Who is the best processor or ISO to do business with?  The truth of the matter is at the nuts and bolts level all processor basically do the same thing. Some of the numbers might be adjusted here and there, so from a Schedule A perspective it really comes down what you like or don’t like. Having a great pricing schedule does not ensure quality service or support. Having a good recruiter doesn’t. What does then?

Photo by ethan2226/CC BY 2.0

Is it the people? No, If was simply having good people then you would do business with whoever had the best personality. What is it then? The infrastructure. If the proper infrastructure is in place to handle agents and merchants effectively. How do you determine that? Simple Ask questions, give examples of what you need, ask for the tech support and customer service numbers. Check. Don’t get sold by a slick marketing campaign.

I recently read an interesting topic on a forum and one of the posters came up with a list. They wanted to know how to evaluate a processor. When I read his list what it really came was:

1) Am I going to get paid on time?
 2) Am I getting Paid what I was Promised?
3) Are my customers going to get taken care of?

I think the relationship you have with the processor is important. If you do not have someones ear when you do business with them, its going to cost you money. If you have a relationship manager, how many people do they manage? Is it humanly possible for them to provide you with an efficient response time? Can you call them 7 days a week? Do they understand what its like to be an independent agent? Have they ever done sales of any type? Is the company all smoke and mirrors with no substance? Are you getting a true revenue split? What about customer service, can they deliver?  Call their customer service lines in the middle of the day and see if you can get through. Ask the recruiter if you can talk to one his agents. If its me, I’ll let you talk to one. I know agents who spend their days worrying about getting the best deal but never writing any business. They worry so much that they are going to get taken advantage of that they are not out making sales. Its crazy. Know what you need from a processor and ask questions. I like to build relationships with agents and help them grow their business. Once we have a level of trust between one another there is a lot that can be done.

Every Processor does some things extremely well and have a product offering that makes sense for you. Different Processors are comfortable with different types of merchants and have some different underwriting parameters. Sometimes you just might need access to different network or platform, its good to cover your bases. The trick is to build a relationship, understand the processors way of doing business, underwriting guidelines and policies.

So who is the right processor for you? That is something you have to ask yourself. You know what you need better than I do. If you have questions and want to discuss some options feel free to contact me @ my email or call me @ 248 245 0649

Mike
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