Here is some education about the merchant account industry
If you haven’t been in business in a long time and need education about the merchant account industry, I’m here to help.
Let me introduce my company and myself to you. My name is Michelle Korn, and I myself have been a merchant since 2002, and in 2003 I decided to help high risk companies get their own merchant account through the agent who helped me. As I had my own business to run, I only worked as a merchant services agent part time whenever a high risk company would approach me for help.
I learned a bit here and there as time went on, and over the years, I learned that the agent who got me my merchant account was terrible to deal with. I toughed it out for a few years, but finally it was too much for me to handle, so that forced me to start looking around for another merchant services agent to partner up with.
Fast forward to 2012 when I decided to start my own full time merchant services firm and that is when the story gets more interesting.
The most important and shocking things I learned, is that most of the agents, ISO or IPSPs I dealt with didn’t know much about their own industry.
On top of that, I hate to say it, but I encountered:
- Many who were illiterate and uneducated (not talking about post secondary here). They couldn’t even spell basic words or form proper sentences, and I’m not talking the odd mistake here or there. Some were so bad I couldn’t even understand what was written in their e-mails.
- Some didn’t know how to use Word, and many couldn’t even e-mail properly or didn’t know how to attach files.
- Many would fabricate facts about the merchant account industry that just weren’t true.
- Many lied to me numerous times making promises about getting my clients accounts. They almost never kept their word.
- Almost all strung me along, wasted my precious time.
- More than 50% of them failed to respond to e-mails, or phone calls.
- Many lost me business because they were such slow workers or they forgot about my merchant leads.
- I’ve even had a few get so angry at me for rejecting them as a potential business partner, that they stalked and harassed me online.
- While I never encountered this myself, I’ve heard horror stories of agents who committed fraud.
There were more issues, but you get my point I’m sure. The reason I’m telling you this is so you become aware of who you may end up dealing with.
Many merchant account agents are so busy trying to chase everyone down to make money, that they don’t bother to learn the correct information about the industry. My opinion is that most don’t care what kind of lies or misinformation they tell other agents or clients, so long as they are closing the deal.
I was so shocked by what I was experiencing, that I didn’t know what to do.
I also came across many people who even had years of experience in the merchant account industry (or so they told me), but they too gave me misinformation. It was only over time that I came to learn what the correct information was.
It had become clear to me that the merchant account industry was very much like the Wild Wild West. Not the banks per say, but rather the agents and ISOs.
Of course when you add in all those negative traits floating around, there’s going to be little to no customer service and since customer service is my middle name, that was another HUGE problem for me. I couldn’t provide customer service to my clients because of these other agents.
Since I’m the type of person who likes to make a difference in the world, all this really did, was encourage me to start my own business, become a top notch agent and help clients who wanted to run serious legit companies. This way they wouldn’t have to encounter the same frustrations I had to deal with.
So why am I telling you (the company) all of this?
Well many of you may have already experienced some or all of the traits I mentioned above, and first I want you to know that I’m not like that. If there’s ever a delay on my end, it’s because there’s a delay on someone else’s end. I also won’t make promises I can’t keep, and I will let you know as soon as possible if I can help you get a merchant account.
After all these years of working in the merchant account industry, I can now say I have the experience and knowledge, and I continue to learn more and more every day.
I FINALLY found a great company to partner up with and my partner is a professional just like myself. We both care deeply about our clients.
In the end, I feel it’s NOT the amount of years experience the merchant account industry agent or ISO has, but whether they are sharp, have common sense and really want to learn the ins and outs of the merchant account industry along the way.
The merchant account industry changes a lot every month, especially when it comes to high risk. As a company seeking a merchant account, I hope you can see the value in having an an agent work for your company who’s going to keep on top of those changes within the merchant account industry.
Have a lovely day.
Rapid Financial Solutions