Signing on as an independent sales organization (ISO) agent or credit card processing agent gives you the opportunity to grow your business.
Of course, the time and resources you devote to selling credit card services are directly proportional to the residuals that you receive from payment processing. However, there’s another factor that impacts how successful you’ll be: Your partners’ ISO Agent Program. The best programs are designed to help you reach your maximum earning potential.
How to identify the best ISO Agent Program.
Use this checklist to ensure you’re entering into a partnership with a payments company that offers one of the best ISO Agent Programs.
Residuals from payment processing are the primary reason to form a partnership with a payments company. Even though you may be considering becoming an agent for other reasons, such as providing total solutions, and building stickier relationships with merchants, in the end, you’re branching out to increase revenue. Therefore, it’s smart to research the margins you can make by selling a particular payment company’s services.
Make sure you are specific about your merchant portfolio when you talk to a prospective payments partner. Payment processing fees vary depending on the type of business your customers operate. For example, companies typically pay higher fees for online sales vs. businesses that sell in a store. So, to develop a true picture of the opportunity being offered to you, you need to share that information with the ISO Agent Program rep. Then, do the math to estimate the revenue you could expect. Note: it probably will vary depending on which program you choose, so be prepared to weigh all factors and determine the best opportunity for your business.
Payment hardware and technical support.
Your payment vendor partner should provide the hardware, such as card readers or mobile payment terminals, that your customers need to accept payments. In fact, the best ISO Agent Programs will bundle hardware with their services at an attractive price point to help you close more deals.
Additionally, your payments partner should also provide you with the training, up-to-date information, and technical support you’ll need to answer your customers’ questions about their payment technology promptly and accurately.
Streamlined approvals and onboarding processes.
After you do the hard work of converting a prospect, the last thing you or that business wants is a difficult application and approval process with complex onboarding. Walk through these processes with your prospective partner – considering it from both your and your clients’ perspectives – and make sure the partner is doing all they can to make approvals and onboarding as easy as possible.
Moreover, make sure you understand the payment company’s position on providing services to all types of merchants, from low-risk to high-risk. The best ISO Agent Programs will ensure you can provide services to all businesses in your market.
Before entering into a contract – or even agreeing to a sales call – your prospect will probably do some online research to learn about the company that you represent. Gartner reports that B2B buyers spend 27 percent of their time researching independently online vs. only 17 percent meeting with sales reps.
Knowing that your customers will research the payments company you represent, you should do the same. Look at how well your potential partner brands its business and portrays that brand. Also, read online reviews to see the impression they are giving merchants. Additionally, it makes sense to ask whether your prospective payments partner offers the opportunity to white label their products and services, which eliminates the challenge of overcoming bad reviews that other agents may have received.
A final checkpoint: How does the company value its agents?
This feature of an ISO Agent Program is harder to evaluate than the others. However, it’s extremely important in a mutually beneficial partnership. Do your due diligence to ensure that your partner values its agents and is committed to their success. It’s helpful to talk to other agents and ask them about their experiences working with the company. Don’t count on pay-to-play websites that list companies as the “best ISO Agent Programs.” That’s a determination you should make based on your evaluation and research. Then, when you find the best ISO Agent Program for your business, you’ll have the foundation, tools, and support necessary for real revenue growth. To learn more about North American Bancard’s Registered DBA and ISO Programs, visit gonab.com/advantage.