One of the most important aspects of doing business to an ISO is residual reporting. Without accurate payments, ISOs do not have the discretionary income to budget and plan their business well. As a result, they can not scale and grow efficiently.
Residual reporting must be clear with limited surprises and tune ups.
For all parties involved, residual payments need to be accurate, clearly defined and all while being calculated and paid quickly.
Providing accurate residual reporting calculations are the key to a good working relationship between reps, processor, and the ISO owner. Great ISOs understand this and utilize CRM software designed to track and calculate residual payments internally in order to ensure quality control between the ISO and the agent.
The Benefits of Accurate Residual Reporting
Payments and reporting are inseparable parts of a business relationship.
- Residual reporting gives agents and ISOs the ability to review payments and to discuss residuals in the present and future. Poor reporting causes confusion and delay. This affects the agents quality of life and therefore causes resentment and churn.
- Concise and clear reporting defines the relationships between working parties. Therefore, there are no questions about where the money has gone.
- Pay reps on time and accurately
For an ISO, a good CRM is required to have accurate reporting on hand. Rather than having inaccurate, confusing or delayed reports, a good CRM will deliver timely information in a clear and concise manner. If your current CRM does not provide the best tools for reporting residuals, please contact us today.
