Iso Agent Agreement
2. Agent`s allowance. In return for the services provided by the agent in connection with these agents, FS agrees to pay the agent in accordance with the compensation plan for the agents in the schedule “A” (“compensation”) attached to the schedule. For each merchant referred by the agent to FS, compensation is paid for which FS and Merchant enter into a dealer contract in a form provided by FS (“Merchant Agreement”) as a direct result of the agent`s dismissal. Payment is due thirty (30) working days after receipt by FS or written confirmation of receipts from the distributor in accordance with Schedule “A”. When a merchant ceases to obtain services from an FS-designated credit card seller during the terms of the sales contract, which has a negative effect on the FS agreement with that distributor, the current Schedule “A” compensation for the distributor ends. In the event that a merchant resigns or is late to his obligations under a dealer contract, no permanent compensation is paid to that merchant. The payment of all compensation to the agent will continue and will survive the termination of this agreement, except in the event of a breach of this agreement by the agent. The agent is not entitled to ongoing compensation unless the agent sends at least two (2) new merchants each month to FS with whom FS enters into dealer contracts. Think about the future – remember that companies always change, so you`ll probably want to consider some things before you make a deal.
Where does this company go? Are they likely to be merged or will they be acquired by another company in the near future? This could potentially affect your residual income, which is why it is important. Before discussing portability, we must first define the relationship between the different parties to the merchant relationship. In most cases, there is a credit card processor or ISO (called “ISO”), which has an agent agreement with the salesperson. The salesperson comes from the distributors and then transmits the application, the distributor contract and the materials associated with ISO. ISO, on the other hand, must be sponsored by a bank in order to be able to offer credit card processing services. Although the sales agent is the distributor and encourages the salesperson to sign the dealer agreement, the salesperson is not a party to the distributor agreement. Only ISO, the sponsoring bank and the merchant are parties to the dealer contract. 10.
attribution; Successors; changes. The agent may not cede to a third party a right or obligation arising from this contract, including an assignment resulting from a sale of the agent`s business, without the prior written consent of FS. FS may cede its rights and obligations under this regulation with notification to the agent. This agreement applies to the rightful owners and authorized beneficiaries of the parties` transfers. With the exception of program changes and compensation that may be made at FS1`s discretion, this agreement can only be amended by a written agreement executed by both parties. Don`t take any responsibility – unless you`re already a large, experienced company that can bear the primary burden of this type of risk, don`t allow yourself to enter into agreements that make you responsible for losses. As an MLS, this is even more true. Don`t take on more responsibilities than you have to manage cash reserves, or you may find that your capital or leftovers are running out.
Even if the salesperson has the right to reject distributor contracts, this does not necessarily mean that the salesperson can transfer the distributors to the new sponsorship bank and ISO. If traders have not been separated into unique BIN and ICA, traders may not be as portable as the seller believes.