to the card payments industry is often a two-edged sword: potentially a
financially rewarding endeavor, yet often difficult for the sales
professional new to an unfamiliar industry. This program is designed to
assist both new and seasoned veterans attain true financial success by
employing a simple and effective sales process.
A BRIEF HISTORY OF PAYMENT
To understand where we are going it’s helpful to know where
you came from. Developing an understanding of the history behind the
payment industry will provide a framework for understanding future
ASSOCIATIONS, ACQUIRERS, AND ISSUERS
We will split the processing industry into its component parts
- the companies who provide the actual services and those who manage
the sales aspects. Associations, and the constituent banks who perform
the issuing and acquiring services, will be discussed in detail.
THIRD PARTY PROCESSORS, ISO'S AND MSP’S
The companies who manage the lion share of selling to the
merchants are covered under the umbrella of third party processors, ISO
and MSP providers. Most agents will find that they will be dealing with
these companies as a resource from which processing services will be
iPROCESS - Knowing the Industry
Chapter 3 - ‘Payment Processing Basics - Then and Now’
sure ways to fail - think and never do or do and never think.”
Many people work in the payment industry. Most haven’t a clue
as to how the industry evolved as they lack a historical perspective of
the industry. Such knowledge is valuable for the iPROCESS as well.
Why is this important?
A wise man once said to best understand where you are going
you must begin by revisiting where you have been. Good advice,
especially if you are transitioning into the card payment industry and
lack the years of first hand experience many enjoy.
And if you have been in the industry for a long time, I’d
still wager that you could use a brief refresher as to the ‘humble
beginnings’ of our industry.
Back in the day
We could travel back to our most primitive ...