The payments industry has evolved significantly in the last decade, but some things remain the same. The Federal Trade Commission is still keeping a watchful eye on ISOs, the Electronic Transactions Association continues to adapt to changing industry needs and experts remain willing to share their knowledge with others to better the industry overall.
At the ETA's 2002 Annual Meeting in Orlando, Fla., it became increasingly apparent the organization had evolved from the ISO-centric Bankcard Services Association into a group that serves all parties in the payments sphere, including ISOs, card companies, payment processors and equipment vendors.
In the wake of an FTC crackdown on alleged misleading practices, which led to ISO Certified Merchant Services going into receivership, ISOs were advised to break the merchant application process into three parts: a short application divulging on the first page all fees and terms in easy to understand language; an agreement explaining in nonlegal language the obligations of all parties to the contract; and an operating guide incorporated into the agreement by reference.
In "Negotiating for success," contributing writer Bob Gibson detailed the steps required for a smooth negotiation process: uncover the issues, confine the issues, confirm intent and authority, evaluate the issues, solve the problem, and do a satisfaction check.
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