MerchantWarehouse, a registered ISO as a service provider, had a record month in October for the number of new applications they boarded. The amount was over 3,000, which is a lot of new customers to bring on board in a single month. I personally didn’t know MWH was that large of an ISO and was impressed by the numbers. I’m also happy for them for the accomplishment as that is no easy achievement.
Gotmerchant.com hopes to become a 1/10 of that size one day, but is still currently a smaller company. I believe the advantage to that is you can focus on the level of personal service and attention your merchants receive. Once you become a certain size, it is a more difficult task. They stated that their new accounts came from three difference sources, in-house sales, other agents and value added resellers or affiliates. I personally understand the importance to have great affiliates that send you business. As a business model, you can’t rely on a single source or two for new customers. If that source were ever to disappear, then your company’s future could be in jeopardy.