They usually sign up the merchant and explain the terms and rates of a credit card merchant account or cardholder relationship. After signing up, the ISO either submits the paperwork to an acquirer for underwriting or underwrites the account internally. After the merchant is approved, a Processor is then used to actually process the merchant's transactions. In many cases, the ISO is also responsible for providing ongoing customer service after the merchant has been boarded. Technical support or terminal support is generally provided by the Processor, Payment Gateway, or the individual software or hardware vendor providing the payment acceptance device.
ISOs generally recruit Merchant Level Salespeople (MLS) to go out and solicit merchants. MLS are mostly 1099 independent contractors who work for upfront commissions and the right to receive ongoing monthly residuals for the accounts they refer to the ISO.
CARDTRONICS BUYS ISO, EXPANDING ITS ATM FOOTPRINT.(Cardtronics Inc. buys independent sales organization National Bank Equipment Corp.)(Brief Article)
Jun 13, 2003; Cardtronics Inc., the Houston-based ATM independent sales organization, continues to expand its national ATM footprint with the...
ISO IN RECEIVERSHIP SEES NEW PATH.(independent sales organization)(Merchant Processing Inc. appoints Jim Keller as CEO)(Brief article)
Sep 07, 2007; Merchant Processing Inc., a Beaverton, Ore.-based independent sales organization, is taking the first steps to eventually...