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Chapter 7 - A Brief History of Processing

Transitioning 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 PROCESSING

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 changes.

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 provided.

iPROCESS - Knowing the Industry

Chapter 3 - ‘Payment Processing Basics - Then and Now’

“Two sure ways to fail - think and never do or do and never think.”

-Zig Ziglar

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 ...

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iProcess - Sell Payment Processing Like a Pro!