Are you curious about what an ISO is? In the world of merchant services, an Independent Sales Organization (ISO) is a third-party organization that represents a bank or other financial institution that sells and promotes its services. Also known as a “Merchant Service Provider”, an ISO sets up partnerships with various banks to find, open and manage merchant accounts on behalf of the financial institution it represents. After reaching an agreement, the ISO is then able to act as a representative of any financial institution with which they have an agreement.
What is the Primary Role of an ISO?
The primary role of an independent sales organization is to administer merchant services of the payment process or bank. Some of these merchant service functions could include: soliciting new customers, providing excellent customer service, finding or issuing functions, obtaining cardholders and arranging terminal purchases or leases. While an ISO agent program presents endless opportunity, how do you know which merchant ISO program is right for you? There are many credit card processing companies in the market to choose from.
How to Get Started
As the world of e-commerce grows faster than ever before (dealing mostly in credit card purchases), the role of ISO’s is more important than ever. Partnering with a reputable business loan provider like First American Merchant ensures you enjoy the best commissions and residual offerings from all the top providers in the U.S. FAM’s strategic partnerships also allows you to offer more products and services to your customers and meet their needs successfully – giving you the competitive edge.
First American Merchant’s ISO Program
Boasting more than 80 banks and processors in its network, FAM can provide credit card processing services for virtually any type of business. First American Merchant is also an award-winning merchant funding provider and a high-risk processor that has an A+ rating with the BBB and offers an industry leading ISO program. With FAM, you can take advantage of the following:
Offer your clients a number of payment technology solutions companies
- fast start bonus
- Up to 50% residuals
- CRM Portal for agents
- Online training
With First American Merchant, ISO agents enjoy the same splits and up-front bonuses as going directly through the processor. Another huge advantage, you are not obliged to fill out 20 or more agent agreements and have 20 different relationships. All you need is to submit all your deals to one source, regardless of the processor. When you decide to become an ISO agent with FAM, you will receive the opportunity to make lifelong business connections and generate an enviable income.
As e-commerce becomes more of a global phenomenon in the years ahead, ISO’s will likely continue grow and become even more essential in opening up these accounts to more and more businesses. If you would like to get started and/or learn about our products and services, feel free to contact our team at First American Merchant today.