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Education

StreetSmarts SM

“Setting up your ISO for success”

WITH
AARON NASSEH

Finding the right ISO partner

By Aaron Nasseh If you are serious about your career in the merchant
Finical Inc. services industry, it is imperative that you protect your
future income by vetting any potential ISO partner. After
s an independent sales agent or merchant all, you are in this business for residual income, so you
level salesperson (MLS), you have the ability must choose your ISO partner wisely. The good news is
to choose which ISO to partner with. And in that it's not as daunting a task as it may seem; it just takes
A today's market, you are in a very good posi- some effort on your part and good judgment.
tion, because dozens of ISOs compete for your business. Five tips to the wise
Over the years, I have met thousands of wonderful sales
agents who have worked with various ISO partners. I Here are five simple tips to keep in mind:
have also had the privilege of working with many ISOs
throughout the industry, both as an executive and as an 1. Don't fall in love with the compensation plan:
MLS. Let's face it: most of us pick up the phone and call
an ISO because we saw an aggressive compensation
Unfortunately, during the same period, I have also heard plan being offered. While that may be a great first
and witnessed countless horror stories about sales agents step, don't be blinded by an enticing compensation
losing their residuals; however, in spite of widespread plan. You must evaluate the entire package and not
awareness of this unfortunate reality, I am still amazed at just some numbers on paper. There is no question
how quickly some MLSs will execute an agent agreement that the compensation plan is important, as it may
with an ISO just based on the compensation plan that they improve your bottom line and help you to grow
are being offered, and prior to knowing much about the your business. But who you are partnering with is
ISO, or worse, prior to having the agreement reviewed by even more important. Remember the old saying:
a competent attorney. A contract is only as good as the person who is
signing it.
I believe that while the nature of our industry attracts
some less than ethical characters, the vast majority of 2. Bigger is not better: A larger ISO is not always
salespeople who work within our industry are honest, the best fit for you. Many larger ISOs are geared
hard working individuals with good intentions. This is toward servicing larger agents, so they are not
why they assume that the ISOs whom they are partnering always able to provide a high level of service and
with have the same intentions. I have seen enough of support that is necessary for a smaller MLS office.
these incidents in my career to report to you that it doesn't Unfortunately, you usually won't find this out until
always work this way. While in our industry there are it's too late, and you have submitted deals to them.
many good ISOs, unfortunately, there are also some with So it's very important to ask them specifically what
less than ethical management.

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