Letters to the Editor
To: The Green Sheet
Could you please send me the information required to subscribe to your publication. I am a Direct Sales Manager for an ISO in the northeast. My market area is receptive to check guarantee as well as competitive bankcard services. If you could put me in touch with someone in regard to the programs you provide for both check guarantee and bankcard services I would appreciate it.
Thank You
Kevin Weller
Dear Kevin:
Subscribing to The Green Sheet can be accomplished in 3 ways: 1) complete the subscription form online at http://greensheet.com using CHECKS BY WEB, 2) print the online subscription form, enclose a check, and mail to The Green Sheet PO Box 6008, Petaluma, CA 94955-6008, 3) call The Green Sheet at 800-757-4441 and use your Visa or MasterCard. The subscription price for The Green Sheet is $125 per year (26 issues) for Active Independent Sales Organizations, Agents, or Merchant Service Providers in the Financial Services Industry or $425 per year for non-ISOs. A paid subscription toThe Green Sheet not only gets you 26 issues per year, it also entitles you to a password that enables you to read the most current issue posted to our Web site before general release, which is usually one week ahead of the snail-mail arrival.
Regarding Check Guarantee, I would suggest that you contact CrossCheck at (800) 654-2365. Their program costs you nothing up-front and provides lifetime residuals from one of the nation's largest check guarantee companies.
AmericanNational Bank of DeKalb County (ANB) (previously AmericanMidwest Bank) offers bankcard, check guarantee, verification, and debit services all with significant up-front payments to the ISO, as well as residuals. ANB can be contacted at (847) 823-5100.
Please remember to mention The Green Sheet to whomever you call.
Good Selling!SM
Paul H. Green
To: The Green Sheet
I have always enjoyed working with the staff at The Green Sheet because of their professionalism - your e-mail is a classic example.
In response to your questions, at this time I feel the ad is too new to accurately track the performance, because we have not yet received a single response. However, I believe this was a great idea for companies like us to be able to expose as much about us as we can. Especially for recruiting those that may or may not have some experience in our industry, I am always looking for qualified representatives that we can support and train to understand our revolving industry.
I will keep you updated with the results generated from the ad I placed in The Green Sheet.
Michael L. Mattos
Director of Sales
Bancard Systems, Inc
We had two. One e-mail and one call. Thanks, you have a great paper. It is not the number of calls, it is the quality of calls that we like. We also appreciate the editorial. Great work!!
WinTech International
Thanks for a great source of info about this industry. My ISO has done nothing to inform me about you and other organizations/groups like you. Someone else in a peripheral industry told me about your paper.
I've been in this industry about 1 1/2 years. Sales are down and I find the whole industry very competitive. At this point frankly, I'm not sure how to proceed. While my ISO pretty much keeps me uninformed, our buy rates and equipment prices are some of the best in the industry.
I realize too, that because of the competitive environment, ultimately, the merchant and the consumer benefit as those of us who work in this industry slash their prices/income/profits to provide this valuable service, or if we can't find another way of doing that, seek another line of work. By the way ... what is the turnover rate in this industry? Any stats?
Since you seem objective and fair, can you please explain to me, why some ISOs/Banks offer no minimums, no MSF, etc. while others routinely charge $20 and $10 respectively? How can they do that? I realize too, they usually charge more for equipment but how can the Bank/ISO give away/defer such moneys over the long run?
Not to cast aspersions, but are there any unusual charges the Merchant finds out about only later? Or are the others merely holding out as long as they can before matching their competitors' rates, etc.? This would seem to put those who offer little or no MMF or MSF at an incredible advantage since all are expected to provide pretty much the same minimum level of service and ultimately, prices will/must be matched by others, IF agents and reps can hold out that long before being discouraged.
I realize questions like this will frustrate some and humor others. But, like you, I like to see issues answered, not avoided. Your comments and observations?
Name withheld upon request
Dear Struggling Agent:
You have come into the industry at a time when merchant bankcard services have become a commodity, so it does not surprise me that you are seeing it that way. Historically, however, banks have always had the capital to carry their equipment over time, as they have their sales commissions. I don't know if you are competing with ISO organizations that are front loading their programs, but some organizations have taken this direction. As for turnover, as you would guess, it is very high. The average organization has 400-500 percent turnover, replacing the entire sales staff many times each year. You should know, however, that much of this turnover comes from sales people finding their own "deals," and setting up shop for themselves. With ISO organizations currently numbering about 3,200, over 150 new organizations come into existence each month. You should also know that there are organizations that are attempting to slow down turnover and dissatisfaction, offering a wide variety of benefits to retain their solid staff. Watch for these organizations in the pages of The Green Sheet. You should also take a look at the first issue of 1997. Check it out on-line.
Good look with your struggle,
Paul H. Green
Editor
I am trying to learn as much as I can about ISOs: what services they provide; who they sell to; what their relationships are with banks, data processors, and financial networks, etc. I am interested in this information because I work for GOOitech, a wireless commerce company that has developed a wireless ATM product, that may be of interest to your readers.
Are their any resources (white papers, books, web sites) that answer my questions? If so, would you please forward them on to me or give me advice on who I might want to contact for this type of information.
FYI - GOOitech currently receives The Green Sheet under Jim Solomon's name (our CEO).
Thanks for you help and keep producing a great product/resource for the industry-
Cordially,
John Burris
GOOitech
Dear John:
Since you are already receiving The Green Sheet, you already have some of the information that you may need to do the research that you are asking about. Let's start with your request to know what services ISOs provide. Checking the Resource Guide you will see the types of products that ISOs are selling. These are bankcards, debit cards, check services (guarantee, verification and collection) as well as check production services, POS equipment (terminals, printers, registers, and software), ATM services including equipment, and many are Internet Service Providers. In addition many also provide long distance phone services, insurance, equipment leasing, and much much more.
As far as who ISOs sell to, the above list of products and services make this very broad. I am sure you know that their are about 4 million business points of sales that these ISOs are calling on, as well as wholesale and Internet locations (about 3,200 commercially enabled). Some of the ISOs also call on banks, which leads to your last question. The relationships with banks and who sells for who has never been published by anyone. The Green Sheet, published a "primary" list in the first issue of 1997 (issue 97:01:01). In addition, you know that PMT Services, First Data Corp., and Financial Alliance all have hundreds of down stream ISO relationships. Also four banks are currently listed which are continuing to seek ISOs, AmericanNational Bank in Chicago, Bridgeview Bank & Trust, First National Bank in Brookings and First PREMIER Bank. All contact information is in The Green Sheet, Resource guide.
While The Green Sheet, has a highly developed list of ISOs and who they have and are selling for, this information is not available to the public. In addition to sending The Green Sheet, information on your wireless ATM products, so that we can do a story on your product, you should consider advertising in The Green Sheet, to reach your target audience.
Good Luck with your research.
Paul H. Green
Editor
