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Dear
Green Sheet: Some
contracts are now written which
include verbiage that seems to allow the ISO to charge a cancel fee up to
the value for the remaining months times the minimum monthly fees, which
can add up to quite a tidy sum. I
have been told and spoken with other ISOs who have declared this verbiage
illegal, especially so in the state of Florida, and NO
ISO can hold a
merchant to such a claim, unless a specific dollar amount is so stated in
the contract. Do cancel fees need to be stated in precise dollar terms,
such as $250, or can they can be enforced when written in such an open
ended manner? Gerald
Strauss Gerald: You
are right that many bankcard as well as check service merchant agreements
now have a monthly minimum as well as a multi-month or even annual term. A
contract which has such provisions, and was negotiated between two
knowledgeable businesses (assuming nothing was misleading about the
agreement) is binding and can result in the balance of the agreement being
billed to the merchant upon early cancellation. Good
Selling! Paul
H. Green Dear
Green Sheet: I
have been trying to find out the average number of Visa/MasterCard
transactions the average convenience store does. I have not been able to
find this information. I need to know the average number of transactions
an average C-store does because I want to give accurate information when I
speak to new sales reps and new business owners. Can
you direct me to where I can get fairly accurate info? Can
you share your thoughts with me? I
really appreciate your help. Mario
Hart Community
Merchant Services PS
We sell more dial-up ATMs then any other company in the US. I will gladly
help you with any ATM opportunities or information you may need in
exchange for your answer to my question. Dear
Mario, Thank
you for your e-mail and kind offer to share information. While
I do not have the specific stats you requested, I do have some information
that may be helpful. Chain
Store Age (http://www.chainstoreage.com) publishes a Survey of Retail
Payment Systems. The most recent one was from December 1999. In that
publication they do not include convenience stores as one of their
“store types”- the closest is gas station. The report states that 25%
of consumers prefer to use credit at a gas station and 56% would shop
elsewhere if credit cards were not accepted. Also,
I think the National Association of Convenience Stores may be able to help
you. Their Web address is www.cstorecentral.com. They recently published a
“future study” which can be found at www.cstorecentral.com/register/resource/
resource/futurestudy2005.html. While it does not contain information about
credit card sales, it does contain information about which factors
consumers feel are most important when shopping at convenience stores (Pay
at the pump is #4). Another
helpful site is Convenience Store News located at http://csnews.com/index.shtml.
Sincerely, Suzanne
Luse Asst.
Editor Dear
Green Sheet: Tried
to get into ISO forum. What is the username and password? Dear
reader: The
username and password for the “subscriber preview” access to the
current issue of The Green Sheet
are different from the login and password to the ISO forum. To
access the ISO forum, go to www.greensheet.com, click on “ISO Forum”
and then fill out the registration fields to choose your own login name
and password. You will then be notified by email when your password and
login are activated. Sincerely, Suzanne
Luse Asst.
Editor Paul:
I
would like to thank you for all your information in the greensheet. I
would like to give out a little warning to Small ISO like myself doing
between 40-60 deals per month. I have recently had contact with a couple
of major companies offering to buy me out. I have been very disappointed
with this whole experience. All I can say is check up on the people making
the offer and definitely get everything in writing. I almost went down a
very bad road. I would hate to see anyone else have to go through what I
have. If things are going good for you hold what you got and remember if
it sounds to good to be true it probably is. Thank
you Ernie
Rivera 1st
National Processing Services Inc. Ernie: Thanks
for the tip, and we will share your thoughts with our readers. Good
Selling! Paul
H. Green Dear
Green Sheet: Please
kindly provide us a list of banks that are looking for ISO MSP other than
on The Green Sheet and also a list of Banks that will attend this year at
ETA in August. Thanks, Catherine Dear
Catherine, We
do not have a list of banks looking for ISOs, other than those listed in
the Resource Guide. However, you may want to visit our Web site at
www.greensheet.com and click on “free classifieds.” Many companies,
including banks, post listings when they are looking for ISOs. You can
also place a listing there or on the ISO forum (link on left side of
page). Finally,
the November issue of GSQ
focusing on Merchant Acquiring may be helpful to you as well. Please
provide your mailing address and we will send you a copy. Regarding
ETA attendees, you can contact the ETA directly at (800) 695-5509 or
online at http://www.electran.org. Sincerely, Suzanne
Luse Asst.
Editor To
whom it may concern: I
am looking for an independent report on Nova Information systems. I have a
customer who wants to do business with my ISP and he wants to feel good
about Nova. I am hoping that you may have done some sort of report on Nova
which would reflect favorably on their capabilities in the Transaction
processing business. Should
you have any such stories I would be interested in copies. Thank
You. Dear
Reader, While
we do not have a “report” on NOVA, our November 1999 issue of GSQ
may be helpful. That issue focuses on Merchant Acquirers and has some NOVA
information on pages 11 and 12. Sincerely, Suzanne
Luse Asst.
Editor
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