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Need help vetting for best payment processor

Discussion in 'Payment Processing' started by JayBay, Mar 15, 2018.

  1. #1
    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!
    JayBay, Mar 15, 2018 IP
  2. Frank Tsen

    Frank Tsen Peon

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    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!
    Frank Tsen, May 31, 2018 IP