Your residuals are the reason your ISO is in business in the first place. They represent the majority of your revenue, and the growth and long-term success of your portfolio is also the main driver of your company’s value. They’re also the reason your independent agents are in business and the carrot that attracts the highest quality talent to your ISO instead of one of your competitors.
Unfortunately, residuals can also be complex and hard to keep track of. The larger your ISO grows and the more merchants you serve across multiple payment processors, the truer that becomes. That makes clear, accurate, and accessible residual reporting key to your ISO’s success. Because you can’t manage what you can’t measure, and without the right data, your residuals won’t only be a headache to manage, they’ll also consistently fall short of your portfolio’s full potential.
How IRIS CRM Takes Your Residual Management to the Next Level
IRIS CRM is specifically designed to make residuals reporting more straightforward, more flexible, and more useful. The platform’s residuals suite makes it easier than ever to extract useful business intelligence from the mass of raw residuals data you receive from your payment processing partners every month. By centralizing your data, automating your calculations, and enabling faster payouts, IRIS CRM provides the tools you need to take control of your portfolio and accelerate your ISO’s growth.
Flexible, Centralized Reporting:
One of the biggest headaches involved with residual management is dealing with multiple reports each month, with each payment processor providing residuals data in different formats. Aggregating that data is not only time consuming, it’s also rife with opportunities for error.
IRIS CRM eliminates that problem by automatically pulling your monthly residuals data from each payment processor and combining it in the platform’s residuals dashboard. From there, you can easily view and manage all of your residuals information from a single, centralized point of control.
The reporting dashboard is highly flexible, allowing you to drill down to the information you need and only the information you need, with zero clutter. You can quickly and easily access all of your key portfolio-wide and merchant-level data to ensure you have a clear picture of your growth, profitability, and who your top performers are.
Automated Split Calculations:
Ordinarily, calculating your monthly residuals can be a complex task. Not only does it require you to compile the data from each payment processor, but you also need to account for each merchant’s individual MPA terms and each agent’s individual split agreement. In a large, growing ISO, making mistakes while trying to wrangle those numbers is understandably easy.
With IRIS CRM, the entire residual calculation process is automated. When your residuals numbers drop each month, the CRM will automatically calculate and display not only your total net residuals from each payment processor but also the agent net residuals due to be paid out. Because your agents’ split percentages are all entered into the CRM, you can be sure that the numbers calculated are always accurate, and you’ll never again have to break out a calculator or a spreadsheet to manually work things out.
Faster Agent Payouts:
Once residuals are calculated, you need to pay out your agents. Traditionally, it could easily be up to a week from the time you receive your residuals data to the time the calculations are all complete and your agents finally get paid. With IRIS CRM’s automatic calculations, you can get to work on payouts immediately once residuals numbers drop, ensuring your agents get paid out both quickly and accurately. And because IRIS CRM’s residuals reporting suite is seamlessly tied in with the rest of the CRM, you can use the platform’s built-in ACH network integration to send your agents their payouts electronically, without ever having to leave the CRM. That kind of fast, accurate, dependable payout goes a long way towards attracting top talent and retaining your best agents.
Simply put, IRIS CRM takes your residuals management – one of the most important functions of your ISO – and makes the entire process significantly better. For more information on all of IRIS CRM’s many residuals reporting and management features, and to find out what the platform can do for your ISO, contact us or schedule your free demo today.