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what-is-a-third-party-payment-processor

A third-party payment processor, also known as an independent sales organization (ISO) is a company that provides payment processing services to other businesses. The ISO may process credit cards directly themselves or through the use of one or more banks acting in the capacity of a merchant account provider.<br>

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what-is-a-third-party-payment-processor

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  1. What Is a Third-Party Payment Processor? A third-party payment processor, also known as an independent sales organization (ISO) is a company that provides payment processing services to other businesses. The ISO may process credit cards directly themselves or through the use of one or more banks acting in the capacity of a merchant account provider. A third-party payment processor must be partnered with a merchant account provider in order to process credit card transactions.

  2. How does the transaction occur? Once a merchant has been approved for an account, they can begin accepting payments immediately. A customer will provide their payment information, and then submit it directly to the third-party processor or bank that is partnered with them. The bank or processor will then forward that information to the customer's issuing bank. The issuer will then either deny or approve the transaction.

  3. If approved, the processing bank (and any additional banks involved in the process) will provide funds for the transaction and will place a hold against those funds until they can be verified by you, or your associated merchant account provider. This safekeeping process is known as a "reserve" and the hold will stay in place until your bank signs off on the funds and approves them for release. Once approved, you (or your associated merchant account provider) will receive the funds into your account and be able to use those funds immediately.

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