In the second quarter of 2021, robust growth continued for the modern ACH Network, with payment volume climbing 9.9% and appearing particularly strong with business-to-business (B2B) payments, according to Nacha. Businesses are realizing now more than ever the importance of getting online and not being dependent on face-to-face or physical payments methods.
The truth is, traditional payment methods have been on the wayside for years; consumers are trading in their cash and paper checks for something a little more modern: technology. As more consumers turn to computers and mobile devices to conduct business and pay for services, products, and recurring charges, businesses need to adapt — and fast.
For ISOs and ISVs, this means partnering with a payment processor who offers Automated Clearing House (ACH) processing. With ACH processing, ISOs can gain access to larger merchant or B2B opportunities where cards alone or a physical terminal won’t meet needs. ISVs can benefit by including ACH as an additional payment option, helping to make their software a more complete solution for their users.
However, reaping these benefits starts with finding the right payment processor. Luckily, iCheckGateway.com has the payment solutions ISOs and ISVs need to simplify complex payment processes and bring convenience to their customers.
A common problem facing many ISOs and ISVs is the hassle of dealing with a middleman. Dealing with multiple companies can slow down processes and cost valuable time and money. For this reason, ISOs and ISVs are looking for an ACH payment processor that won’t force them to jump through hoops.
iCheckGateway.com gives ISOs sophisticated tools in their kit every time they meet with a merchant or their own merchant processing referral partners. We offer customized, proprietary financial technology under one roof so that ISOs and ISVs don’t have to juggle multiple companies to get training or build rapport with as they care for their merchant businesses.
After the damage done by the pandemic, ISOs and ISVs are determined more than ever to make up for what they’ve lost. For many, this means accepting ACH payments, as they typically cost less than debit or credit card processing. While both debit card payments and ACH payments draw money from a checking account, debit card transactions can be processed through a special debit card network or the regular credit card network, which means they are prone to the same types of fees as credit cards.
With that in mind, iCheckGateway.com gives ISOs and ISVs the ability to increase margins across numerous industries and verticals as they can offer ACH as an alternate payment option that syncs and can be managed alongside the credit card processing they sell. We have integrated and certified with numerous merchant processors like Elavon, First Data Fiserv, TSYS, Worldpay now FIS, and soon Heartland, Chase, Global Payments, and Clearant.
ISOs and ISVs are in need of a provider that offers not only payment processing, but also support. iCheckGateway.com caters to ISOs and ISVs heavily, integrating our online terminal with all of its robust technology to create solutions in one environment in the backdoor of their product or service offering. While they focus on building their clientele purchasing the software they've created, these ISOs and ISVs entrust iCG to manage the payments side of doing business.
Staying PCI compliant is necessary for safeguarding your business, but it can be both costly and time-consuming. For all partners, our relationship becomes an opportunity where we can reduce, if not eliminate PCI Scope while also protecting their merchants. This will keep payments and data secure through commercially reasonable means, abiding by Nacha’s rule changes. Thankfully, iCheckGateway.com solutions offer built-in features to help mitigate risk and maintain compliance within one single online platform. Sensitive cardholder information is safeguarded and secure in both inbound and outbound transactions, reducing PCI scope and lessening the burden of remaining compliant.
By processing transactions by redirecting through the hosted payment portal, data can be transmitted securely and seamlessly without ever touching your own system. This further reduces your PCI scope and adds another layer of security, all while making processing payments easier for you.
Apart from payment portals, iFrame implementation and tokenization can serve as additional strategies for reducing PCI scope. Tokenization provides strings of random alphanumeric characters known as tokens in place of sensitive customer data. This prevents the data from being stored or transmitted within your system, while you are able to maintain control of the user experience. By storing token values in a PCI compliant environment, you can avoid the burden of storing it yourself. The best part? Tokens are worthless to hackers and cyber criminals, so you can rest assured your data is safe.
iFrame implementation allows customer payments to be embedded within your websiteto process payments, seamlessly and securely tokenizing them through a third-party application. iCheckGateway.com offers fully supported APIs throughout the payment processing life cycle; this eases the process and implements data-protecting features in a PCI compliant methodology.
Leading with technology over cost still reigns more attractive. It keeps our partners calling, especially with the nimble abilities to make integrations with accounting platforms like QuickBooks online and desktop. We also offer email invoicing and SMS text to invoice and pay.Technology and ACH reduce attrition with technical hooks and added value to defend the portfolio from those only slinging prices.
The ACH payments industry expected Nacha’s new rule with regards to WEB debits since it was first proposed in November 2018. The new rule went into effect on March 19, 2021. However, the rule will not be enforced until the end of one year from the effective date, provided the covered entities can provide their plans towards compliance in good faith. iCG-Verify, iCG’selectronic check verification service, helps ISOs and ISVs minimize attrition and maintain long-term relationships with their merchants. iCG-Verify is backed by iCheckGateway.com, a NachaPreferred Partner for ACH solutions and automation.
iCG-Verify’s ability to detect potentially fraudulent transactions at the point of origination helps businesses boost their ACH acceptance rates. That payment solution also has a direct impact on the business’s net income since it allows validation of an electronic payment quickly. This means that the risk of receiving a returned items is significantly reduced, thus improving your bottom line.
For almost a decade, we offered numerous ACH processing solutions. The most recognized and helpful tool included is our electronic check verification tools on front and back end to lessen ACH errors and avoidable fees as merchants accepted this payment within online hosted payment portals and iFrames. iCG also makes it easy for ISVs to gain access to details about ACH Returns or Notifications of Change programmatically so their software offering can provide resources into all aspects of ACH beyond just running transactions.
Not only that, our tech team researched and designed a secure online legal usage of the Cash Discount Program for companies fitting profile, providing businesses the ability to offer ACH as a discount for customers who may appreciate the cost savings compared to paying with a credit or debit card.
With us, ISOs will gain access to more technically sophisticated solution opportunities that enhance product offerings, enabling you to stand out among the competition and gain larger volume prospects. For ISVs, our solutions will enable you to add value to your software offerings through varied payment methods and channels, allowing you to create an additional recurring revenue share outside of your typical software-based income streams.
We offer our ISO and ISV partners an array of tools that help them deliver a seamless payment processing experience to their merchants. Our iCG sales and support team will continue to provide assistance until the ISO or ISV feels comfortable taking charge. We strive to keep our customer attrition rates to a minimum. Thus far, we succeeded in solving the merchants’ technology-related challenges with comprehensive support.
As an ISO or ISV, you can have confidence that your merchants will be in good hands. They always have access to the support they need from iCG’s support and tech teams. Contact iCGto partner your merchant processing with ACH as an alternative form of payment powered by automation focused technology, and know that with iCG, you won’t go unnoticed.