6 Tips for ISO Agent Programs

Feb 19, 2014

Independent Sales Organization (ISO) agents need a broad array of tools, skills, and experience to be successful consultants for merchants. A jack-of-all-trades style skillset proves not only valuable for you as an agent but will reflect in the services you find and provide for merchants. Being able to offer consultation on marketing and promotions, merchant service providers, tech-savvy, and provide grounded advice will make you a valuable agent and increase your client base. Here are six tips for improving your services and skillsets as an ISO agent.

#1 Don’t do tradeshows – Tradeshows are an inefficient use of your resources. Overt expenses such as travel costs and booth fees at tradeshows can drain your business of revenue. Then there is the less-obvious loss of revenue from your presence at the tradeshow and you are absent from the office. You’re expending revenue and slowing your productivity for limited networking and education opportunities.

#2 Create Technical Resources Merchants frequently need information regarding new hardware and software with which they’re unfamiliar. Gather informational resources and data to help merchants make informed and wise decisions.

#3 Don’t Chase Lower Fees – A lot of upheavals can impact a business that is moving from one credit processor to another. There will be logistical and connectivity issues that crop up that can adversely affect a merchant’s business. Just because another merchant service provider has marginally lower fees you don’t need to feel compelled to have your merchant totally uproot its processing methods.

#4 Keep Up With Technology – Strive to make yourself tech-savvy. Merchants may not don’t have time to look up new technology and software that can improve their business. Keep yourself on the cutting edge so you can inform your clients of new technology that can make their business more efficient; they’ll really appreciate your services.

#5 Find the Perfect Home for Your Merchant – For merchants that do not have a payment processor home spend your time finding the ideal fit. An experienced ISO agent program will find a merchant account that offers comprehensive services, low fees, and great connectivity. Merchants want an established home for their payment processing that will run like a well-oiled machine.

#6 Give Merchants What They Want – Above all, the role of your ISO agent program is to offer consulting services, back-office optimization, and anti-fraud products. Merchants want a consultant that can truly improve how their business functions. They want their back-office mechanics and efficiency to be maxed out. Finally, merchants want fraud protection. Keep your services always oriented towards these three goals and merchants will continue to recommend and retain your services.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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