Happy to know you`d start as an agent if you did it again – I`ll do it now 11. Each party acknowledges that in the course of negotiating and performing this Agreement, it may, directly or indirectly, disclose Confidential Information to the other party. All such confidential information disclosed herein will remain the exclusive property of the disclosing party (or any other third party) and the receiving party will have no interest or right in this regard except as set forth herein. Each party agrees to treat such Confidential Information with the same level of care and security as it treats its Most Confidential Information. Either party may disclose such Confidential Information to employees and agents who require such knowledge to provide services under this Agreement. Except as otherwise provided in this Agreement, neither party may disclose the other party`s Confidential Information to any third party without the prior written consent of the disclosing party, and the confidentiality obligation established by this Section shall survive the termination of the Agreement. Associations require their member banks to process the basic background, financial and tax checks of each applicant when reviewing the application. In addition, any agent that processes or transmits cardholder data must be PCI DSS compliant, or at least validate compliance. In addition, sponsors may extend the review to the applicant`s business type, the services provided, the relative risk of the program, the cardholder`s data stored or processed, and anything they deem necessary. So, should you opt for a full-fledged ISO/MSP status or would that of a commercial agent be enough? Well, it mostly depends on your ability to register a large enough number of merchants to offset the signup fee, and quickly.
If other things are the same, if you could do it, an ISO/MSP would probably be the best option for you; Otherwise, you`d better be an agent. But the real world is more complicated than we would like, and there are other things that need to be considered when making decisions, and they need to be carefully considered. 4. Identification of the agent. In carrying out its obligations under this Agreement, the Agent must clearly identify itself with its own company name and at the same time inform all third parties that it is an agent of FS for the promotion of the Program. The Agent agrees that its actions and the actions of its shareholders, affiliates (as defined below), directors, officers, employees, independent contractors, agents, agents, principals and partners under or in connection with this Agreement (collectively, the “Agent Parties”) are determined, controlled and directed by the terms of this Agreement and are in full compliance with these Terms. and at all times and with respect to all parties and third parties shall be construed as acts taken by the Agent subject to the terms of this Agreement. The Agent acknowledges and agrees that FS shall in no event be liable for the Agent`s liability to any third party for any reason. The Agent is responsible for ensuring that all Agent Parties are adequately trained to comply with this Agreement and all provisions of this Agreement.
The Agent undertakes that the Agents Parties will comply with the Agent`s obligations set out in Annex “A”. 8. Prohibition of Solicitation. The parties agree that for the duration of this Agreement and for two (2) years thereafter, neither the Party nor any of its respective Affiliates will knowingly hire any of the current officers or employees or representatives of the other Party or any of its Affiliates, as long as such limited employees or agents remain employed or appointed by that Party or its affiliates. without the prior written consent of that party. Once we have mastered the menagerie of payment labels, I will address an issue that has a wide range of consequences for the future prospects of new companies entering the industry and could have a huge impact on it. Namely, I will analyze the benefits of operating as an ISO/MSP as opposed to a sales representative and vice versa. I hope this will be beneficial for those of you who are struggling to make the right choice and help you avoid some of the mistakes I made when I started years ago. 1. Obligations of the Contractor. The officer will market and promote the program and assist interested parties in completing and submitting merchant applications to FS in a form acceptable to MSDS. Any dealer submitted by the agent to FS must fully comply with the requirements set forth in FS rules and policies as they may exist from time to time.
FS will evaluate these applications and accept or reject them in its sole discretion. The agent may not be the only exclusive or exclusive sales agent in the program for FS. FS may, in its sole discretion, use the services of other sales agents. So, with all of that in mind, here`s what I would do if I started from scratch today. I would start as an agent for several large ISOs (the largest ones you wouldn`t consider) and do my best to avoid pitfalls like the ones mentioned above. I would send dealers to each of them for a while, say a year, until I identified the one I liked the most. Therefore, I would only work with this ISO. Then, whenever my volume had increased enough to warrant paying the application fee, I started talking to my ISO about their own referral program and contacted the big ones to find out more about their offerings. I negotiated the terms of each sponsor before making my decision.
And before I signed anything, I asked a lawyer with industry expertise to carefully review the contract and explain the importance of anything I wasn`t 100% sure about. Sales representative. In the payments industry, a sales agent (or third party) is an organization or person that enters into contracts with an ISO and/or MSP to sell services provided by the ISO/MSP in question. The crucial difference between a commercial agent and an ISO/MSP is that the former does not need to be registered directly with the Visa and MasterCard associations and does not have to pay the associated fees (we will discuss this in a moment). Therefore, a sales agent cannot sell payment-related services on their own behalf as ISO/MSPs do, but can only do so on behalf of the ISO/MSP they represent. This ISO Agent Agreement (the “Agreement”) will be entered into from the date of filing of this Agreement and in accordance with the rules of the Esign Act by and between FinServe, with offices at 127 W. .