By Robert DiMattina, CEO, Greenwise Bankcard, LLC
Charitable Partnering in the Payment Industry Done Right!
It’s everywhere we look these days, the poster supporting this charitable cause or the other. There are so many programs but they are not all created equal.
The Road of Good Intentions
Typically a payment processor or ISO (independent sales organization) sets out to partner with a well- known charitable brand, promising to promote the brand while soliciting merchant acquiring relationships. In exchange for the use of the brand, the processor agrees to donate a portion of “something” back to the charitable organization. The payments industry has typically called this a “Give Back” program (the “something” is usually a portion of the participating merchant’s monthly sales volume or a portion of the ISO’s monthly recurring residual revenue).
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