Independent Sales Organizations (ISO’s) offer payment processing services to any business wanting to provide additional convenience to consumers. Transaction handling can be done in many ways and there are multiple affordable ISO payment services available. First, let’s take a look at how your card transactions are actually processed through an ISO. A customer wants to make a purchase with their card. You must have a method to run the card as well as a dependable merchant service to handle authorization and collection. When the transaction is run, the card information is sent to the merchant bank. They contact the card issuer to verify the customer data is valid. The issuer then sends a response to the sponsoring financial institution stating there are sufficient funds and the card is valid. After the card has been verified, the transaction is approved through the terminal. All payments are processed by the merchant at the end of the business day. They deposit the funds into your personal business account after all fees have been removed. The actual processing steps are the same through each merchant. Fee structures and available services are what makes some more affordable than others.

An Overview of Affordable ISO Services

To receive affordable ISO services, you must match your particular business traffic and processes to the available options. Start out by determining how you want to process each transaction. Will they be done via a website through customer entry? Are payments going to be accepted in store with a terminal? Other options include mail, phone, and wireless processing. Provided equipment for all methods should be state of the art. Find a service which can be compatible with existing terminals or web ordering software. Compare rates to determine which providers offer the best pricing. Service should include the ability to process all major cards, protection from fraud, and additional security options.

Internet commerce solutions provide low rates and allow your business to use online software for recurring payments. These solutions make it easy for customers to pay their bill online during any time of the day. Telephone payments have become a common standard for many businesses. A customer can call in the payment over the phone. Processing only takes a few minutes in most scenarios. It is far more convenient for them than having to write a check or come in to pay their bill. Retail solutions have their own set fees. You can typically have a transaction system in place within a couple of days. These terminals are capable of accepting credit, debit, and checking payments. Wireless solutions work in the same way as a retail setup except they are independent of common telephone line restrictions. All three are affordable ISO services which range around or below two percent in fee charges. E-check processing is a great way to minimize payroll tasks. This service may also be utilized to quickly verify checks in store. Cash advance services, gift cards, and loyalty cards are additional options. All these choices are a great way to provide more to individual customers. Affordable ISO payment services allow your company be more competitive without overbearing costs.