[Hovis]

Hello:

Can anyone tell me what their commission percentage is from the ISO's gross revenue?

Example... ISO earns 10K what percentage is the agent making?


Thanks

[MCNetwork]

By agent, do you mean a salesperson that works directly for the ISO? Or do you mean an independent agent who refers a deal to an ISO?

[Hovis]

I mean a sales rep working for the ISO

[Ryan Shiroky]

depends on how you pay... when i was brokering deals for an ISO I was on a 50/50 split... if i payed for my own leads, i got more...

[MCNetwork]

Depends on whether or not you get a salary/draw. If you get a weekly draw, you'll usually be in the 15%-30% range depending on level of experience. No draw or salary and you would be at the higher range.

[Sean Cash]

depends on how you pay... when i was brokering deals for an ISO I was on a 50/50 split... if i payed for my own leads, i got more...

I got a 25% split from both ISOs I worked at. Neither had any base compensation either.

[Chambo]

I got a 25% split from both ISOs I worked at. Neither had any base compensation either.

Sean, you got a base at NLF...

[Sean Cash]

Sean, you got a base at NLF...

maybe you did. I didn't. They helped me out for the first month or two with a base I think as I transitioned from the head of underwriting to a lowly sales rep, but there were a few months early on where I took home less than $500. I think one of my checks for an entire month was $150.

NLF does offer base salaries now though as a standard.

[Hovis]

WOW Sean that is a horrible story

Seriously how many months did it take for you to make any money? Did the company just not offer any marketing or something? Did all of your deals get declined? How did you not make any sales?

[Sean Cash]

WOW Sean that is a horrible story

Seriously how many months did it take for you to make any money? Did the company just not offer any marketing or something? Did all of your deals get declined? How did you not make any sales?

I made the leap from underwriting to sales just as the financial markets were collapsing, in September 2008. It was a bit of a dark period for the industry for awhile. Talk about your bad timing! As a newbie, it was my job to cold call UCCs, businesses on some random lists, and the few leads we got per day. Picture Glengarry Glen Ross where each rep got their 3 good leads for the day and it was up to you to pound them into deals. On each you competed with 2-4 other companies.

I slashed and burned upfront commissions early on in the name of just winning accounts so I could build up a merchant account portfolio with residuals. I also didn't charge closing fees. It may have looked sad early on, but after a year, it was pretty common to get a check for more than 10k each month. You got better leads as time went on, especially since the ISO was doing well. Because I priced my deals so low, my renewal rate was through the roof as were my residuals. It took more than a year to regularly bring home big checks, but it happened.

The game is different now. Residuals and merchant accounts are the last thing on anyones mind today. It's all about upfront commissions. That's great if you're okay with starting at $0 all over again each month. That grind isn't for me. I like things that build and last.

[Sean Cash]

might I add that there was no stacking back then. My merchants belonged to me and as long as nobody could beat me on price, service, or relationship, then I was the only person in the country those merchants got funding from.

[Hovis]

The Renewals are definitely where it's at....... I thank you for your story.

I am in a relatively new ISO and am earning 15% with a small base/draw so I was just curious to see how I compared to some established firms. It's been about 6 weeks and we are getting a foothold and starting to fund some dealios. Appears to be a lucrative career if you have enough interested (leads) people to speak with.

[Sean Cash]

The Renewals are definitely where it's at....... I thank you for your story.

I am in a relatively new ISO and am earning 15% with a small base/draw so I was just curious to see how I compared to some established firms. It's been about 6 weeks and we are getting a foothold and starting to fund some dealios. Appears to be a lucrative career if you have enough interested (leads) people to speak with.

there's a million funders and ISOs now. The companies that know how to acquire new business (not stacks), scale it, and do it cost effectively are the ones with all the power.

[Scott Williams]

Selling in 2008 was a whole different game. Merchant's were so scared to take out money while the financial markets were collapsing. Merchants didn't know if their doors would be open in a couple months so getting them to take on debt wasn't an easy sell at all.

[Scott Williams]

15% with a base/draw isn't that great but you are still learning the industry. I think a 50/50 split with no base should be your long term goal once you are a proven salesperson putting up good numbers.

[JayBallentine]

I slashed and burned upfront commissions early on in the name of just winning accounts so I could build up a merchant account portfolio with residuals. I also didn't charge closing fees. It may have looked sad early on, but after a year, it was pretty common to get a check for more than 10k each month. You got better leads as time went on, especially since the ISO was doing well. Because I priced my deals so low, my renewal rate was through the roof as were my residuals.

Absolutely purely gold.

Loved the part about looking "sad" early on. I am sure lookers on thought you were on a quick route to the poor house. lol. Silly them.

[Ryan Shiroky]

I got a 25% split from both ISOs I worked at. Neither had any base compensation either.

wow... honestly, without base, i wouldn't even work for any less than 40%... and if that was the case, that ISO better have some serious leads... i would only take 25% if i was closing for cold callers...

[Sean Cash]

wow... honestly, without base, i wouldn't even work for any less than 40%... and if that was the case, that ISO better have some serious leads... i would only take 25% if i was closing for cold callers...

The thing is that some of the guys that get paid 50% don't get any share of the bankcard residual.

[Ryan Shiroky]

The thing is that some of the guys that get paid 50% don't get any share of the bankcard residual.

i did, 50%... i got half of everything, commission, junk (if any) and CC residuals... if your not paying a salary, that what you have to pay an experienced guy to keep them... especially if your just giving him desk space and some leads to hit... whats to stop him from doing what your doing at that point... it also gives them a vested interest in the performance of the firm, in essence, it makes them a partner...

[Sean Cash]

i did, 50%... i got half of everything, commission, junk (if any) and CC residuals... if your not paying a salary, that what you have to pay an experienced guy to keep them... especially if your just giving him desk space and some leads to hit... whats to stop him from doing what your doing at that point... it also gives them a vested interest in the performance of the firm, in essence, it makes them a partner...

what'd you get paid on renewals? 50% still?

[rld]

I am a broker.. work from home.. no salary.. no lead gens.. I usually get points on my deals. Different companies give me different amounts of points on a deal.

Anywhere from 5 points all up front to 8 on the front and 3 on the return. Same with renewals..

I did run into one shop where I only ended up getting 2 points on a deal.. will never do business with them again.

[rld]

Also.. those points can be on the funded amount or the payback.. so you have to make sure and clarify before you get into business with someone.

[Chambo]

Selling in 2008 was a whole different game. Merchant's were so scared to take out money while the financial markets were collapsing. Merchants didn't know if their doors would be open in a couple months so getting them to take on debt wasn't an easy sell at all.

I actually found quite the opposite. It was the funding companies that turned all yellow and were tightening up more and more

[Scott Williams]

I actually found quite the opposite. It was the funding companies that turned all yellow and were tightening up more and more

True on the funders.....but I had a lot of merchants that were "fence sitters". They wouldn't make a decision because each week the financial news changed and they were reluctant to pull the trigger. They wouldn't say no or yes. Kept pushing off the decision.

[mfs01]

A lot of ISO's that I have spoken to told me that they pay 2 or 3% on the funded to their agents and give them 25% - 50% of the closing cost.