As long as I have been in the Financial Services Industry, and since ISOs first became players in the Merchant Bankcard Acquiring marketplace, there has always been someone looking for a better bankcard relationship, or looking for their own deal. Why is this? Is it that salespeople are just restless? Is it that we, as human beings, inherently think that we can do it better, smarter, faster, and cheaper?
Whatever the reason, it doesnít seem to slow down, and January 1, 1999, isnít going to be different. A new bankcard program is forming called Worldwide Merchant Services (WMS); the brainchild of Bob Peisner, a battle-scarred veteran of the bankcard wars. Bob was one of the original AMCOR offices, selling Citicorp services early in 1983. Later, he moved to such programs as Peachtree and, at one time, was one of the most prolific producers of Cardservice International. To put this another way, Bob can feel your pain, and this is the reason he is starting an organization whose stated intent is to help its partners build equity.
The program outline begins by establishing the basics that everyone wants to sell:
* High account approval rates
* Guaranteed leasing at great rates
* Ultra competitive pricing
* A Minimum of $5.00 per month, per on-line account
* 100% of the income above the swipe buy rate
* 66% of the income above the buy rate on MO/TO
* 10 basis points on AMEX
* Lifetime vesting of residuals
* Generous commissions on equipment
* 90% of the gross margin on equipment or software
Bob can feel your pain, and this is the reason he is starting an
organization whose stated intent is to help its partners build
equity.
However, the heart of WMS is something they describe as a "free ownership opportunity." Bob believes he has formed the first "IC- (independent contractor) and employee-owned company in the industry."
While reading the Worldwide materials, I was particularly intrigued by the "Commitment to Independent Contractors, Plan A and B." These documents detail how the stock in the company will be distributed based on the number of sales contracts produced, as well as the unique way individual salespeople can participate in ownership, side-by-side with larger organizations through a separate membership (ownership) pool.
While I, of course, am unable to comment on how Worldwide will treat their partners once this program begins to gain momentum, or how well they may be able to handle large scale growth from a processing or risk point of view, I can say that Bob has been burnt on more than one occasion himself. I can also tell you that previous marketing success tells me that Bob knows how to motivate, and he loves, not just tolerates, salespeople.
Please contact Bob Peisner at (800) Visa-N-MC for more information; Worldwide could be your ticket to ownership of your own merchant portfolio.
