To help you with the process, we have listed some of the most frequently asked questions and provided some helpful answers. If your local bank is willing to work with you, you should consider this option. Traditionally, banks are also the costliest means of processing your credit card transactions due to their use of third party processors. Unlike most banking institutions, however, we want your business. IRN Payment Systems, with its Registered Agent, Venture Financial Services, is one of the fastest growing bankcard processors in the country, and we intend to continue to grow, one merchant at a time.
Every bank charges discount points to merchants that accept credit cards.
The rate is the percent of discount the merchant has agreed to have debited from their total sale. Retail credit card sales require a signature at the time of sale, and the customer usually receives the product or service at that time. Merchants who conduct this type of business will generally qualify for the lowest discount from the bank. Telephone and mail order businesses are charged a higher discount rate because of the increased risk associated with this type of business transaction. If a card is not present at the time of the sale, the likelihood of fraudulent activity increases.