Generally, the business establishment process includes drafting business plans, arranging funds, pitching clients and marketing to attract customers. Not many entrepreneurs pay attention to the merchant service that they will be using.
Merchant service implies that payment processing service that entrepreneurs require for smoother financial transactions. As the organization starts to work effectively, it is recommended to add more card payment options. For that, companies need to connect with independent sales organizations (ISO).
What is an independent sales organization?
An ISO is an independent entity that sells credit card processing services without directly associating with banks or financial firms. In simple terms, they are third-party service providers that connect with your organization to accept credit cards.
These organizations help in improving your merchant service by working with you as a partner. They also play a crucial role in getting terminals and equipment you might require for process payments. In case of any customer dispute related to credit card issues, ISOs tend to speak on your behalf.
They use innovative payment solutions that facilitate the entire transaction process, benefiting both the customer and entrepreneurs.
Why do small business owners engage with independent sales organizations?
As mentioned above, ISOs use innovative payment methods that improve the service of entrepreneurs worldwide. According to experts at HPS-Worldwide.com, the innovative solution covers the entire payment value chain through Omni-channel solutions allowing processing of any transaction by any means of payment.
Therefore, ISO can provide a great service to entrepreneurs. Here’s how:
Processing Credit Card Payment
According to the statistics, only 26% of the consumers use cash for transactions. Moreover, with the rising digitalization and fintech, more and more people are availing the benefits of digital transactions.
Generally, associating with ISO provides the entrepreneur’s opportunity to transact with the customers using credit and debit cards without the direct involvement of banks. They’ll provide you with the equipment and also deal with any card issues that may arise.
Not to forget, they ensure that you get all your money that’s offered to the customers as credit. Thus, both you and your customers will be happy.
ISOs are especially helpful for startups who want to provide credit card payment facilities to their customers but do not have the sales volume to establish and operate a merchant account.
Better Customer Service
When your business offers multiple payment options to customers, your customer service will automatically improve. That means it’ll elevate customer retention and loyalty. Not to mention, sooner or later, when you’ll be expanding your business internationally, more payment options, especially through cards, will attract customers.
Also, it helps to deal with card disputes, credit management, markup on processing rates, and many more without affecting the company’s daily operations.
To Sum It All Up!
Connecting with innovative payment solutions directly or through ISOs enables businesses to easily bring new products to the market. It also allows you to integrate with international payment networks, which will help in business expansion. Nonetheless, you must learn in detail about it and make use of it for business success.