Thank you for your valuable contribution! That was what I was looking for on the net! I think for me it will be agent, then ISO, if I feel fit for it, as soon as I know I have the wallet! However, you should be very careful when considering these proposals. There are often obscure clauses buried in these contracts that can prove to be very costly for you in the long run and can destroy the purpose of the entire exercise. Pay close attention to minimum fee requirements. Here`s what such a clause in your proposed service contract might look like: these „minimum fees“ can be quite substantial and really hurt you. How much is it? Well, to reach the minimum in question, you may need to bring the 50,000 to 60,000 transactions each month. And if you can`t, you pay the difference out of pocket and they don`t want to do it. In fact, why not do some basic math so you understand what you`re dealing with here. To really understand what an ISO is, we first need to define certain terms. 10. Assignment; Successor; Amendments. The Agent may not assign any right or obligation under this Agreement to any third party, including any assignment resulting from a sale of the Agent`s business, without the prior written consent of FS. FS may assign its rights and obligations under this Agreement upon notice to the Agent. This Agreement applies to the legal successors and authorized assigns of the parties.
Except for changes to the Program and compensation that may be made at FS1`s discretion, this Agreement may only be modified by a written agreement signed by both parties. So all that`s being said here is what I`d do today if I had to start in the payments industry again. The very first thing I would do would be to sign up as an agent for several of the largest independent sales organizations (the largest ones you wouldn`t consider at this early stage) and I`d do my best not to fall into traps like the ones described above. I would then send traders to each of these ISOs for a while, say a year or a little longer, until I could be reasonably sure I had identified the one I liked the most. .