Have a lot of deals that take credit cards. Which company would be the best for me to broker these deals for them to switch their processor. And get residuals. A trustworthy company?
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Have a lot of deals that take credit cards. Which company would be the best for me to broker these deals for them to switch their processor. And get residuals. A trustworthy company?
A few that I like are Transfirst/TSYS, Cayan, and CDG Commerce (CDG may not be the strongest on price, but they have an excellent reputation).
When signing up with a processor, keep in mind that you need to truly understand the commission structure. Many processors out there will throw out that they pay 80-95% residuals. That said, you may be better off going with a processor that only pays 50-70% residuals, because your par pricing is much lower. Just as an example, I had a processor tell me they pay 90% residuals on anything over par pricing. Their par pricing on their per item fee was at $.09, which is a terrible starting point for you as a broker. Most of the accounts we place rarely exceed $.15 per transaction, and are typically closer to $.10 per transaction. This is only one side of the coin as you also have your discount rate. I would encourage you to stay away from any processors that try to make you sign exclusivity (other may disagree with me on this). Good luck!
Integrity payments
I agree with Sam. Go with Integrity, the commissions are not as good but they split with almost every direct funder which will give you more options moving forward.
We are a processor and direct lender, have been providing MCA's since 2005. We have a great in house team that assists our ISO's in setting up the processing/funding and maintaining the relationship.
My company can help you. Please call me (862)888-3235 Thomas