I’ve really enjoyed creating this six-part series. I’m interested in staying in touch with people in the merchant services industry. I pretty much stay in the loop about the industry. So, if you are looking for a credit card processing company or aren’t sure the one you have is the right one, I’d be glad to talk to you. Go to ccsalespro.com. Click on “find processors” and fill out the form there. My assistant will set up a 10 to 15-minute phone call with you. I may confirm that you have a good deal with your current processor, or maybe I could recommend somebody else who is a better fit.
Read the previous blog post. Should I Lead with Merchant Services? – Part 5: http://bit.ly/2mrcJ3e
The topic of this particular article is “Should I register my ISO?” First let me say this is not legal advice from a lawyer; these are my opinions and observations from several years in the industry. For those who may not understand the question, to register your ISO means you become a credit card processing processor. You register your brand with Visa and MasterCard. Then you can go directly to Vantiv, First Data, etc., and get deals with them. Your logo can be on the statement, proposal, and other things. To register also happens to cost about $20,000 up front!
If you are asking that question, my gut reaction is to say “No.” To register is a huge investment of money. Not only will you need the $20,000 up front, but also $10,000 or $12,000 per year. You’ll have quite a bit of freedom to do what you want without registering by including disclaimers saying, “Such and such company is a registered agent of this company” (which is a registered ISO.) Work with your processor on this. Ask, “Hey, how can I use my logo? Where can I use my logo and where can I NOT use it?” Most processors are well versed in this and can help you. Some processors are willing to do a dual branded statement with their logo and yours on the statement. There are many things you can do to get around paying the money for registration.
There is a time when you SHOULD register – when your brand really matters in a big way. Do you plan to make huge investments such as hire, do all your own customer service, all your own deployment? If you have a staff of 15 or more people running your ISO with you, then you should consider branding it. At that point your brand recognition might outweigh the $20,000 investment. You might already spend $50,000 a month on payroll or other expenses. I would recommend registering when you get to that point.
If you have questions about this, just shoot me an email: james@ccsalespro.com. Obviously, I offer technology solutions and training which would benefit you if you’re looking to register your ISO. I’m always glad to have a conversation with you to help point you in the right direction. Maybe I could talk to you about the value of my training and technology. I’d love that opportunity.
My name is James Shepherd. This concludes the mini-series on selling merchant services. Hopefully you got some great tips. I know I enjoyed creating it. I hope you have an awesome day!
Should I Lead with Merchant Services? – Part 5: http://bit.ly/2mrcJ3e
Read next post: The Presentation – Opening Pitch That Always Works in Merchant Services – Part 1
The Presentation – Opening Pitch That Always Works in Merchant Services – Part 1