Special Report: ISOs Looking for
Agents --
Company Profiles on the Resource Guide Listings
As we begin 1997 we have taken a moment to consider the growth in the Resource Guide and in particular the "ISOs Looking for Agents" section.
This ever changing list has grown to more than 50 companies in the print version of The Green Sheet, with a growing waiting list, so we have dedicated this issue to try and answer a number of questions we continue to receive.
1. Who are the good guys on the list and who should I avoid?
2. Does anyone really ever pay residual payments, and are they ever vested?
3. How does anyone interested in this list discover how these organizations differ from one another?
4. Does everyone listed have a package of materials or something in writing which explains the benefits of that particular program?
5. Do any of the organizations provide access to more than one bankcard program, and do I have to be exclusive with them?
6. Who are the represented banks and how long does it take to register with them?
7. What are the other services or products that the organization will provide to the requester?
Based on these and other questions, we have attempted to provide answers in the following company summaries. In so doing, we found that the organizations listed are very different from one another.
Some listed organizations are looking for individual sales professionals while others are really seeking full scale ISOs (Independent Sales Organizations). Some are completely equipment focused, while others believe in and pay residual income, with various vesting criteria. A few organizations do not pay residual income, since their bank program(s) do not offer on-going residuals, or any residual payment.
In our interviews with the listed organizations we found merchant bankcard buy rates as low as 1.39% and 19 cents, and POS equipment income as high as $1,500. Some organizations are geographically focused in their efforts, however, most are looking for a national presence.
A number of organizations are specializing in serving mail/phone order, Internet and sub-standard credit businesses, while most are trying to serve the complete marketplace. Some of the programs have added medical benefits and even 401(k) programs to give the sales professional a reason for longevity.
Finally, a number of organizations say they have been burned by unscrupulous salespeople and are understandably guarded about their information, while others are wide open, letting the marketplace take care of itself.
We hope that the following information will be helpful to all.
1st Choice/A Second Chance Bankcard Merchant Service (415) 841-0163 represents Universal Savings Bank and is focused on merchants who are new in business and unestablished in bankcard processing, and businesses which have credit problems. They service mobile, home-based, and mail and phone order businesses. Reps can close more deals through a two-tier program: No Decline program for businesses not in open bankruptcy, and a No Money Down option.
1st Merchants Bancard Services (800) 477-0173 represents Chittenden Bank, with a unique residuals program which shares all aspects of merchant revenue, including statement fees and transaction fees. The "merchant friendly" billing system does not impose monthly minimums or other "hidden fees." Be sure to ask about their "roll-over" incentive program. Most merchant types accepted and approved in 3-5 days. Package available after phone interview.
2nd Chance Bank Card Merchant Service (415) 587-9301 represents American Midwest Bank, and offers equipment leasing, check guarantee and verification (CrossCheck and CheckRite), as well as ATM services. They believe that they offer higher income opportunities than other organizations, paying between $600 and $700 on leases, and paying residual income on all services. Wants only the most honest salespeople. Package upon request.
AAAAA Bankcard Merchants Systems (415) 757-3521 represents Universal Savings Bank and offers a special "No Decline" program for merchant bankcard acceptance. Their strong points are that they have a paid training program and provide a strong lead generation program. Package upon request.
Advanced Processing Systems, Inc. (516) 822-0142 represents various processors for bankcard and ATM services and believes that they can get any legitimate business approved for services. They offer no annual fees and no minimum fees. POS terminals and check guarantee are also offered. Will send a package upon request.
Affordable Bankcard Consultants (800) 405-8376 represents Woodforest National Bank for both bankcard and ATM services. Looking for sales professionals with entrepreneurial desire. Focuses on a proven marketing method with lead generation and is completely "Sales" focused. Residual income vests after 1 year and pays for 1 year for each year ISO works. Fully vested after 5 years.
Affordable Merchant Services (888) 464-3010 offers a rate of 1.46% plus 20 cents credit, 23 cents debit transaction fee. Automatic lease approval, no fees, no monthly minimum, no statement fee, 1 to 3 day turnover. Handles VeriFone, Hypercom, and Nurit equipment. Complete market plus mail order. ATM cash machines, CrossCheck check guarantee, and long distance service at 11.9 cents anytime, anywhere. Residuals paid with a draw. No roll-over application fee. Full training and marketing manual, professional brochure. Management or independent sales contract is available.
American Merchant Card Services (319) 355-7004 gives an experienced bankcard sales representative a way to be an ISO without the expense of being an ISO. They provide national telemarketing support, are completely hands-off in the way you manage your office efforts, and pay lifetime residuals with a 3-5 year vesting program. They offer revenue sharing on ATM, debit, AMEX, and SCAN. Simple ISO agreement sent upon request.
AMSA (800) 242-7438 represents Old Kent Bank for bankcard, ATM, and debit services. for sales professionals with entrepreneurial desire and will share overhead expense with each local office. Has some geographic preferences for office locations and is seeking only long term relationships. Each deal is negotiated separately based on experience. The package sent will have independent sales rep agree-ment.
An American Financial Service (800) 808-4232 has been in business twelve years, represents American Midwest Bank, and has Bank of America for large accounts and First USA , for travel businesses. Can have a new rep registered and set up in two days. The merchant application is simple, only one page. Nationwide, but marketing is currently focused in California and Oregon. Provides training and leads at no cost, needs people in Oregon, NY, and Atlanta immediately.
Bancard Systems, Inc. (800) 779-2932 offers high residual with low discount rates. Proven program with over ten years experience, including integrated credit and debit with all major networks. Agent's bank program, in-house, start-ups, mail order, and negative credit accounts. Equipment lease funding on all approved merchants.
CBS (800) 454-4000 represents among other banks First National Bank of Omaha/Retriever Payment Systems, and is one of the oldest ISOs in the business. Offers numerous alternative banks that allow them to process any type of business including adult entertainment and travel services. Also processes ATM cash machine sales and service with a vault cash program, debit, long distance, and check draft services. They have a very attractive referral bank program and are seeking small to medium sized banks. Very easy to talk to and very industry knowledgeable. If you are looking to work with a company that has integrity, innovative programs, and professionalism this organization is excellent.
CCV (800) 875-0055 represents Michigan National Bank and is looking for experienced Independent Sales Reps (ISR). General buy rate is everything above 1.49% plus 19 cents, MOTO buy rate is 2.15% plus 25 cents. ISR relationship with CCV is non-exclusive with only a $35 start-up fee. Equipment and leasing can be arranged either through CCV or through independent channels. Other commissionable services are: check verification and recovery, accounts receivable collections, credit reports, and ACH services. Will send details upon request.
Certified Merchant Services, Inc. (800) 732-1099 has multiple banks through which they are able to place business, with the lead program being offered through Imperial Bank for bankcard and debit. Competitive program offers 1.39% buy rate, no application fees and no minimum. Currently looking for District Managers and will cover 100% of all costs to open an office, hire, and train with salary plus bonus and commission. Package upon request.
Custom Credit Card Processing, Inc. (800) 240-4874 represents a number of banks with the lead bank being First National Bank of Omaha. This business is heavily referral based, has a great contract that protects the sales representative, but a handshake with this organization would do just as well. Focuses on putting integrity into each deal with the merchant always coming first.
Data Transfer Associates (800) 318-DATA is both an aggressive and progressive organization with access to multiple bank processing relationships. Great for entrepreneurs. Only Hypercom equipment, but they support their older VeriFone base. Buy rate is 1.49% plus 20 cents, with shared income when they provide customer support, and 100% above "Buy" when support is provided by the sales organization. Virtually 100% bankcard approval, with debit and check guarantee available.
Diversified Acquiring Solutions (800) 555-6441 is looking for exclusive relationships only. Is also interested in accepting a book of business, provided that the individual will be exclusive. Offers competitive program for all business types with life-of-account residual income. Ongoing residual payments require account service, and opportunity for sell back of business base also exists. Will provide salary plus comm. for experienced sales professional to open office. Package sent only after resume and phone interview.
Diversified Merchant Services (800) 784-8853 represents a number of financial institutions with Woodforest National Bank as their lead bank. They have a "meet it or beat it" approach to pricing, virtually no business restrictions, and 48-hour bankcard approval. Package upon request.
Electronic Credit Services (800) 755-4-ECS is an aggressive growth company. They are looking for integrity driven, motivated self-starters who are interested in self-employment. Services available are for MO/PO, Internet, trades, professionals, flea markets, services, retail, and wholesale. They have fast turn-around time with emphasis on service. Included in their comprehensive package to entrepreneurs is an agent bank program and their own leasing for hard to place customers. Product line is expanded to the latest equipment manufacturers, ATMs at competitive pricing, POS and support-everything needed to close and maintain a client. Package available after phone interview.
Electronic Merchant Systems (800) 726-2117 1st Charter Bank of Beverly Hills for bankcard services. Working from Cleveland, Ohio, they are focused on Internet, home based businesses, and retail with sub-standard credit. An impressive 2% flat rate, plus 30 cents a transaction. Program features no monthly min. or charges other than usage, and the accounts do not even pay the $10 statement fee if they take a month off. Package upon request.
GM Data Corp. (516) 933-2020 represents American Midwest Bank for bankcard, ATM, and debit. Offers 98% credit approval and 3-4 day turn-around on bankcard approval. Also offers AMEX and CrossCheck check guarantee. Bankcard rates are 1.60% or higher. Business is focused in NY.
Gulf Coast Merchant Services (813) 541-0116 has been serving the Greater Tampa Bay and Southern Gulf Beach merchants for more than 3 years. Gulf Coast is an AMC Company Associated with Electronic Processing of San Diego, California, and represents National State Bank and 1st Charter Bank of Beverly Hills. Offers CrossCheck check guarantee service, leasing and selling all POS equipment, including mini ATM cash machines. Sales package sent upon request, fax 813-541-5558.
IRN Payment Systems (800) 366-1388 x203 represents several banks, two NDC banks, Society Bank and Chemical Bank, as well as First USA/Gensar, First Bank Systems, and American Midwest Bank. This ISO is aggressive and flexible in its program and pricing. If you are looking to be treated as an agent bank, this is your program. They'll offer you a great buy rate and a program to fit your needs. Package available upon request.
Merchant Bankcard Network (800) 748-6263 represents Quad City Bank and Trust for bankcard service. The main focus is "service," viewing the agent which comes to them from The Green Sheet as much as a customer as the retail bankcard acceptors sold by them. Program has low rates and fast turnaround. Agents can develop their own equipment or leasing source, or use MBN. Also offers debit and ATM services.
Merchant Services Inc. (800) CARD-SWIPE has been in business eight years. MSI represents various processors, enabling them to accept and pre-approve virtually any type of business. Rates start as low as 1.37% and 18 cents. They have a 100% guaranteed lease approval program. Residuals are 100% lifetime vested, day one. They are looking for strong management types and reps.
Merchants Bankcard Systems (800) 766-8990 represents First National Bank of Omaha, nd has been in business since 1989. The key points of the program are "service" and the fact that they actually pay residuals. Bankcard residuals vest at 50% in two years, 75% in three years, and 100% in five years. Organization has strong agent bank program, ATM sales, debit, and check guarantee.
Merchants' Choice Card Services, SW (800) 310-6227 represents three bank programs: Woodforest National Bank, which is the lead bank, along with Intrust Bank, Wichita, and Bridgeview Bank and Trust. Offers a wide range of business opportunities, i.e., traditional, home-based, and Internet. Earn over buy rate for both bankcard and equipment. Residual continues for 1 year for each year worked.
Merchants' Choice Card Services, USA (888) 837-2856. Looking for ambitious, experienced ISOs nationwide. Specializes in home-based business, retail, hotel, restaurants, wholesale, and service industry accounts. Markets all credit card and debit programs. Details upon request.
Money Tree Inc. (800) 582-2502 represents First USA/Gensar with its "partnership" program. ISO will earn a portion of the discount rate above 1.39% and transaction fees, statement fees, debit fees, non-mag-swipe charges, and monthly minimum income. Program offers 40 different software applications for terminals specific to selected retailers. Residuals are for the life of the account with no on-going service requirement and immediate vesting. Package upon request.
National Data Funding Corp. (800) 286-7587 has been a California Corporation in business since 1986, with several thousand retail merchant accounts. They have a variety of options for retail merchants that include POS for credit and debit, and SCAN check verification. They offer a lease program that includes a "no decline" policy. They have a residual program that is unique in the industry. A new rep with this company is able to participate in residual income that already exists.
Performance Processing (714) 436-2400 represents National Processing Center, Bank of Louisville. This program is operated by an aggressive individual who is "choice" oriented. Sales agent will pay a processing fee for accounts. Call for information
Point of Sale Solutions, Inc. (800) 464-6336 supports various alternatives to bankcard processing, equip-ment leasing, and debit. They also offer AMEX, SCAN, ATMs, and Cross-Check. They believe that what a sales rep does best is "sell," so they keep the other events to a minimum. All support issues are handled at Point of Sale Solutions home office. The bankcard rate is guaranteed in writing to the merchant for 2 years, which helps obtain and retain accounts. Approvals are received in 3 days for traditional business, and is only slightly longer for Internet, home, and substandard credit, but not more than 5-6 days. They place 97% of all credit card applications regardless of credit. Package upon request.
Prime Bancard Corp. (800) 632-6966 represents First USA/Gensar and provides sales representatives with a complete program, including vested residuals and one of the best buy-out bonus programs in the industry. They also offer AMEX, check guarantee, SCAN, ATM cash, and SCRIP. They offer no annual or monthly minimum fees and they pay residual income on all financial services, plus commissions up to $1,500 per sale. Agreement sent upon request.
Profit Max Card Services (520) 791-0598 represents several
banks including American Midwest Bank. They believe the
Salesperson is #1 which is why they pay excellent commissions
and bonuses, have a good training program, and even provide other
benefits (100% medical and dental) for those agents who meet a
minimum of seven successful sales per month for 60 days. They are
willing to train and
develop people who have never worked in the merchant
services field before.
Retriever Sales APS (800) 985-8835 (Account Processing Service) represents First National Bank of Omaha, and is looking for experienced bankcard people who wish to open an office and hire individual reps. Offers ATM, debit, SCAN, NDC check services, CrossCheck check guarantee, full bank-based agent bank program (acquirer and issuer), AMEX, and Electronic medical program. Full residual payment over buy rate.
Southwest Financial Services, Inc. (800) 841-0090 has a primary relationship with Imperial Bank, and also places business with Old Kent Bank and Trust, American Midwest Bank, and Humbolt Bank. This organization is truly different from others in this category. They do no back office processing and take no liability on merchant accounts placed with their banks, which means that this is really a sales and marketing organization of the old order. The principles all have cash management backgrounds and have put this to use with in-house leasing and equipment rental programs. Sales professionals are paid twice a month, with 401(k) and paid medical.
Superior Bankcard Service (800) 727-7898 is a full service provider representing National Bank of the Redwoods. Because they control the entire approval process, merchants can be approved and receive their live merchant numbers the same day. Superior's success cannot only be attributed to being concerned with business acquisitions, but also to their philosophy that focuses on customer retention. They are currently looking for individual sales reps as well as potential office managers who are interested in both. Superior offers competitive pricing with lucrative "life of the account" residual payments, and no vesting period. Also offers debit, ATM, check guarantee and verification services, as well as a unique Merchant Mileage Program that offers merchants travel miles for bankcard dollars processed. Package upon request.
TermNet Merchant Services (800) 982-8690 has been in business since 1983 and is nationwide. Offers an aggressive program to ISOs with low buy rates, no leasing required, rent-to-own program, life-time residual on accounts, and much more. Their corporate processing center encompasses all aspects of back office, agent, and merchant processing services.
Universal ATM Network, Inc. (800) 274-5965 has three banks through which they process bankcard, with their focus on ATM. This is an R&D company, designing and building low-end cash and value dispensing equipment, with ATM surcharging. Pre-paid phone cards in conjunction with BLT Enterprises to market terminal activated phone cards via VeriFone POS products and cash dispensers. Proprietary software on TZ Scrip product. A self-service debit terminal consisting of Tranz 330, 250, and 101. Low-end cost on equipment and high return on surcharge revenues. Agent receives 80-90% of equipment profit margin. With 100% surcharge vesting in 3 years, and continuing service requirement.
USA Processing, Inc. (800) 872-8572 is an MSP for Bank of America and is seeking experienced bankcard reps. Program targets merchants who predominately perform swiped or imprinted transactions. Competitive buy rates, life-time vesting, bundled rates, 3 day approval, no application fees, no monthly minimums, free supplies, debit service, MAPP customer service, lead referrals, and an agent bank program. Accepts any size merchant with extremely flexible and aggressive pricing.
USB Merchant Services (612) 452-4250 is a full-service bank with end-line processing for the merchant. They have one of the best lease programs available, and a very good bank referral program. USB offers eight different ways a rep can earn income, including Universal Debit. Looking for reps in Iowa, Western Wisconsin, and Minnesota.
Valley Payment Systems (818) 366-9426 presents four banks with the lead bank being First National Bank of Omaha. In addition you will have access to *American Midwest Bank, Woodforest National Bank, and Bridgeview Bank and Trust. This program is intended to give the merchant the widest choice available, from their bankcard program, to the type and price range of the equipment they buy. Also offers CrossCheck check guarantee and SCAN. Sales agent will pay a processing fee for accounts. Call for information.
VMC Processing Inc. (800) 529-9688 makes three bank programs available to its agents, and has debit and check guarantee as well. Agents can find their own sources for equipment and leasing, or use VMC. They are looking for highly ethical and honest people. Rates and banks will be disclosed after signing non-disclosure agreement.
VTI Processing (770) 551-9223 prides itself on efficient and timely order processing. Agents are given wide latitude in the retail pricing structure of VTI's unique ATM system, allowing for strong profits on the front end. This piece of equipment has carved a niche in the retail marketplace for mid-volume ATM transactions. Ground floor opportunity.
Other companies listed are just beginning their ISO programs such as Broxton Associates, or are too busy to handle calls from ISOs at this time, like Electronic Exchange System and Samsar ATM Co., or like National Link which is on the brink of a significant announcement and this story pre-dates their ability to announce.
And finally, other organizations listed in the Resource Guide are very difficult to reach. Expect to get an answering machine for: FEMCO Financial Group/ Merchant I$land (which is really the same company), Business Financial Resources, Electronic Data Management, Inc., Retriever Sales, National Bankcard Corp., and all lines are always busy at Electronic Processing, Inc.
