How to Pick the Best Merchant Services Agent Program
Are you looking to join a Merchant Services Agent Program?
When it comes to the world of merchant services, it’s important to understand what the right processing relationship can do for you.
Think about the relationship between a real estate agent and a broker. When considering a partnership, the real estate agent looks for a few key things, including: the opportunity for a slick headshot, great compensation, flexibility, and access to technology. Take away the headshot, and the relationship between agent and ISO is not much different.
Do you know what you should be looking for in a partnership?
If not, that's ok! We are here to help you find a best partner that works with you and for you. Keep reading for our five most important tips to keep in mind when choosing an agent program.
This goes beyond simply receiving clear and concise answers about the terms of your contract.
You want to see tangible data to both understand and optimize your business. Transparency also means providing an explanation for those sentences full of industry buzzwords.
In short, you want the power to take an in-depth look at the numbers driving your business. Look for ISOs with reporting tools that allow you to see and understand valuable data sets hidden in plain sight.
2. Customer Support
Total transparency is nothing without a reliable system to provide it to you.
Have you ever been put on hold for two hours just to get an answer to a question? It can be so frustrating and leave you more stressed than you were before you even made the call.
It is important to seek dedicated customer support that is specialized to suit your needs. You’ll want access to multiple resources, including experienced staff explicitly assigned to you.
This can be the difference between getting stuck in neutral and driving ahead of the competition.
It’s important to have everyone on the same page. As the industry evolves, it is extremely valuable to have access to both initial and ongoing training services.
Customized training sessions— for individuals or groups—through the web, phone, or in person are vital to the success and relevancy of your business. Adapting is essential, but being the first to understand how to adapt will keep you ahead of the competition.
Look for an ISO with a diverse product line.
This includes but is not limited to:
- POS Systems
- Online Ordering Services
- Loyalty and Gift Programs
- Merchant Funding Services
- Cryptocurrency Processing
As the relationship between buyer and seller continues to change, the need for a diverse service catalog is imperative. Gaining access to these services before everyone else gives you a competitive advantage.
Whether you are new to the merchant services industry or an experienced agent, the focus always is on the “Schedule A.” The Schedule A is the last page of the agreement you as an agent sign with the merchant services provider of your choice. It includes buy rates, a commission breakdown, and your potential earnings.
However, the devil is in the details. The language of the agreement is just as important as the Schedule A.
Understanding the terms of the agreement and potential pitfalls are paramount to your success. Never sign an agreement with an exclusivity clause. Your provider should earn your business every day.
Residuals should be for the lifetime of the merchant account, and there should be no minimum production quotas. After all, you are in business for yourself!
Above all, make sure that you are well informed about your agent program. There is a litany of tools, products, and resources at your fingertips, so understanding your program is the first step to your success.
Contact EMS Today
We believe a merchant services provider with an offer of "let's talk" should first show how they "walk the walk".
To contact EMS today, click the link below and we can discuss the Best Merchant Services Agent Program for you!