“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-presentA merchant environment where the cardholder (and the card) is not physically present at the time of purchase. Typical card-not-present transactions take place in businesses focused on mail order/telephone order, business-to-business, and Internet-based transactions.... 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:
Bonuses
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.
Revenue Share
If you’re working with a MerchantA business that accepts credit cards for goods or services. 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.
Equipment/Software
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 matchSystem used to track merchants in order to manage risk. the corporate/legal or DBA address on file with NMA.
Approval/Signature Area
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.