ISO residual calculations are central to any business in the payments processing industry. But do you automate ISO residual calculations?
This is because as an ISO, you establish relationships with banks but function as an independent entity. You don’t handle merchant money flat-out but instead work as a contractor, able to set independent rates and fees as such.
For both sales agents and your company at large, the residual earning potential is one of the primary benefits behind developing a successful payments processing service. But the keyword here is successful.
And at the end of the day, achieving said success is all about the relationships you build over time — both with your merchants and sales employees generating the proposals. Automating processes around ISO residual calculations with the help of IRIS CRM gives your growing team the ability to manage this area of the business simply and effectively to scale.
In order to learn from data, you first need to make it accessible. IRIS CRM provides those in payment processing services with the ability to make ISO residual calculations in minutes.
Across processors, you can filter by merchant/individual and pull an accurate report around residual income earned based on your chosen timeline. Get information around sales amount, income, expenses, net earnings, and agent net earnings as well.
When you’re working across a number of different processors, agent percentages, and merchant agreements, it can be hard to keep everything straight. Throw in the need to pay out residual income on top of that and it’s easy to drop the ball.
The last thing you want to do is make residual earning promises to your sales agents that fail to be met. These are the people on your front lines, bringing on new customers — something that’s much more difficult and costly to do than nurturing the ones you already have. Make sure they reap the benefits of their hard work in a timely manner with the ability to pay residual earnings directly through ACH using IRIS CRM.
Manage Across Any Payment Processor
So many payment processors, so little time. IRIS CRM makes it easy for your back-office teams to run residual calculations and reports across all of your processing partnerships. It’s these types of integrations that make the tool not just a siloed part of one department but a key component of daily operations across every area of your business.
Gain Profitability Insights
Knowing what to do with the data in front of you makes all the difference in running a successful business, long-term. It’s about using metrics to anticipate growth opportunities and identifying which systems are in need of an overhaul.
IRIS CRM takes the guesswork out of gathering insights with the automation of profitability reporting. For both merchants and a portfolio at large, you can readily monitor growth and profit over time — broken down in dollars, percent, margins, and BPS. In doing so, your team becomes better equipped to maximize earnings for both its employees and company as a whole.
Make ISO residual calculations an automated part of your team’s workflow. Set up a free demo of IRIS CRM today!