By Admin on Jun 23, 2009 in Credit
bishopwireless asked:
Is there any other processor out there besides First Data whom I may go thru to become an ISO and not need to pay $10,000?
Is there any other processor out there besides First Data whom I may go thru to become an ISO and not need to pay $10,000?
I currently have a merchant account with them thru card services, but I can muster the $10,000 for the fee.
I cannot muster the $10,000 fee for registration
http://1mortgagecalculator.info
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You can’t become an ISO/MSP without paying the fee. That $10,000 fee is a requirement and is in place to keep the barrier of entry high. Basically it exists to keep fraudsters out. Regardless of which member bank or sponsoring bank you choose that fee will be in place as it is charged directly by Visa and MasterCard.
In case you didn’t already know. That is just the initial fee. You have to pay $5,000 every year after that to maintain your status.
If you don’t want to pay that fee the best you can do is be a registered sales agent. This means:
1) You cannot operate under your own name. You MUST operate/advertise yourself as the company you are an agent for.
2) Your costs are higher which means much lower profits for the merchant you sign up.
3) The merchants you sign up are THEIRS not yours. This means they can stop paying you at any time and if you leave them you lose them.
Anyone who tells you otherwise is being misleading.
stymiee73 | Jun 24, 2009 | Reply
Contact Encore Payment Systems and ask for Jesse. We will get you set up as an ISO as long as you have industry experience without any cost to you. Why would we charge you to bring accounts to our company.
Mike T | Jun 27, 2009 | Reply