Twin brothers Zachary and Matthew Hyman this year have added more than 11,000 merchants to their San Rafael, Calif.-based Central Payment independent sales organization, putting them on track to reprise their success with a previous ISO.
The duo says their decision late last year to add a second processor, First National Merchant Solutions LLC, helped to drive a spike in merchants beginning in January.
Central Payment, which the pair launched in 2006, counts more than 35,000 merchants in its portfolio, generating $2.5 billion in transaction volume. Central Payment also is a registered ISO with Wells Fargo Bank N.A.
Adding Omaha, Neb.-based First National Merchant Solutions as a second processor has also made it easier for Central Payment sales agents to sell petroleum-processing services, Zachary Hyman co-managing partner, tells PaymentsSource.
“We had been in talks with [First National] for over a year and they showed a commitment to help Central Payment grow,” Hyman says.
The brothers’ earlier success in the ISO business makes their recent moves particularly noteworthy. In 2003, they sold their Card Payment Solutions Inc. ISO to payment processor iPayment Inc. for $18 million, and took a break before returning to the industry.
Hyman does not attribute the increase just to the First National partnership.
“We are continuing to build our outside sales force and we upped our marketing for new potential sales partners,” Hyman says. Career fairs and online recruiting consumed much of the marketing funds, he says.
Currently, Central Payment has approximately 700 independent salespeople. Almost all of them had some sales experience prior to joining Central Payment, but no more than 30% sold bankcard services before, he says.
Central Payment agents, if new to the industry, receive 50% of the residual from each merchant the agent signs, and can receive cash bonuses and monthly incentives, Hyman says. An agent could make up to $250 in upfront commission for each merchant, he says.
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