MERCHANT ACCOUNT ANALYSIS

This question has puzzled many for a long time.  In view of the last few years and the struggling economy, I believe this question is more relevant than ever. This year has had record bank failures!  And this news is not good for our industry. There is increased pressure on merchant service organizations and their agents to perform well and take care of their merchant's like never before.  So when selecting a merchant account provider, what should you look for? You will likely agree that honesty and forthrightness is at the top.  Is the company you are considering willing to disclose all fees including PCI compliance fees, cancellation fees, downgrade fees, and the more recent NABU and APF fees and so forth?  Does the company you choose keep informed as well as keep merchants well informed of rate increases or entirely new fee structures?  This is important since most businesses owners only think of their discount rate.  With each passing year, I have seen more fees added to the

Amazing Upfront Bonuses! Awesome Residuals for Life! Free Leads! No doubt you have seen these ads all over! Just look at The Green Sheet forum and you will see these ads for sure. Yes we've heard it all before. So what is the best agent ISO program these days? Well as far as bonuses and residuals are concerned, it really is about the money. You don't want to work for free do you? And the feeling of making a sale and knowing you will get paid the next day, week, or two weeks makes you feel good. When your residuals climb higher and higher, you feel great! Now let me ask you this: "How do you feel when you talk to the ISO or processor you work with?' Do you feel that you are getting the support you need? Do you get help with pricing quotes, equipment, your merchant's risk issues, continued training. Does your merchant account provider honor the rates and service fees you write on the application; or do they eventually try to bleed your merchant little by li

We all know it.  Competition is fierce!  Many business owners are likely tired of hearing that we have the lowest rates, or we can provide better support, or even a free terminal.  In fact, many are not bashful telling us the last time they spoke to someone about a merchant account.  So what can you do as a MLS or ISO to differentiate yourself from the rest? Before I answer that question, let's examine the merchant's viewpoint for a moment.  The merchant is either happy with the company they are  processing with or they are unhappy.  I don't think there is anyone who is on middle ground in this matter.   If they are a happy customer, you can talk to them all day long and they are not going to make a decision to switch.   But what about the others?  Why are merchants unhappy with their processing service?  Because someone over-promised and under-delivered.  Here is the key.  Do not tell the customer something they want to hear just to make the sale.  In the end, they wil

I was thinking about our industry and for some reason I always get that image in my head of an egg frying in a pan. Next,  I hear that  all too familiar slogan: "This is your brain on drugs...any questions"  If you work in agent or merchant support with an ISO, are a customer service representative, or even an MLS on the street, I think you will agree that our brains our sizzling just like that egg!  It can be difficult to keep our heads on straight with all daily issues we have to handle. Also consider all the reading we have to do.  We have to keep abreast with new technologies, fee structures and procedures. We are bombarded with phone calls, emails flooding in, and issue after issue.   This can literally cause confusion and fatigue and can be quite stressful to get all the work done on time.  Some have no doubt given up on getting it all done.  Believe me it shows.   For those of you, like myself, who aim to please,  keep your egg out of the frying pan! The best way t