isoagentprogram-blog

[isoagentprogram-blog]

3 Methods for Innovating in the ISO Payments Space

Sometimes in the payments industry it can feel like you’re one in a million other ISOs or agents just looking to make a buck. It can be very difficult to differentiate yourself and stand out from the crowd; why should a merchant choose you to handle their business? In order to stay relevant, make business owners excited to work with you, and ensure they never consider going with someone different, it’s important to always be innovating in the payments space wherever possible and keeping your merchants excited about the services you're offering. But how?

1. Offer Unique Services and Perks

There are several ways ISOs and agents are innovating in the payments space today. A great way to set yourself apart is to offer services and perks most others don’t. For example, giving your merchants the option to offer cash discounting to their customers. This awesome and underused tool is something that benefits everyone involved: the customer, because they can save money on a purchase; the merchant, because they save money on credit card processing, and you because it allows you to offer a unique service to your merchant ensuring they stick with you over the competition. Do you offer cash discounting to your customers? If not, consider looking into it as a fresh new service in your line-up.

2. Access to the Latest Hardware Another great perk to be able to offer your merchants is always ensuring them they’ll have access to the latest hardware should they decide they want to upgrade. Having cool, shiny new tech is appealing, sure, but what they’ll really see the value in is the benefits these pieces of hardware offer: things like employee and inventory management, gift card and loyalty programs, reporting, and more. Maybe they’re looking to be able to sell at local markets but don’t know how to take their payments on-the-go. Perhaps they want to start running weekly reports but don’t know if that function is available in their system. While you’re intimately familiar with the latest and greatest capabilities in the hardware realm, your merchants may not be. Because of this, staying in regular contact with them about all of the new features available, as well as the existing features of their current hardware, will ensure they are using their products to their full potential, they consider upgrading more often, and it will also make you their go-to contact for all of their business needs.

3. Find the Best Partner Program for Your ISO One of the best ways to ensure YOU keep up with the latest trends, products, and services in the industry is to sign up for a partner program with a company that specializes in ISO/agent support. Not only will it ensure that whenever something new emerges that you’re the first to know about it, but it also takes the stress off of you alone and puts it in the hands of people who know how to handle it best. Plus, it can help support you with things like high-risk merchants, assisted POS sales, professional marketing tools, and more. It can also offer things like tech support for your merchants which you can use as a huge selling feature when trying to sign them.

If you’re looking to find a good partner in the payments industry, RedFynn is here to help. We’ve been working in the payments space for over 20 years, and our entire business is focused on one thing: supporting agents and ISOs. Some things to consider when shopping for a partner are: What are your buy rates? When are commissions paid out? Can you sell your portfolio? We can answer these and any other questions you have for you. So if you are looking for a great merchant services ISO program, head over to our partner page to learn more about what we can offer you and your merchants.

However you decide to set yourself apart, it’s important to always keep fresh in the payments space. There are so many people trying to make it in the industry, and you don’t want to get left behind. From cash discounting to the latest hardware, your merchants will thank you for working hard for them, and reward you for your hard work with their continued loyalty.

Original Source:- Methods for Innovating in the ISO Payments

[isoagentprogram-blog]

Tips for Choosing the Best Merchant Services ISO Program

When it comes to merchant service companies, there is a huge variety to choose from. As a result, finding the right one to do business with can be very challenging. Before getting started, make sure you fully understand how the service works. Finding a high-quality merchant service company is crucial to the success of your business. It is important to find the best fit for your unique needs and give you and your clients the best benefits. Is there a variety of tools offered that you can sell? Do they offer products up to date with current technology? If you are overwhelmed by the many options available, then keep reading! We’ll give you all the ins and outs of what a good merchant service ISO program looks like.

What you need to know about merchant service ISO programs

Same-day funding Look for a merchant service company, which has an ISO program which offers same-day funding. Why is this important? When transactions are made, the merchant won’t have to wait another business day before they receive their funds in their bank account, it will be there that same day. This is a great marketing tactic when going into businesses and trying to promote the payment products and services you offer.

It’s very important to seek out a company with a

great support team.|

Cash discount program Credit card processing fees are becoming quite expensive. For years these fees have been very frustrating for many business owners. With cash discount, merchants can implement a service fee to all customers who pay with cards, while giving a discount to those who pay with cash. This in return saves the merchant money by not having to pay a fee for every credit card transaction run. So it’s very intuitive to find a merchant service company who has a cash discount program available for you to use.

High-risk merchant accounts Some businesses consist of higher-risk transactions and operations, such as CBD companies, travel agencies, credit collection, bail bonds, etc. Find an ISO program who specializes in helping these high-risk businesses to get their business up and running as fast as possible with ease.

Marketing assistance & design Do you have a lead who wants you to send them more info? Do you have leads where they aren’t quite ready to buy yet? You would do well to choose an ISO program who will assist in your marketing needs. Having a marketing/design team behind you is great for turning those cold leads into warmer leads instantly.

Custom schedules Sales compensation plans can be tricky. You want to know if you put in the work, you will be compensated accordingly for this work. Write down your expectations and your goals, then talk to the merchant services company you are looking to partner with and make sure the company can come close or even meet your needs at all. Also, make sure you understand the entire agreement.

Residual analytics A merchant services company who has a CRM (or some sort of tracking) for residual analytics is essential for the success of your business. A CRM  has built-in dashboards to track your residual income trends across multiple processors to help you make decisions faster. You can view the number of merchants you have processing, what their average net profit is, and what their average ticket is. You can also view your top 10 merchants by processing volume or by net profit.

Access to capital and residual buyouts Access to capital is imperative in any business. It takes money to make money and you want to ensure the Partners you are looking into do have some capital to work with. One scenario where this would come into play is with a residual buyout. A residual buyout is where an agent can sell their book to receive a one-time lump sum of cash. In this process, the processing company reviews the agent's portfolio of accounts and offers them a buyout amount. This is calculated by using their average residual amount multiplied by a number of months. For example, if the agent had a residual amount of $5,000.00 monthly, the processing company would review the accounts and the attrition rate of the portfolio and come up with a multiple, like 15. The payout to the partner would be the $5,000.00 average residual amount multiplied by 15, so the agent would receive a one-time payment of $75,000. The agent would no longer be entitled to those residuals and the payment processor would now control those accounts.

Hardware Payment technology goes through many changes every year, especially in the last couple of years. The array of payment options has expanded drastically. Having access to a wide range of payment processing products is vital to give the buyers exactly what they need to run their business.

Some hardware options to look for:

• Smart terminals • Different point-of-sale options to fit the buyer's needs • Wide range of payment terminals • Mobile payments • Payment gateways • Check processing • Loyalty and gift card programs

Support This is probably one of the most overlooked points when choosing the right ISO Partner. It’s very important to seek out a company with a great support team to back up any of your clients. You’ll want a merchant service company with 24/7 support, who knows all the ins and outs of payment processing and a great IT support team. This will ensure that if a merchants POS system or terminal goes down, there is always someone available to service it.

Multiple banking relationships Ensure there is more than one place the merchant services company places business. For example, if you send in a merchant application to one bank and the bank declines the account, there are other banks to place those deals to and get the deal approved and you get paid.

The merchant services industry can be a difficult confusing industry to get into, but with the right tools and company to work with you can find great success. Before you select a company make sure you know all the facts and have a good idea of what fees you will be charged with each company you look into.

Some things to consider are: What are your buy rates? When are commissions paid out? Can you sell your portfolio? These are great questions to start with when choosing to partner with a company. If you are looking for a great merchant services ISO program, give us a call at (888) 510-9871 or email info@redfynn.com. We look forward to working with you soon!

Original Source:- Choosing an ISO Program