They offer some of the easiest-to-navigate merchant applications around, a great support team, and in-depth training so that you can sell more effectively and grow in your payment processing career. They were among the firsts in the business to offer lifetime residuals from every deal that their sales agents close. If you want a reliable company that will let you build the passive income side of your business, you should seriously consider Total.
Naturally, you are probably going to want to research more than just a few companies, but these are truly some of the best and brightest in the industry, and it's not a bad list to start with.
Before anything else, it's important to perform a self-assessment and decide what your needs and wants are when it comes to an ISO partner. Really, this means asking yourself: What kind of ISO is going to best serve my clients? If you still have no idea, that's perfectly fine. You don't have to limit yourself to a single ISO, and in fact it's probably a good idea when you are starting out to try several different processors.
Maybe you're looking for a very reliable company that has a history of great service and close relationships with their merchants and sales agents. In that case, you won't go wrong with PayProTec. They offer great customer support, as well as extensive online resources that you can use to build your business.
When you sign up as a sales agent, you get a free website, a back-end portal where you can check your stats online, and the ability to look up trouble tickets and see any problems that your merchants are having. Like HarborTouch and a few others mentioned here, they also have a free terminal program. Interestingly enough, they're not just paying lip service when they say that they care about their sales agents—they offer health care benefits and will reimburse half of your costs!
This definitely helps to relieve one of the bigger headaches of being self-employed. They handle over one hundred thousand merchant accounts across the nation, and billions of dollars worth of transactions. Part of the reason they are so ubiquitous in the payment processing field is no doubt due to their superior partnership program with sales agents.
For example, they helped pioneer the introduction of free POS terminal offers. In other words, you can provide the hardware to your client for no upfront costs to them, and still receive a handsome commission and great residuals afterwards. It's not always going to be a good fit for every merchant, but rest assured that more and more of your clients will be expecting free equipment.
Part of working in any field is having a niche , but oftentimes you can find yourself partnered with a company that won't approve of the merchants that you want to work with. With eMB's program, however, you won't have to worry about any of that. They will deal with just about any sort of merchant, including high-risk applicants.
This is good news for your clients and for you—especially since high risk accounts can be particularly lucrative. Like the name implies, e Merchant Broker is a good choice if your merchant is an e-commerce business. They offer multiple gateways to make sure your client's shopping cart software will work perfectly with them. Give them a try, especially if your merchants tend to get rejected by other ISO's.
Our goal is to gather accurate, updated information and assist you in your research. Super ISOs may have sub-ISOs nested beneath them because they directly agree with their member bank to process payments. Large businesses that transact high credit card volume can benefit from processing with ISOs. These companies provide various rate plans for account holders, allowing them to pay less overall than if they were processed through payment facilitators who typically offer flat-rate pricing.
Additionally, these businesses can assess the financial risk up front. This means they don't have to face the risk of funds being held for a long time. While partnering with an ISO comes at a cost, the benefits include reduced processing costs and faster access to funds. In addition, ISOs typically offer more boutique customer service experiences that ensure your needs are met quickly for you to get back on track as soon as possible. The ISO serves a number of functions, including finding new merchant clients on behalf of the acquiring banks and major payment processors, processing the transactions put through by small businesses, and, in many cases, providing support and customer service to merchants for the lifetime of their relationship with the ISO.
Effectively, rather than acquiring banks or the major card companies dealing directly with the millions of businesses around the world that need payment processing, ISOs serve as a buffer. Processing a credit card transaction naturally carries a certain level of risk — risk that the bank at the end of the chain desperately wants to avoid. That fact would freeze out a lot of smaller players who would represent too much risk for the bank itself. Registered ISOs solve that problem by taking on the risk themselves, providing access to merchant accounts and services to a wider market than would otherwise be eligible.
The wholesale cost is determined by the card brands Visa, MasterCard, Discover and Amex and accounts for the risk or rewards associated with the card. Credit card Interchange is the wholesale cost to process a credit card transaction and is typically comprised of a percentage of the transaction plus a fixed dollar amount e.
The cost directly relates to the level of risk or reward associated with the transaction. For example, a business rewards card will have a higher Interchange cost than a debit card. Online credit card processing refers to card-not-present payments that are completed on an e-commerce website via a Payment Gateway.
The gateway is either provided by or integrated with a Merchant Service Provider. Want to learn more about ISO credit card processing?
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