Monday, May 01 2023
Merchant services is a very lucrative and flourishing industry with many possibilities, making it one of the most attractive industries to be in right now. One of the best ways to get in on the fun is to become a registered ISO. Becoming a registered ISO means that you will be authorized to work with a provider of merchant processing services to provide your merchants with the services that they need to effectively and efficiently process payments. If you want to become a registered ISO with North American Bancard, then there are certain steps that you will have to take to make it happen. Here are the various parts of the process that you’ll have to go through if you’re ready to start an engaging, rewarding, and lucrative career.
Benefits of Becoming a Registered ISO
When you become a registered ISO for merchant services, you’ll be able to gain access to better rates and have sub-agents that earn income for you. Being a registered ISO allows you to expand your network and grow bigger as you attempt to accommodate more merchant partners. As opposed to being a traditional agent, being a registered ISO is truly the next step in the merchant processing career and a great way to expand your income and your reach.
Steps to Become an ISO
Becoming an ISO can be a very lucrative business and it deals with finance at a high level. Because of this, it is also a very tough industry to crack into and a lengthy and expensive process to gain approval. ISOs must be very trustworthy and legitimate organizations, which is why exhaustive measures are used to verify various aspects of the business and personal information of those that own ISOs. These are the in-detail steps of becoming an ISO for North American Bancard.
1) Finding a Partner
The first step of your journey to becoming a registered ISO is finding a partner. Finding a good parent company to have your ISO operate under is a crucial aspect for a number of reasons. Good companies include those that have a positive reputation, give you access to a suite of tools to increase sales, and always pay on time.
When you are finding a partner, there are a number of ways to identify a suitable partner for which to team up with. You should read reviews and talk with other ISOs to get an idea of how the relationship between a processing company and their ISOs is in terms of health, communication, and payments. You can learn a lot of information simply by poking around and asking about others' experiences with them.
If you ask about North American Bancard, you are very likely to hear good things. North American Bancard has long been the gold standard in merchant services and we have been providing our ISOs with quality service, superior support, and better-than-average payment times for years. If you are looking for a company that you can trust to partner with and register as an ISO, then North American Bancard is one of the best decisions that you can make.
2) Application Process
The next step in your process of becoming a registered ISO for one of the most reputable merchant services providers in the world is to do your application. The application is a very important part of this process and as such, much attention should be paid to it. During the application, you will be asked a series of questions that are designed to test your suitability for being a registered ISO. If filled out correctly, you should be able to have a successful ISO application process.
One thing that you should be aware of when filling out the application to become an registered ISO for merchant services is that it is a very lengthy and very expensive process. Your financials will need to be investigated and you will likely need to hire a legal team to guide you through the paperwork and process. Be prepared for this.
If you are approved for your ISO application, then the next step in your journey as an ISO is to remain compliant with all applicable regulations and rules so that you can stay a certified ISO with the right to work with North American Bancard. This industry is quite strict, so taking actions to ensure you remain compliant throughout your time as an ISO is essential. This means that you should keep a legal team on standby to help you with any issues that might arise.
Being an ISO is considered a privilege, especially when you are working with North American Bancard. With an ISO certification, you can spread your agency and ensure that you build a foundation of future earnings on a strong, compliant partnership with North American Bancard.
How to Become a Payment Service Provider
Become a sales partner with NAB today and take your business to the next level. If you are a sales-oriented individual with vast experience in the world of credit card processing or you are a driven and motivated professional looking for a new challenge, the NAB partner program might be a great fit for you. With one of the most competitive commission structures in the industry, our partner rogram will see to it that you are rewarded for your efforts.
As one of the top ISO agent programs, our program has a history of competitive commissions, favorable commission structure, superior products, and sales support for our partners. With so much commission at stake, you will truly feel like a partner in the NAB business plan.
For anyone with a sales background or a passion for the payments industry, NAB is the ideal ISO partner program. There are dozens of reasons to partner with North American Bancard, but don’t just take our word for it. Here are some of the top reasons that we were given when we asked our partner participants why they chose us and why they continue to work with our highly lucrative program.
Sales Partner Portal
With our industry leading partner portal, you'll have access to online enrollment, training sessions, marketing materials, and you'll always be ahead of the game with the latest news and promotions.
Stay up-to-date on merchant issues and their resolutions via automated emails and text messages that include a detailed ticket number describing what the merchant’s concern was and how it was resolved.
Registered DBA Program
With our program, you'll be able to market under your own brand, without paying costly fees! Your brand will be seen on the partner portal, marketing communications, merchant statements, and more.
Free Equipment for Your Merchants
Selling businesses on a new processing plan is much easier when you are able to effortlessly jump over the hurdle of the cost of the equipment. With this program, you can offer your clients free POS terminal equipment that they will need for their processing provider change. This lowers the barrier to switching and creates a higher conversion rate for you.
Lifetime Passive Income
You will recieve 50-70% of residual income based on the pay structure you select. You will share income on every available revenue stream. With NAB, You Get a True Interchange Revenue Split. Unlike other merchant ISO programs, there is no basis points off the top for BIN sponsorship or for what they call hidden losses. Our sales partners earn more residual income with our 50/50 partner program than you would with our competition who claim to offer a higher percentage because thier interchange cost (buy rate) is higher.
Large Signing Bonus
We offer a performance-based fast start bonus that is payable for anyone that onboards more than the standard threshold of clients in the first 4 months. This program is designed to reward those experienced sales members that join our team and quickly learn how to sell this product. The bonus can reach up to $20,000, making it one of the most lucrative and competitive in the industry.
Profitability Based Bonuses
We will look at how much profit is generated on the account after they have been processing for one month and you earn 14 times of the total profit. Example: If we retain $100 in residuals in that month, the bonus would be 14 x $100 or $1,400. You would have already been paid $600, so we would pay you an additional $800 on that account. This bonus is capped at a max of $5,000 per merchant per location. With our Cash Discount Program it is easier than ever to earn huge bonuses with a 14x profitability bonus. This dual pricing model enables you to maximize your bonus at $5,000 on almost every merchant processing over $45k..
When you are selling merchant services, one of the best assets of any partner program is more rewards and incentive programs that save your client money. The cash discount program is one of the hottest new commodities in credit card processing, as it is designed to save the client thousands of dollars in credit card processing cost, instead passing on the fee to the consumer in a way that isn’t damaging to their own conversion rate and revenue. We offer this program to our clients and make it easy to understand and present for our sales partners.
With some sales jobs, you don’t even have the option for medical coverage. With the NAB partner program, you’ll have the resources that you need to provide healthcare coverage to you and your family at an affordable rate. We take care of our own, and when you are in our program you will have access to these benefits.
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