A: Approximately seven to ten days from when all the appropriate paperwork is turned in to a Central Payment Account Executive. I (your Account Executive) will do everything possible to move the approval and setup process along as fast as possible, and will communicate the status to you.
A: Yes, all products from CPAY are secure. I, your Account Executive, can answer any concerns.
A: To qualify for a merchant account, you must be a US resident and have a US business checking account, a Social Security Number or Federal Tax ID number and a business license (or other documentation from a third party verifying that you operate the named business at the given location). I, your Account Executive, can assist your in providing the correct documentation, and will also photograph your business to verify it's existence.
A: You do need a bank account to receive funds from your customers' credit card payments. It does have to be a business account; your current business checking account is probably sufficient. You do not need to change your bank to do business with Central Payment. We use your existing account. I, your Account Executive, can advise you on the requirements.
A: The only time credit is a problem is if you are currently going through a bankruptcy or if you have numerous tax liens. If you do fall into this category you might want to apply--your credit might not be as bad as you think. I (your Account Executive) will advise you on the status of your application.
A: Yes, but you need a new merchant account that complies with e-commerce discount rules and rates. I, your Account Executive, can advise you as to the requirements.
A: A chargeback occurs when a customer receives their credit card statement and does not agree with the charges applied. The customer can either call the merchant or get a return on their merchandise or they can call their bank and issue a charge back against the charge. It's always best practice for a merchant to do as much as possible to resolve any customer issues before the customer initiates a chargeback. Excessive chargebacks can cause termination of a merchant account. I (your Account Executive) help my merchant clients understand and manage chargeback situations.
A: You can avoid charge backs by having a business checking account. If you have a website, be sure your "doing business as" name is the name on the site. This will look more familiar to a customer when they receive their statement in the mail. The merchant's telephone number can be placed on the statement next to the corresponding charge, so the customer will be more likely to call the merchant instead of the bank and simply return the goods. I (your Account Executive) can advise you in setting up these elements.
A: Mid-Qualified and Non-Qualified transactions are transaction types that have higher rates applied to them due to the type of card used or the manner in which the credit card is being processed. For example if you normally swipe a Visa® or MasterCard® and obtain a signature this would typically be considered a “qualified transaction” and the qualified rate would be applied to the fee. If the card happened to be a rewards card and was swiped then the transaction would be considered a “mid-qualified” transaction and the rate applied would now be the qualified rate + mid-qual rate(typically +1.59%). If the same card you swiped earlier would instead be entered manually (a keyed transaction) that transaction would be considered “ non-qualified” and the rate applied would be the qualified rate + non-qual typically +1.89%).
A: A Monthly Minimum is a base processing fee you will have applied to your account each month if your normal activity fees fall below that amount. For example if you processed just a few credit cards and the combination of the rate and transaction fee equaled $20 yet you had a $25 monthly minimum your account would be charged an additional $5 to meet the monthly minimum. This fee is used to pay for the maintenance required by the processor for your account.
National Account Executive, IC
Free Terminal Program
Copyright © 2019 Cpay-USA, all rights reserved. Central Payment is a Registered ISO/MSP of Wells Fargo Bank, N. A., Walnut Creek, CA.
Central Payment is also a Registered ISO/MSP of First National Bank of Omaha, Omaha, NE. American Express may require separate approval.