Most of our Low-Risk accounts qualify for Next Day Funding. Some industries, and special needs accounts can take 2-3 days.
The turnaround time can vary from company to company, however it can take as little as 24 hours to two weeks. Very high volume and High-Risk merchant accounts take the longest. One other factor may be the number of applications the bank is reviewing for approval.
Most merchant account companies will provide you a paper statement at the end of the month. Some companies can even offer detailed online reporting.
Generally, we can reprogram it to work with your new merchant account. The only time we can’t reuse your equipment is if it is no longer PCI Compliant, is proprietary to your old processor, or if it has a block on it.
This is a fee that is charged by your processor, in addition to your discount rate, for running a transaction. It is usually $0.10 – $0.30 depending on your industry.
There are hundreds of different types of credit cards that a customer could use at your business. Each has a keyed rate and a swiped rate set by Visa® and MasterCard® Discount rates are a percentage that is taken from the charge that is being processed. For example, if your discount rate is 2.35% and you have an order for $100, the discount rate being deducted would be $2.35.
These rates can be found at the address below and are updated every spring and fall.
This processing fee is collected by your transaction and discount rate fees from your credit card sales each month. So, for instance, say your merchant account company charges $25 as a monthly minimum, if the transaction and discount rate fees collected by the processing company add up and equal or go over $25 that month, no monthly minimum will be charged. However, if the fees for that month do not meet the $25 monthly minimum, you will then be charged the difference. You can avoid this fee in many cases by just processing a few thousand dollars per month. Each of our processors has their own set of monthly fees. Please see a Pacific Pay representative for details.
A chargeback is when a transaction is reversed. In other words, rather than adding money to your account it is deducted. Chargebacks can occur for a wide variety of reasons, such as double-charging, credit card expiration, bank error and customer disputes.
No. Shopping cart companies make their software compatible with certain secure payment gateways (ie. Authorize.net, VeriSign, USA ePay, etc.) In addition, merchant account companies work with different secure payment gateways so their clients can process credit cards online. We are compatible with most shopping carts but it’s important to talk to us before you purchase a shopping cart, if possible, to make sure we are compatible with it.
There are a wide range of solutions for all types of businesses. Swipe terminals for retail merchants; real-time processing for Internet sites; PC software for mail order/phone order and Internet businesses; mobile payments for merchants on the go, and virtual terminals for Internet, mail and telephone order businesses. Each has their own pros and cons, ask a Pacific Pay representative which is best for your business.
No, this practice is known as “Credit Card Laundering” or “Factoring.” It is against the Visa® and MasterCard® agreement. Using someone else’s merchant account to process your credit card transactions can lead to heavy fines and perhaps more. In addition, you’ll also put that merchant’s credit card processing account in jeopardy.
A face-to-face transaction where the credit card is swiped is considered less risky because the card is actually present. With an online or telephone transaction, it is much more difficult to prove that the person using the card is an authorized signer on that cards account. Since this is the case, rates on card present transactions are quite a bit lower as the instances of fraud and chargebacks are a lot less.
A merchant account is an account at a financial institution that allows you to accept credit cards.
My processor donates a portion of their proceeds made from my merchant account to charity. Will you do the same?
Unless directed to do so by you, our intent is to enable you to make your own decision with the savings we offer. However, Pacific Pay does appreciate the opportunity to use your profits as our write-off, and will operate by the terms we agree upon with our business arrangement with your company. Additionally, Pacific Pay minds a civic responsibility among the communities in which we operate.
I am in a contract and/or my POS has an expensive fee to switch my merchant service provider. Is there anyway I can get out of it?
Yes. We will pay to break the contract and the fees to switch your POS merchant account.
Every bank outsources their merchant services, or has acquired a merchant service company to handle this business. This is why on your statement it does not say your bank name on its own. Instead, they are normally powered by Elavon or First Data. Consequenlty, if you have an issue you are unable to reach out to your bank, rather you will be re-directed to the toll free number for the outside agency that is handling your merchant services. Although the bank does not assist your needs, they do receive a commission for referring your business outside of their area of support.
A credit card is a card that lets a consumer access funds in a credit line set aside for that user. When the purchase is made, and settlement occurs, funds are drawn from the credit line and deposited to the merchant’s account.
On the other hand, a debit card is a payment card whose funds are withdrawn directly from the cardholder’s checking account. With an on-line debit card, the customer must enter a PIN to authorize payment at the time of sale (and the funds are settled through a debit network).
In the case of off-line debit cards (generally with Visa or MasterCard logos) the customer signs a receipt, as would be the case in a credit card transaction. In this case, the funds are transferred after batch settlement.
Yes. We know that merchants rely on our reporting services to account for the transactions they process, both for credit card and for all other electronic transactions we support. Reporting on transactions is available in a variety of forms, and each has their own strengths:
A Monthly Statement summarizes all activity for the merchant. These are mailed automatically at the beginning of each month.
On-line transaction reporting is available for all services, providing up to the minute, detailed information merchants can use to confirm payments, identify processing problems, and other issues.
A wholesale store which set me up for merchant services. They told me they have negotiated the best rates. How can Pacific Pay compete?
The rate your business is quoted is not the rate you end up receiving. Anyone can quote the cheapest rate to attract your attention, but it is unlikely that a true rate is offered. To prove this, simply divide all of your fees by your sales and you will see a rate much higher than the one promised. Plus, there is a reason why most banks and big box retailers push this business, and that is because they make it very profitable for themselves. This is likely the reason why a picture of a credit card machine and merchant services is often the first page in their store magazine / flyer. By working with Pacific Pay we do not need to offer a commission to a bank nor large retailer when utilizing our merchant services, instead we guarantee a true rate and paramount customer service as we are a reflection on the business which recommends Pacific Pay.
No. If you were playing cards, would you show your hand to the dealer before he delt his own cards? We do not need to see a merchant statement to quote an honest price.
My Restaurant Point of Sale says I should use their merchant services and my restaurant association is telling me the same thing. Why?
More likely than not it is because they have a vested interest in the deal where they will receive a commission. This is why by working directly with Pacific Pay we do not need to bonus for the referral, thus allowing us to discount any proposal coming from a trade association or POS provider.
By placing you with a duplicitous schedule of fees, the price of a terminal will quickly be collected, notwithstanding a more than likely cost prohibitive contract. Allow Pacific Pay to explain how the free terminal that is offered to you really ends up costing much more throughout your time with the company providing that offer. Remember, in business nothing is free, and if someone is offering “free” think very carefully to answer how that equipment is being paid for.