An Independent Sales Organization (ISO) is a company that is authorized by Visa to provide merchants with card payment processing services. Its MasterCard equivalent is the Member Service Provider (MSP). The ISOs and MSPs are not banks but they have to be sponsored by a processing bank, member of Visa and/or MasterCard, in order to be licensed by the Credit Card Associations. Processing banks can also perform the job of an ISO or MSP but they rarely do so and prefer to concentrate on issuing credit cards and acquiring of electronic payment transactions from the merchants that their ISOs and MSPs sign up.
The ISO registration process is very stringent and can take a while. Besides having a bank as a sponsor, the ISOs and MSPs have to prove that they are financially capable to perform their duties. In addition, every principal has their credit history checked and evaluated to ensure that he or she is responsible with credit and has a positive net worth. Business financial statements need to be presented, as well as personal tax returns for the principals. The applicant is also required to submit a detailed business plan. Upon approval, the applicants must pay registration fees of $5,000 for each Credit Card Network. Every year thereafter, ISOs and MSPs have their licenses reviewed and additional fees of $2,500 per network are due upon approval.
Both ISOs and MSPs can sign up sales agents to help them sign new merchants. The sales agents can only introduce themselves as representatives of their ISO and/or MSP and cannot advertise their own business name as a card payment processing provider. The ISOs and MSPs must register their sales agents with the Associations.
Each ISO and MSP must display the name of their sponsoring bank on all marketing and promotional materials as well as on every page on their websites. On websites the name of the sponsoring bank can usually be found at the bottom of each page and it typically looks like this:
2008, UniBul Merchant Services LLC.
UniBul Merchant Services LLC is a registered ISO/MSP of JP Morgan Chase Bank, N.A.
Independent Sales Organization (iso)
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