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+--- Thread: ISO Merchant Agents - Best Companies to Resell For (/showthread.php?tid=527562)
ISO Merchant Agents - Best Companies to Resell For - cramerjohn004 - 19 Sep 2022
For those of you that know us, we are a huge advocate of educating merchants and giving them the power to make informative business decisions when it comes to credit card processing for their businesses. We have heard all the gimmicks and the horror stories. Well we're here to try to debunk some of the confusion and the gimmicks and hopefully share some education. Let me start with those pesky telemarketers. Agents hire them to set appointments. If you own a business your probably on the "list"! Automotive industries are hit the hardest.
The agents will ask for certain industries that they market to or specialize in. These telemarketers are reading from scripts, promising you low rates. I especially enjoy the ones that tell you that they are offering you "wholesale" rates or since you have not had any chargebacks they can lower your rates. There are no "wholesale" rates. Visa and Mastercard Interchange (cost) rates are published on their websites. All providers pay Interchange (cost). It's all the "other" costs where the provider makes their profit. Let me add that there is not a national database that all providers share. One company can not see another company's information on any merchant account. So if you are talking to someone that claims something different, I say hang up the phone!! The rates a provider charges you can get confusing. Agents that sell your residual income merchant services account aren't necessarily lying to you they just aren't DISCLOSING all the fine print. So READ the fine print!! All contracts by law have to have all costs disclosed but whether or not you know what you're reading and looking for is the problem. (Please see my previous blog on our website to understand the two different ways to price merchants.) One, of the top tricks, is to offer a low rate. It looks really great. The merchant signs the contract thinking that all of the transactions will process at that rate! Wrong! They aren't disclosing all of the rates!