I have a brother who is already a successful small business owner in the food catering field and he wants to expand and open up a few retail bakeries. He has asked me to find a merchant processing company for him. The business is expected to bring in a minimum of seven figures annually. He is doing this for me so I can acquire some money on the side. I want to find a company that will provide him with fair rates and will provide me with a fair commission. I’m only planning on having this one account. Like I said, I’m very new to this industry so if you could tell me how should I proceed from here?
Is what I want to become called an “ISO agent”? How do I find a good processing company? There are literally hundreds of them. Do I cold call all of them? What do I ask them? How do I find out what they are really offering?
The first thing you need to do to enter the industry is get underwritten (registered) by an acquiring bank that is going to assume responsibility for you as a merchant (or an ISO). The second thing is to find a payment gateway that is going to handle different kinds of payments (card-present/card-not-present, ACH (in the US)) for you. Beside that, you will need to find a processor to partner with, that is going to process transactions for your company. Depending on your geography and potential transaction processing volumes, your choice of potential acquirers, gateway providers, and processors, varies.
You can start from our website here. The top-priority issues for becoming an ISO and a Payment Facilitator are quite similar. If you see that you are perplexed by some particular questions from the quiz, you are welcome to consult our specialists at UniPay Gateway.