If you are familiar with the merchant services industry, you may have heard the term "ISO Agent" a time or two. Even if you are not familiar with merchant services, you may be curious of different ways you can earn additional income.
No matter what your experience is with credit card processing, becoming an ISO Agent is a great way to earn money and utilize your network all while being your own boss!
At International Bancard, we know that there are a lot of ISO Agent programs out there, but we want to help you understand what being an ISO Agent is all about. We sat down with, Mike DePinto, our VP of Sales Development, to help answer the question: should you become an ISO Agent?
Understanding what an ISO Agent is doesn't have to be so complicated. At International Bancard, we're all about making things easy, so let's get down to the basics.
What is an ISO Agent?
In merchant services, an Independent Sales Organization - or ISO - Agent is a business owner or 1099 sales individual that sells credit card processing products and additional services. An ISO Agent can have any experience level - you can be a newbie right out of school or an industry veteran who has more than 30 years experience, you just need to sell credit card processing and the value-added suite of products and services to merchants.
Why would someone want to become an ISO Agent?
Becoming an ISO Agent means uncapped recurring revenue stream, allowing you to earn as much income as you want. The payment processing industry is so dynamic, there is always something new to learn and sell - new products, new processes, new opportunities.
If you think about it, nearly every business needs to accept some sort of payment, so there is always business to present to.
As an ISO Agent, you can:
- Be your own boss - work as much as you want on your own schedule.
- Uncapped revenue potential - there are no income caps when you are an ISO Agent - your earnings are directly correlated to how hard you work.
- Leverage your relationships - being an ISO Agent is heavily based on relationships.
What makes an ISO Agent successful?
To be a successful ISO Agent, you need to be hungry, motivated, and driven. You make what you create.
To be successful, it's also important to:
- Set goals
- Be focused
- Learn, be teachable, and coachable
- Be persistent - you are not always going to get the sale the first time around
- Adapt - not only to your sales, but to products
- Network - being a successful ISO Agent is dependent on your relationships.
The more opportunities you drive, the more likely you are to be a successful ISO Agent.
What tips and tools are out there for ISO Agents to become successful?
Just like any sales position, there are insider tricks that can help you be more successful.
- Have a niche - if you know more about a specific industry, go after it! If you are familiar with sporting venues, make that your primary focus. Keep the dynamic entrepreneurial spirit alive.
- Learn the industry inside and out - Electronic Transactions Association is a great resource to learn more about the payment processing industry. Keep an open mind and learn as much as you can.
- Read industry publications like The Green Sheet or ISO & Agent.
- Get involved with specialty payment associations.
- Be ethical - Be transparent to your merchants and always provide them full disclosure.
How do you pick an ISO Agent program?
If you are looking to become an ISO Agent for the first time, or you are looking for a new home for your portfolio, you need to take a step back and really think about what you want... Are you looking for a nationally recognized program? Do you want 24/7 dedicated support? Or are you looking for more of a hands-off approach? What about having accessible experienced leadership?
When picking an ISO Agent program to join, it's important that you look at the big picture, both for you and your merchants. You want to make sure that your merchants are taken care of, because if they aren't receiving the support they need, they will look elsewhere.
International Bancard's ISO Agent program, called the IB Partner Club, is an agent program built on four simple principles:
- Integrity: We always do the right thing for our ISO Agents and their merchants. We are true to our word and when we say we are going to do something, we do it!
- Transparency: You know exactly what you will be getting when you partner with us. Our straightforward approach creates a stronger bond for our ISO Agents and their merchants.
- Support: We are always responsive and available to our ISO Agents and their merchants. We have short wait times, so you will never be stuck on hold when you need us. We know agents and are fully supportive to not only their needs, but to the needs of their merchants as well.
- Simple to do business with: We both want the same thing, so we make it easy to do business with us! From our technical support team to our dedicated ISO team, we promise to take care of our ISO Agents.
At International Bancard, we do all of the heavy lifting so our agents can focus on what they do best.
Being an ISO Agent can be very rewarding, when you partner with the right program. International Bancard makes being a successful ISO Agent easy - we give you the tools, support, and products you need.
So, we know you should become an ISO Agent. Join the IB Partner Club and see how successful you can be!