Do you ever find yourself spending more time trying to figure out how to calculate your residual income than you do signing new merchant relationships?
Before working with a new payment processor, discover their calculation and payment methods for your residual commissions. In addition, you should get information on how they provide your residual reporting detail to you. This is all necessary so you can know how to calculate residual income for your ISO.
These 5 tips will tell you how to calculate your residual income so that you spend more time signing new merchant relationships than you do racking your brain trying to figure out how to calculate residual income yourself.
Let’s take a look!
- A detailed breakdown of income and expenses for each merchant should come in all residual reports.
- Residual reports should come compatible with Excel so that you are able to execute your own analysis to verify calculations.
- You should be able to compare residuals across merchants.
- The reports should allow you to see what was billed to the merchant
- A history of residual reports should be easily accessible.
Applying these 5 tips about how to calculate residual income will revive you and bring you from stifled concern to energizing merchant-signing motivation.
Do you have questions and/or concerns about residual income verification methods or analyzing strategies? Contact us so that we can discuss how to calculate residual income.
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