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Topics in Merchant Services: Ways to Accept Credit
Topics in Merchant Services: Ways to Accept Credit
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cramerjohn004
68 posts
Sep 23, 2022
4:38 PM
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Resellers, also known as Independent Sales Organizations (ISOs), are third-party organizations that resell the offered products and services of one or more processors for a higher fee, because these institutions are not limited to the rules and regulations that most banks have. Considered as middlemen because they do not perform the services sold, these entities have an agreement to sell the services of the bank or the bank/processor alliance.
https://youtu.be/U---O683pNo
Merchants stay with selling merchant processing services their existing banks directly for credit card processing because:
• banks will waive service fees for allowing them to choose the provider
• they are more convenient
• they cut out middleman costs
• they have a sense of loyalty to the bank
The main disadvantage of choosing a processor is that because this industry is not their main concern, banks will have a more limited knowledge of credit card processing. Because of this, customer service will be compromised, processing equipment costs higher or ISOs may be hired anyway.
Last Edited by cramerjohn004 on Sep 24, 2022 3:56 AM
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