The application process for an ISO (independent service operator) can be time consuming with the registration and application process. In addition to the paperwork, there are also fees and costs involved with applying for an ISO. When all steps are completed, then there will be the waiting.
FEES AND COSTS
The initial application fee to register is $10,000 with fee to be paid yearly after that. The yearly fees are lower than the initial registration fees. For businesses that apply for more than one ISO, there are no discounts for additional applications.
VISA AND MASTERCARD
The ISO application is separate from registering from Visa and MasterCard. In addition there is an application for Visa and another one for MasterCard. These applications can be done at the same time as the ISO. The application is no quite as stringent as the ISO or processor application.
There will come a time when the applications are all completed and the fees are paid. This can take months sometimes. There will be nothing to do, but just wait. In the event of a problem, the sponsor will be contacted and the sponsor will come to you to remedy the problem. Since the sponsor will be the one communicating with the ISO and credit card companies, you can see why it is important to have an experienced and trustworthy sponsor. Most of the time, there will additional information needed.
APPLICATION IS ACCEPTED
As the three application acceptances roll in, each one will bring you closer to being an ISO. Hopefully during the waiting time you received training from your sponsor and you are ready to recruit outside sales agents and you are ready to get started. Keep your current portfolio of clients and don’t transfer them to your new sponsor. There are residuals that may be lost and the risk of being fined and sued.
Contact Merchant Data System for information regarding becoming an ISO/agent and sponsorship. Merchant Data Systems can assist you with all aspects of payment processing including offering a variety of equipment to process payments and to accept e-commerce payments.
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