A Risk
Assessment
I am pleased by
the development of a number of fine new programs which focus on
assuring that ISOs receive residual payments (which have been so
often promised and so seldom paid) and on reducing, if not
eliminating, the amount of fraud responsibility the ISO must
bear.
Many programs have
debuted in The Green Sheet, and if you or your office staff are
focused on Web business, the Total Merchant Services (TMS) eCom-merce
program is worth investigating.
One of the things
that I thought was most interesting about the TMS program is best
said by Ed Freedman himself, "Our agents are able to earn, on
average, $17-$20 per month, per account. This income is protected
because we assume no liability for losses created by our merchants.
In addition, we have an exit strategy that pays us 24 times our
monthly residual earnings. All of our sales offices have the option
to participate in this offer and earn 24 times their monthly
residual."
Beyond the
economics, TMS provides an actual contract stating the terms of the
residuals paid. They do this to give you protection against suddenly
losing the residual income you've worked so hard to build. Some other
areas of interest are:
1. No up-front
deposits or rolling reserve requirements,
2. For special
risk situations, simple funding delays between 3 and 10 days are set
up to control risk,
3. No surcharges
for AVS,
4. Money sent via
ACH to your merchant's local bank account,
5. Application fee
is $50 to $95 (depending on the number of applications
submitted),
6. $25 American
Express Setup Rebate,
7. Guaranteed
Leasing Program: A/B/C - .0295; D/E - .045. Paid directly via ACH
deposit to your business checking account,
8. NOVA (the
fourth-largest processor) provides ongoing customer
support
9. Chargeback fee
of $10.00,
10.
State-of-the-art electronic commerce software with real-time credit
card and check processing. (Check out a demo at http://www.totalmerchantservices.com.)
If you're thinking
that this "sounds too good to be true" or "they probably do not
accept the types of businesses we work with," please read the
following list of types of businesses that they can
accept:
- Travel related
businesses
- Future service
(up to one year)
- Adult-oriented
- Pre-paid
telephone cards
- Membership
organizations
- Computer
hardware/software
- Owners with
negative personal credit (D/E lease credit grades)
If you are
interested in learning more about working with Total Merchant
Services, call Ed Freedman at (888) 75-TOTAL, ext. 14.
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