How To Be A Successful ISO Agent

As businesses embrace both credit cards and electronic payments at record levels, not to mention cash discount programs, there’s never been a better time to be an ISO Agent selling payment technology. 

Whether as a Sales Partner for a merchant services provider or as part of a merchant services ISO Program, Agents are needed more than ever to help pair merchants with the right credit card processing products, business management solutions, and more.

So what does it take to be a successful sales Agent? Check out our tips below for ways to build relationships with merchants and help them grow their businesses while simultaneously increasing your revenue. 

What do ISO Agents do?

Considering joining the payment processing industry? Here’s a little more about what an ISO Agent actually does. ISO Agents partner with merchant service providers to offer payment processing services and hardware, and back-office simplification solutions to businesses. 

As intermediaries between merchants and independent sales organizations/payment processors,  ISO Agents have direct relationships with the businesses to which they are selling. That means they are able to provide both personalized guidance and customized payment solutions that are tailored to each individual merchant. 

ISO Agents, or Sales Partners as we call them here at North are critically important to the success of any payment technology company. After all, it is through their sales efforts that most revenue is generated for merchant services providers. 

In exchange for their services, ISO Agents earn ongoing commissions in the form of residual payments for the accounts they get approved and activated. Now that we’ve covered the basics of what an ISO Agent does, let’s look at nine ways you can become a successful one yourself. 

9 ways to be a successful ISO Agent. 

1. Choose the right payment technology company with which to partner. 

You’ll want to ensure you partner with a proven payment provider who can offer merchants the latest payment solutions, competitive rates, and a high level of customer care and technical support. Plus, an Agent/Sales Partner program that allows you to sign as many types of merchants as possible through their relationship with financial institutions like sponsor banks, and offers competitive residuals, plus, ongoing training and support. 

2. Become a payment technology expert. 

One of the keys to becoming a successful ISO Agent is to develop a deep understanding of the payment processing products and services you’re selling. That way, you can provide each merchant with customized solutions based on their business model and unique situation. Take the time to learn about the latest industry trends and create long-lasting relationships with merchants by helping them stay one step ahead of their competitors. 

3. Nurture your merchant relationships.

Getting a business owner approved for a merchant account is just the beginning of your relationship with them. Next comes serving as a trusted partner and advisor to merchants who can continue to help them grow their businesses. By developing an ongoing rapport with the business owners in your portfolio, you’ll earn residuals on a long-term basis while even getting the occasional referral. 

4. Laser-focus on your long-term success. 

As an Agent or ISO for merchant services, you always want to make sure you are maximizing your residual income. To do so, try to sign merchants who will be likely to use your solutions for processing payments and streamlining their operations for a long time. These include established businesses in traditional or low-risk industries like retail that operate year-round. 

5. Use tech-forward solutions to simplify your sales process. 

Want to spend less time chasing leads and more time closing deals? Streamline your sales process and power your portfolio with CRM tools like Salesforce that can help you manage your sales pipeline and prospects more easily than ever before. Technology is evolving at a rapid pace and that includes within the payments industry so why not take advantage?

6. Keep up with industry trends. 

With so many new trends and technologies emerging all the time, it’s important that ISO Agents stay informed about the latest developments within the payments industry. This includes new payment methods, regulatory changes, security measures, and more. By then keeping merchants informed of these new payment technology developments, you will further position yourself as a trusted industry expert whose knowledge can benefit your merchants’ businesses. 

7. Hone your craft as a salesperson. 

Adding merchants to your portfolio takes more than simply offering competitive rates. Take control of your earning potential by continually refining your sales tactics. Focus on how you can relieve each merchant’s particular pain point while also learning new sales techniques and ways to overcome objections and close more deals. 

8. Offer custom-tailored solutions. 

While every merchant wants credit card processing solutions featuring low rates, remember that every business is unique. Part of becoming a successful ISO Agent is getting to know each individual merchant’s business so you can better understand their payment processing needs. That way you can forgo a one-size-fits-all approach in favor of tailored solutions that help you close the deal and help your merchants grow their businesses. 

9. Get up to speed on industry regulations. 

Help protect your merchants and portfolio by staying informed on regulatory developments related to the payments industry. Keep up with the latest in PCI compliance while also familiarizing yourself with Know Your Customer (KYC) and Anti-Money Laundering Regulations. 

How to join a merchant services ISO program.

To start selling merchant services as an Agent/Sales Partner, you should first partner with an established and reputable ISO or payment processor. That’s who will provide you with the training, marketing materials, and support you need to sell merchant services to businesses. 

You’ll want to choose a processor that offers a winning combination of low rates, modern payment technology, and reliable customer care and technical support.

By choosing the right ISO Agent Program and implementing the strategies above, you’ll be well on your way to building a highly profitable portfolio.

Contact North today to get started!