“Can I see your Schedule A?”
If you’re familiar with the payments industry, you’ve probably heard this question asked before – especially at industry events. You may have even asked this question yourself. The Schedule A is one of the most important documents in the industry, but it doesn’t often get the written credit it deserves.
What is a Schedule A?
Ah – the infamous Schedule A. In the world of payments – primarily in the card-not-present space – a company’s Schedule A is the equivalent to the holy grail itself, and for good reason.
A Schedule A is the contract/agreement that determines how partners (also referred to as Agents) earn money. Although Schedule A forms vary from company to company, there are a few key components you can expect to see on most forms, including:
Here, you’ll find a list of bonuses you can earn with a given company for a number of reasons. For example, if you sell an exclusive product/service for a company, you might expect to earn an upfront bonus of $100 or more.
If you’re working with a Merchant Services Provider, chances are, you’ll be using their software. All companies charge for this, and the Schedule A should lay it out for you upfront.
Your company address should appear on your website somewhere – typically on the Contact Us page or toward the bottom. The address listed on the site must match the corporate/legal or DBA address on file with NMA.
It wouldn’t be a crucial document if it didn’t require a signature, right? A Schedule A is a binding document, so they require you to acknowledge and sign.