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Frequently Asked Questions on Merchant Account Credit Card Processing and Payment Gateways
Should I issue credit to the cardholder upon receipt of a chargeback?
No. They receive credit from their bank upon the processing of the chargeback.
What if I have already issued credit to the cardholder prior to the chargeback date?
If a credit has been issued prior to the chargeback date for the same transaction that a chargeback has been received, please notify us in writing with the date and dollar amount of the credit. We will verify the credit and reverse the chargeback to the cardholder's bank, then credit your account. Please note that we must receive your response within the required timeframe.
Should I issue credit to the cardholder upon receipt of a retrieval request?
You may issue credit to the cardholder upon receipt of a retrieval request; however, you must still supply the requested sales draft to avoid a future chargeback. If credit has been issued upon or prior to the retrieval request, please indicate the date and dollar amount of the credit on your response. This will alert the cardholder's bank to check for a credit to the cardholder's account for the transaction in question and not process a chargeback for the disputed item.
How do I start accepting American Express, Diners Club or JCB cards?
An account number must first be obtained prior to accepting the above card types. iPayment Inc. has the ability to establish an American Express account on your behalf. After your account number is setup for Mastercard and Discover you will have the ability to accept Dinners and JCB cards. Please contact your iPayment Inc. Merchant Services for assistance.
You must also ensure that your processing equipment is set up to accept the additional card type(s). Most terminals will not require additional programming to be completed, as they are already capable of processing all card types. Some software programs may require you to activate the additional card type(s) under the Set-Up option. If you process through an Internet vendor, you must contact the vendor directly to notify them of the addition of the new card type(s).
How do I increase my processing limits?
This request must be submitted in writing with the new requested average ticket amount and average monthly volume amount. To make this change to your merchant account, use the Processing Limit Change Form, found in Forms & Guidelines. The reason for the increase in processing must also be included in the request and sent to the attention of the Portfolio Management Department. The iPayment Portfolio Management department will review the request and the merchant account for approval. Additional documentation may be required.
How do I know what has been deposited into and/or deducted from my checking account by iPayment?
This information is available in several formats. A monthly processing statement is mailed the first week of each month for the preceding month's activity. iPayment also offers deposit, transaction processing, chargeback, and retrieval request information directly through the Internet via our online iAccess report or via faxed Merchant Ledgers and Chargeback Detail reports. Deposits will show as MTOT Bankcard Deposit or IPMT fees.
If the account is set up with a one-day hold you can expect the transfer within 48-72 hours. Please take into account that batches should be closed before 3:00 PM Pacific Standard Time, in order for the batch to be processed that day.
How frequently are funds deposited into my checking account?
Activity on your MERCHANT ACCOUNT is processed on a daily basis and is reported according to the processing date. Your MERCHANT ACCOUNT has a designated time frame referred to as "HOLD DAYS" that must mature prior to funds being credited to your DDA/CHECKING ACCOUNT. The transfer of funds to or from your DDA/CHECKING ACCOUNT takes place through the AUTOMATED CLEARING HOUSE (ACH). Depending on your MERCHANT ACCOUNT type, the HOLD DAYS may vary from 1 to 5 business days. Processing activities take place on a Sunday through Friday. (Saturday activity is processed on Sunday, along with Sunday's activity.) Weekends and federal holidays are not considered as business days.
Most of my sales are for the same amount. How can I tell which transactions are showing up in my banking account?
Refer to the Merchant Ledger or Merchant Accounting Detail (iAccess) report. Remember the ledger sheet will show information about Settled Transactions. You will need to factor in the time lag between processing and settlement when reviewing the report.
I have sales that are not showing up in my bank's account statement.
Remember to factor in the lag time between processing, settlement and the number of days the processing bank will hold funds (per your agreement) before sending the sales to your checking account. Sales that are made during the final week of a month may not show up in the bank statement for that month.
Why is my deposit less than what I charged?
The qualified discount rate is deducted from the batch amount prior to deposit.
Can I link my personal checking account to my merchant processing account?
Owners of Sole Proprietorships can use their PERSONAL CHECKING accounts as DDAs and link them to their MERCHANT ACCOUNTS. All other forms of business ownership, i.e. partnerships, LLP, LLC, and corporations, must use a BUSINESS CHECKING account as the DDA that is linked to their MERCHANT ACCOUNT.
What are rolling reserves?
To protect both the merchant and the cardholder against fraud and/or customer disputes, some merchant accounts are required to maintain a cash reserve for a specific period of time. A ROLLING RESERVE is not actually a fee since the money may be returned to the merchant at the end of the hold period, assuming no adverse transactions have occurred. If your merchant account is required to maintain a reserve, an amount will be withheld from each day's GROSS DEPOSIT. If you are required to maintain a ROLLING RESERVE, each day your DDA will be credited with a NET DEPOSIT, meaning daily NET DEPOSIT minus daily RESERVES withheld.
Why do I have to close my batch?
Visa and MasterCard mandate that the batch is closed in a timely manner in order to efficiently process the transactions to the customers account. If it is not closed within a 24-hour period of running the transaction, Visa or MasterCard will downgrade the transaction to a non-qualified (higher interchange) rate.
Am I allowed to say no to a customer who wants to pay with a credit card if the dollar amount is too low?
The policy of both Visa and MasterCard is that if you display a MC/Visa sign, you must accept those cards for any dollar amount. Both companies will impose fines on merchants who do not follow these policies if reported by a customer.
You do have the right to deny any card or sale if it is suspicious or the name or signature does not match the person presenting the card for payment
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