bank, Illinois
21. Quad City Bank and Trust, Iowa
22. Universal Savings Bank, Wisconsin
23. WoodForest National Bank, Texas
