Interactive Voice Response – Technology that allows a computer to interact with humans through the use of voice and dual tone multi-frequency (DTMF) signal input using a touch tone keypad. In telecommunications, IVR allows customers to interact with a company’s host system via a telephone keypad or by speech recognition. See https://www.cardknox.com/phonepay/ for more information.


Independent Software Vendor – An individual or organization that develops, markets, and sells software products that run on third-party software and hardware platforms.

Issuing bank

The bank that maintains the consumer’s credit card account and which must pay out to the merchant’s account in a credit card purchase. The issuing bank bills the customer for the debt.


The member bank that enters into a contractual agreement with card associations to issue cards.


Independent Sales Organization – A company that sells credit card processing services independently from a financial firm or bank, allowing a business to accept credit card payments.

Interchange fee

The fee that the card association charges the merchant to get the funds into the merchant’s bank (acquiring bank) and to get the billing information to the cardholder’s bank (issuing bank). Interchange fees are determined based on credit card regulations and how the appropriate data is captured, including card swipe or dip, address, and electronic signature as needed. These fees are also based on the timeliness of the settlement of transactions.

Intelligent routing

Cardknox’s proprietary Interchange Qualification Monitoring (IQM) technology that gathers transaction data and routes every transaction to the payment processing platform that can process the payment for the lowest cost.

iFields technology

A Cardknox technology solution that integrates into your payment forms, enabling you to design and customize the look and feel of your payment and checkout flows. You can process transactions without having sensitive card data touch your server, keeping you out of PCI scope.