Need help vetting for best payment processor

Hi,

I'm new to the merchant payment processing world and I'd like to become an agent/reseller. I've been introduced to several solutions some of which want me to pay a monthly fee to bring them more merchants. What I want to know is what's the best way to find (really important) and vet (most important) these companies so I do right by the merchants I try to sign up? Are there like review sites for this type of thing? I'm also looking for a company willing to get me up to speed to bring them merchants and provide marketing materials. Any help would be greatly appreciated!

 

Hey JayBay,

There is a difference between high risk and low risk processing, but in no situation should you ever have to pay a fee to bring a payment processor business – outside of registering as an ISO yourself. The merchant services business can be very lucrative, and there are many different avenues and many different vehicles for everyone involved to make money. So I would strongly recommend you to stay away from any organization asking you to pony up money in an Agent type relationship.

As an independent, you are no cost to any processor. Therefore, most processors will welcome the new business, and they should split commissions with you no less than a 50/50 basis. Low risk credit card business and low risk processing revenue would be shared with you on a more weighted portion going to you, the agent, with a very clear list of costs referred to as “Schedule A.” High risk processing is a different animal, and you should expect to share revenue equally at a 50/50 split – unless multiple parties are involved, where everyone has to take a little less…

My recommendation to you as a new independent sales agent would be to avoid putting all of your eggs in one basket. Try different processors and diversify your clients with multiple processors and solutions. This will ensure that you are receiving residual income from multiple different sources – while also getting to know each group in how they work, how timely they pay, and how flexible they are as you grow your portfolios.

I hope that helped clear things up for you, please feel free to reach out to me if you have further questions!

 

Hello,

If you're still looking at creating something for yourself in the Merch Proc field, would you be able to work autonomously after receiving training and understanding what a particular Vendor has to offer? If you can, sounds like we can talk.

 

I wouldn't trust most review sites. Some of them exist because they get paid to write the reviews. The really good companies are not on the list because they don't pay. Franks advice is right on.

 

Did you ever find a high risk processor to work with? I work at Soar Payments and we have a robust merchant affiliate program, specializing in high risk accounts. Feel free to message me and I'd be happy to chat with you about it.

 

have you ever tried to be crypto currency agent/reseller? charge cryptos like BTC, eth, or stablecoins and you will be able to convert it to fiat money.