How To Sell Merchant Services As An ISO
The payment processing industry is now a very competitive and demanding industry. It is now attracting many talented people to work here. If you want to get into this industry then you should start with your independent sales organization (ISO). If you want to sell merchant services as an ISO then here are some tips for you.
Start a business
You should first start your business by completing all the legal procedures and paper works. You have to hire a lawyer to do all this paper works. It takes a long time to set up a business and get everything in place.
Registered or independent ISO
After setting up the business you should determine whether you want to be a registered ISO or an independent one. If you don’t want much trouble then you can choose the independent ISO option. These ISO work for the large registered ISOs. So, you will be getting your share of the charges after customers make transactions; however, the customers will be using the services through the registered ISO. Becoming a registered ISO is a bit of a hassle but it pays off. You will have to get all the paperwork and registration done. You can hire subcontract agents to work that will reduce your workload. The profit potential of the registered ISO is higher.
If you decide to go for the registered ISO then you must start the registration process right away. It’s a long process and will take a lot of time. The task is also challenging as the payment processors consider you as a risk because you are new in this field. You first need to get a sponsor who can help you resell their merchant services in USA. You need to establish a good relationship with them for the success of your business. You then need to apply with the processors, Visa and Mastercard. Applying to the card companies can be difficult as they examine everything about your business and the process can be lengthy. The fee for registering is also very high.
Maintain a daily schedule
After you have registered and started your business, you must make a daily schedule. This will help you to stay motivated and productive. You should recall what has been already done and what needs to be done.
Use social media
You can use social media like LinkedIn to sell merchant services. You should utilize your networks to get leads. You must get involved in community posts so that people recognize you. Sharing the latest industry news can help you to establish yourself as a good ISO agent. You should also talk to your family, friends, and business owners you know about your business. This way you will expand your network and create more opportunities for work.
Today the ISOs open 80% of the merchant accounts. So, it’s a good time to be in this field and grow your career. Most people now use credit cards for purchases, so there is a huge opportunity here.