Frequently Asked Questions

Merchants

What Is A Merchant Account?

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A Merchant Account enables you to process credit cards, debit cards, gift cards and electronic check transactions. These payment methods are convenient for your customers, and they help you get paid faster.

What are your rates?

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We do not have one set rate for every customer’s business. Every business is run differently and has different percentages of swiped, keyed, rewards, and corporate cards, as well as different average sales prices. These factors all affect pricing. A member of our trained staff would do a comprehensive analysis of your current processing statements and tailor a program that would best suit your business.

What are rewards cards?

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Rewards cards are benefit cards. They are issued by Visa/MasterCard and carry some sort of benefit for the card holder. This may come in the form of miles or store coupons, and are given to the cardholder based on their total purchases in dollars.

Why are there additional charges on my statement for mid/non qualified transactions?

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These are charges that come directly from Visa/MasterCard. They have different rate structures for different types of cards depending on the various risks associated with accepting that type of transaction. I.E debit, keyed, rewards, corporate. With that said there is very little regulation in our industry and one of our staff should review these charges to insure that you are not paying to high a surcharge.

What is your set up cost? Do you have an annual fee?

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We do not charge a set up cost. The only up-front cost you may incur is the cost of a terminal (if you do not already own one). This also holds true for annual fees. We do not charge an annual fee.

Do I need a new terminal to switch to your company?

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As a general rule of thumb we can reprogram your terminal. There are very few terminals that we cannot use. In fact the main reason that we would upgrade your terminal is that it does not have a sufficient memory to ask the questions that are required by Visa/MasterCard.

How does the Wal-Mart lawsuit with Visa/MasterCard affect my business?

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As a result of the Wal-Mart lawsuit the government forced Visa/MasterCard to charge a lower rate on debit transactions run as a credit, because there is less inherent risk. Your processing statement should reflect a rebate for debit. If it does not, you are paying too much and should speak with one of our staff.

Why do I have to fill out an application / Why do you have to check my credit?

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A merchant account is similar to an open-end line of credit. You send us your transactions for processing, and we credit your business checking or depository account. Those funds are available for you to use as you wish. The transaction is posted to your customer’s credit card statement, and they have the right to dispute any charges posted. If the customer disputes a transaction, a chargeback may be generated, which would be debited against your business’ account. In order to assure you have the funds to cover any potential chargeback’s, we require a credit check.

Can internationally based merchants open a merchant account?

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No. Merchants physically located outside of the U.S. cannot process transactions with an iPayment Inc. Merchant Account. Currently, only merchants with a physical business address in the U.S. and a U.S. checking account may process transactions.

I am opening up another location and would like to accept credit cards. What do I do next?

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The ownership of the new store must be the same as your existing account with us, and it must also be the same type of business, unless you are opening an eCommerce location. If the business type, and address of your new store is different, you will need to set up a new Merchant Account.

When will my equipment arrive?

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New terminal deployments are generally done within 48 hours. This gives us time to obtain your new merchant number and download a terminal for you. Ipayment of NY makes every effort to install the terminals in person.

Fees? What is a discount rate?

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A discount rate is a fee associated with collecting, assessing, approving, processing, and settling credit card transactions. This fee is often a percentage of the transaction value.

How does iPayment Inc. determine my discount rate?

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IPayment Inc. determines your discount rate by checking the information you provide in your application to project the transaction services your online sales will require. The services required to assess, approve, process, and settle an online sale may include, but are not limited to: * Charge-back procedures * Risk assessment * Fraud screening * Fraud management * Seller acceptance * Support services * Investigation procedures

Are we assigned a primary contact person for each iPayment department?

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Each agent is assigned directly to the Relationship Management Department. This team is your day to day contact. Management and staff will contact Merchant Services, Risk and Charge-backs directly for department related issues.

Who should I contact if the relationship management rep I worked with is not available?

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Each member of the Relationship Management Team serves as a backup for each other. If you have a sales related issue that this team cannot handle.

How and when are the end-of-month (EOM) fees deducted from the Merchant’s bank account?

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Daily Discount Merchants (default setting): The bank will deposit a merchant’s net daily batch amount (batch minus the qualified rate discount fees). All downgrade discount rates, customer service fees, monthly minimums and any other monthly fees get deducted between the 1st and 5th of the following calendar month. Monthly Discount Merchants (must be approved): The bank will deposit each day’s batch totals in full. All discount rates and monthly fees are taken out between the 1st and 5th of the following calendar month. We submit all merchants to be set-up this way unless otherwise specified.

How do I know the status of my applications?

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Your iPayment Agent site login shows you all of the statuses on your portfolio in real time. You can track your applications at www.iPaymentinc.com 24/7 for free. If you need training or a login issued on this system, please contact Relationship Management.

What kind of turnaround can I expect on a newly submitted application?

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iPayment’s general rule is “in by noon, out by 5”. This means the account is approved, the MID and TID are activated, the file is built and the terminal is deployed (if applicable). You can check the iPayment Agent site for status and download information upon completion. Incomplete/illegible paperwork and multiple terminal deployments cannot be guaranteed for same day. Deployment’s requiring pin-based debit is held overnight to ensure debit is activated and we can test file before terminal is shipped.

Why does my terminal prompt me for addresses when I key in a transaction?

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This is a Visa regulation. Visa requires that you verify the address of the customer as a method of reducing fraud. Your receipt will actually tell you if the address was a match or not. If it does not match you can call the client and try to verify the address or not ship the product. If your terminal does not prompt for addresses or you bypass those steps you are going to pay a higher rate. This rate may be as much as 1%

Do I have to purchase equipment through iPayment?

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You are welcome to use any source you prefer to obtain Merchant equipment. If you choose to purchase equipment elsewhere, please check off “REPRO” on the equipment section of the application. If you intend to purchase equipment through iPayment, you will need to provide the Equipment Deployment Request forms for each MID you are placing an order for. Why does it cost more for Internet, mail, and telephone transactions? It is considered safer by banks to undergo a ‘person present’ transaction. Rates are lower for ‘person present’ transactions and occurrences of fraud and chargebacks are less. What are chargebacks? A chargeback is the reversal of a transaction. Money will be deducted from your account rather than it being inserted. Double-charging, card expirations, customer disagreements, and bank errors all may cause chargebacks.

Can I view a report of fees charged against my account?

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Your fee invoices are available online 24 hours a day, 7 days a week. Simply login to iAccess: www.iaccess.merchant-info.com

How long does it take to receive funds after my transactions are submitted?

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Typically, it takes 24 to 48 hours.

Which credit cards will I be able to accept?

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Merchants can process VISA, MasterCard, American Express, Discover and JCB.

What is AVS?

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The Address Verification System (AVS) matches the known address information on file at the cardholders issuing bank’s AVS database against the billing address information provided by the consumer/merchant. AVS plays a crucial role in verifying and securing transactions. Failure to use AVS will increase the percentage you (the merchant) are charged by Visa for that transaction.

Agents/Partners

Are we assigned a primary contact person for each iPayment department?

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Each ISO/Bank is assigned directly to the Relationship Management Department. This team is your day to day contact. You are welcome to contact Merchant Services, Risk and Charge-backs directly for department related issues.

Who should I contact if the Relationship Management Representative I work with is not available?

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Each member of the Relationship Management Team serves as a backup for each other. If you have a sales related issue that this team cannot handle, you are welcome to contact any member of the Sales Department. Please locate the department outline in this manual for contact information.

How and when are the end-of-month (EOM) fees deducted from the Merchant’s bank account?

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Daily Discount Merchants (default setting): The bank will deposit a merchant’s net daily batch amount (batch minus the qualified rate discount fees). All downgrade discount rates, customer service fees, monthly minimums and any other monthly fees get deducted between the 1st and 5th of the following calendar month. Monthly Discount Merchants (must be approved): The bank will deposit each day’s batch totals in full. All discount rates and monthly fees are taken out between the 1st and 5th of the following calendar month.

How do I know the status of my applications?

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Your iPayment Agent site login shows you all of the statuses on your portfolio in real time. You can track your applications at www.iPaymentinc.com 24/7 for free. If you need training or a login issued on this system, please contact Relationship Management.

What kind of turnaround can I expect on a newly submitted application?

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iPayment’s general rule is “in by noon, out by 5” Pacific Standard Time. This means the account is approved, the MID and TID are activated, the file is built and the terminal is deployed (if applicable).

What are iPayment’s in-house support hours?

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Merchant Services * Monday through Friday: 4:00 a.m. – 11:00 p.m. PST * Saturday and Sunday: 7:30 a.m. – 4:30 p.m. PST Technical Support * Monday through Friday: 5:00 a.m. – 8:00 p.m. PST * Saturday and Sunday: 7:30 a.m. – 4:30 p.m. PST Customer Care * Monday through Friday 7:00 a.m. – 5:00 p.m. PST Relationship Management * Monday through Friday: 8:00 a.m. – 5:00 p.m. PST Holidays are staffed with a limited support group. You will be notified in these times via email from our Sales Communications Department).

What if I cannot communicate with iPayment via email?

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Please instruct Relationship Management that you do not have access to an email account and/or computer. We will set up services to call or send any information through mail or fax.

Can iPayment collect the application and/or equipment fees from the merchant?

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No, it is the responsibility of the Agent to collect any additional fees directly from the Merchant. iPayment will charge an agent directly for any of their fees. Agents can choose to pay by credit card or bank account ach.

Who is responsible for calculating and paying our monthly residuals?

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iPayment has a Residual Department that handles month-end settlement and reporting. Residuals are paid on or around the 25th of the following month. You will receive the report via email or a regular mail (agent’s choice) with detailed income information on each of your merchants. ACH’s are submitted at the same time the reports go out. All questions regarding residuals should be directed to Relationship Management.

How do we add the non-bankcard MIDs to the account?

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Fill out the Card Addition/Change Request form included on the Resource Center page on this web-site.

Where do we fax completed applications?

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Fax your new deals along with the supporting documents to the New Accounts Department, FAX (877) 308-4523. Please make sure you sign the application, include your agent/office ID and use a cover page to ensure you get credit for the deal.

Do I need to mail in the original signatures on a new merchant application?

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No, you do not have to mail in original signatures on new Merchant Applications. Fax, scanned or emailed copies are acceptable.

Can I add/change the hard coded fees on the application?

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Any fee you have a base cost on can be lowered or waived. Simply cross out the hard coded fee and indicate next to it what you’d like to charge. Keep in mind any waived fees, you will be charged your base cost against your residual.

What online reports are available?

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The Agent site and iAccess systems are available to our Agents 24/7 at no cost. iAccess gives you a view into your Merchant’s activity, statements, charge-backs, etc.. The Agent Site gives you a view into status, underwriting notes and download information.

If my merchant purchases a new terminal, how do I get that set up?

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Email or fax any upgrade requests to the Account Changes Department. Please include the MID and DBA on all requests. Indicate if the equipment is replacing what the merchant has or is in addition too.

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