1. What kind of internet connection is required?
2. Does Mercury cost more than my current credit card processing?
3. Is it hard to switch processsing to Mercury?
4. Is it safe? Is it reliable?
5. What type of transactions are supported?
6. How long does it take to get my money?
7. Why do you do a credit check? Why do you need my financials?
8. When do you charge my account for fees?
9. What cards can I accept from customers? Can you set up my business to accept all of them?
10. Why am I being charged three different rates?
11. Why can't I charge a surcharge?
12. Can I refuse to take the more expensive cards like Visa Premier?
13. Why am I paying mid-qualified and non-qualified rates?
14. How long does it take to set up a merchant account?
15. Will my merchant account be approved with a processing limit?
16. Why does Mercury need to review my credit information?
17. How does a merchant receive payment for the transactions submitted to Mercury?
18. When should I inform my current payment processor that I will be closing my account?
19. What is check verification? Do I need it?
20. What are interchange fees?
21. How can I get the lowest interchange rate?
22. What are debit cards?
23. What is the difference between online debit and offline debit?
24. What are commercial cards?
25. What is a private label card?
26. What is a stored value program?
27. What is Electronic Benefits Transfer (EBT)?
28. How can I recognize suspicious customer behavior?
29. What else can we do to protect our business against fraud?
30. What to do if you are suspicious about a card or the cardholder
31. What is a chargeback?
32. What are the top 10 reasons for chargebacks?
What kind of internet connection is required?
While the best performance will be achieved with a DSL or cable
connection, a dial-up connection will still produce less than 5 second
transactions.
Does Mercury cost more than my current credit card processing?
No. Even though its much, much faster, it is also cheaper than almost
any dial-up plan. Your dealer will ask for your current credit card
statements and get you a rate as good or better than what you currently pay
now.
Is it hard to switch processsing to Mercury?
No. Your registers will work just like they do now. Painless! Plus there
is an optional browser based system for reviewing batches and transactions.
Is it safe? Is it reliable?
All transactions are heavily encrypted. There is redundancy on all major
system components. Your transactions will be safe, and faster than ever
before!
What type of transactions are supported?
Amex, Visa, MC, Discover,
Credit,
debit, check cards, check guarantee, EBT, gift cards, and loyalty
programs.
How long does it
take to get my money?
Funds are electronically settled within two business days. Some high-risk
businesses may have different settlement options.
Why do you do a credit check? Why do you need my financials?
Credit checks are required by Visa® and MasterCard® and are necessary to
determine if the business owners are financially sound. Financial stability
is the most critical component of the approval process.
When do you charge
my account for fees?
Your account will be charged for all appropriate fees on or around the fifth
of the month following the activity, via an Automated Clearing House (ACH)
transaction. The detail of your fees will appear on your merchant statement
that you will receive the first full business week of the month following
the activity.
What
cards can I accept from customers? Can you set up my
business to accept all of them?
Yes. You can accept Visa®, MasterCard®, American Express®, Discover®, JCB® and debit cards.
Why am I being
charged three different rates?
It is necessary to maintain three separate rates in the pricing process, due
to various levels of interchange. This fee varies depending on the way you
are conducting business, your business type and the type of cards that are
processed at your point of sale. Interchange is the largest expense
component of our pricing. Our three tiered rates allow for the proper
pricing as it relates to each individual transaction and its processing
interchange.
Why can't I charge
a surcharge?
Surcharging credit card transactions is strictly prohibited by the card
associations. A merchant may, however, offer discounts for cash transactions
provided it is clearly disclosed to cardholders as a cash discount and the
cash price is presented as a discount from the standard price available for
all other means of payment.
Can I refuse to
take the more expensive cards like Visa Premier?
No. Once you enter into a merchant agreement you must display the Visa and
MasterCard registered marks and accept all valid Visa or MasterCard cards
properly presented for payment.
Why am I paying
mid-qualified and non-qualified rates?
Visa and MasterCard have different interchange requirements based on industry
type and method of transmission. Transactions that do not meet these
requirements are billed at mid-qualified or non-qualified rates. Review the Visa and MasterCard Interchange Qualification Criteria to ensure your
transactions are being processed correctly.
How long does it take to set up a
merchant account?
The time it takes to establish a merchant account depends on several factors
including: completeness of the application submitted, accuracy of the
information provided and any required additional paperwork. After your
application has been approved, it usually takes just a few days to establish
the actual account. (Canadian and
international processing set-ups are completed in 10 days to two weeks.)
Will my merchant account be approved with a processing
limit?
Merchant accounts are approved based on actual or projected dollar volume.
Mercury monitors account activity and reserves the right to review accounts
at any time should volume be significantly above or below the level
represented on the merchant application.
Why does Mercury need to review my credit information?
When you apply for a merchant account, you are essentially applying for an
unsecured line of credit. When a transaction takes place, the cardholder is
debited and the merchant is credited for the amount of the transaction. The
cardholder still has chargeback rights and can dispute the transaction for
up to 90 days. When a cardholder initiates a chargeback with a valid reason
code, the funds are automatically taken from the merchant's account and
credited back to the cardholder. Mercury wants to ensure that each potential
merchant is financially sound, has a viable business and is operating in
good faith and standing, so these disputes can be resolved with the
merchant.
How does a
merchant receive payment for the transactions submitted to Mercury?
Using Automated Clearing House (ACH), Mercury will remit funds due for
MasterCard, Visa, JCB and Discover transactions to a
merchant’s business bank account . When/if a merchant establishes a service
agreement with American Express, these issuers will also
obtain their banking information and pay funds to their bank account.
When should I inform my current payment processor that I
will be closing my account?
You should wait until your account is set up to process your transactions
through Mercury. Once you're ready to process with us, you can inform your
previous provider.
What is check
verification? Do I need it?
Check verification is a service that provides merchants with varying degrees
of insurance against bad check losses by verifying the authenticity of each
check and/or its presenter. Checks are verified through a national database
gathered from retailers who upload bad check information. While check
verification service is not required, this service does help keep your
business losses to a minimum.
What are interchange fees?
Interchange fees are transaction-related costs that Mercury pays to the
issuer of the card as compensation. These fees are established by MasterCard
and Visa and are based upon how a transaction takes place and in what type
of industry.
What are debit cards?
Debit cards are an alternative payment method. When
goods or services are purchased with an ATM debit card, the funds are
removed from the customer's checking account. In addition to the standard
ATM cards, many banks also issue the Visa Check Card and/or MasterCard's
Master Money Card - both of which can be used in either an online or offline
debit arena.
What is the difference between online debit and offline debit?
The difference between these two debit choices is whether a PIN (personal
identification number) is used at the point-of-sale. When a PIN is used the
transaction becomes "online" and funds are immediately withdrawn from the
cardholder's available funds. When an offline debit transaction occurs,
funds are not withdrawn until the transaction processes — usually two-four days
after the sale. Debit card transactions are the fastest growing
point-of-sale payment method today. The acceptance of this payment method
continues to remain popular because customers and merchants both appreciate
the convenience and ease of using debit cards to purchase merchandise and
services.
What are commercial cards?
Commercial cards — (corporate, business, purchasing) — are issued to
businesses as an alternative way of financing expenses such as supplies,
travel and entertainment, etc. These cards also provide users
with specific reporting advantages. By using a commercial card, cardholders
get itemized records of all their purchases, which simplifies reimbursement
procedures and helps track expenses. This specialized reporting is possible
because specific data is captured at the point of sale. MasterCard and Visa
each provide issuers with the ability to issue commercial card products.
What is a private label card?
A private label card is a credit card issued under the name of a particular
merchant organization. Merchants offer it as an incentive for cardholders to
spend money at their businesses. Cardholders receive benefits (special
discounts, deferred payment schedules, frequency points, etc.) for using the
private label card instead of Visa, MasterCard or American Express. Private
label cards carry the insignia of the merchant issuing the card.
What is a stored value program?
A stored value program allows you to offer your customers a proprietary card
pre-loaded with value for future purchases. Although there are many
different applications for stored value cards (gift card, merchandise
return, pre-pay), they all share some common components:
-
Magnetic Stripe Cards - The merchant gives a consumer an electronic stored
value card in exchange for some kind of pre-payment. Typically, the card
includes a magnetic stripe, the merchant's name or logo and an account
number.
-
Transaction Processing - The merchant can process stored value
transactions from the point of sale. These transactions are delivered to
Mercury's authorization system for processing in real-time, which is where
account balances are maintained for all cards.
- Merchant Reporting - You will receive reporting that
provides information about the transactions processed during a period of
time and the outstanding balances of your customers.
What is Electronic Benefits Transfer (EBT)?
EBT is the
automation of cash or cash-like benefits through electronic authorization,
data capture and settlement processes. This is accomplished with the use of
plastic magnetic-striped cards at the point-of-sale terminal. The end result
is the elimination of coupon benefits distribution. The electronic process
results in increased security, thereby reducing fraud and benefit misuse.
How
can I get the lowest interchange rate?
In order for a
merchant to qualify for the lowest processing fee for a particular
transaction, the card's magnetic stripe must be read by the terminal (i.e.
cardholder is present) and sales must be deposited and settled daily. The
processing rate will be higher for a transaction manually keyed or not
deposited and settled through the terminal until the next day.
How can I recognize suspicious customer behavior?
Be
alert for the customer who:
- Makes
indiscriminate purchases without regard to size, style, color, or price
- Makes purchases,
leaves the establishment, and returns to make additional purchases
- Hurries you to
complete the sale at closing time
- Refuses free
delivery for large items
What else can we do to protect our business against fraud?
- Always verify that
the signature belongs to the presenter
- Do not accept any
cards which have not been signed
- Your
terminal/computer should prompt you to enter the last four digits of the
account number to verify that the account number on the magnetic stripe is
correct or your terminal may display the entire card number for comparison
to that on the front of the card. If your terminal does not prompt for
this, call the terminal help desk and ask for this feature.
What to do if you are suspicious about a card or the
cardholder
Call the voice authorization center and request a "Code 10" authorization.
By saying "I have a 'Code 10' authorization," you put the center on alert
without letting the customer know you are suspicious. The center will give you
further instructions.
What is a chargeback?
A "chargeback" is a dispute usually originated by a customer or the
customer's credit card issuing bank and subsequently debited to the
merchant's deposit account. A chargeback to the merchant may occur when a
cardholder does not recognize the transaction or disputes the following:
Participation in the
transaction or sale;
performance and/or quality
of the merchandise or services;
delivery of the
merchandise and/or services;
breach of any term,
condition, representation, and warranty of the transaction;
amount of the charge.
#1. Failure of merchant to respond to retrieval request
This is the single most frequent cause of chargebacks. Fortunately, this is
often the easiest to prevent. Simply keep copies of your sales transactions
and respond to any and all "Media" or Retrieval" requests by sending copies
of sales drafts immediately.
Card issuers are responsible for initiating copy requests.
Usually they are initiated to resolve billing disputes or to comply with a
subpoena. Fulfilling copy requests is very important. When requests are not
fulfilled within the prescribed time period, they almost always result in a
chargeback. A chargeback for not responding to a copy request is
non-reversible per Visa/MasterCard regulations. So it is in your best
interest to respond quickly to copy requests.
#2. Cardholder was billed more than once for the same
transaction
To avoid duplicate processing, reconcile your batches daily and ensure that
the register/terminal totals match the credit card receipts for the day. If
you do receive a legitimate duplicate processing chargeback, do not issue a
direct credit to the cardholder - the credit will automatically be applied.
#3. Cardholder denies making or authorizing a transaction
Make sure all transactions (other than mail/phone order) are magnetically
swiped or imprinted. Again, timely submission of a copy of the properly
completed and signed sales slip along with a written explanation of the
validity of the charge will be needed to try to reverse a chargeback. If the
disputed transaction is a phone or mail order sale, the order form and
signed delivery receipt from any courier or handler will also be required.
#4. Failure of merchant to follow correct procedures in
completing the sales slip at the point-of-sale
The sales slip must include both a cardholder signature and the card account
number to be valid. The account number must be obtained directly from an
imprint of the card itself or from electronically reading the magnetic
stripe. Manually entering the account number does not protect you from a
no-imprint chargeback even if the sales slip is signed.
#5. Account numbers don't match
After swiping a card, if the card number displayed does not match the number
embossed on the face of the card, ask for a different form of payment.
Always print and double-check the account number on all phone and mail
orders. Accepting non-matching transactions will leave you vulnerable to
chargebacks.
#6. A credit or refund was not properly processed
Credits must be processed correctly and on time. Make your customers aware
of your credit/refund policy at the time of purchase. Have the policy
printed on your sales slips directly above the cardholder's signature in
accordance with Association policy. Issue credits only to the same account
numbers to which the sales were made - refunds paid in cash or merchandise,
or to a different account number, will not protect you from this type of
chargeback.
#7. Failure to obtain proper authorization
Be sure to authorize all transactions, and accurately record the approval
code on the sales slip. If your request for authorization is declined, do
not attempt to re-authorize transactions to the same account number, as
subsequent approval may not protect you from a chargeback.
#8. A card was used either before or after its valid date
Never process a transaction on a card prior to, or after, the valid date.
Instead, ask for a different form of payment.
#9. Merchandise or service not received by cardholder
Sales transactions must not be processed prior to delivery of the product
purchased. Proof of delivery, signed by the cardholder, should be obtained
for every credit card transaction in which the merchandise or service is not
delivered immediately at the point-of-sale. Such proof of delivery may be
your only defense if a chargeback occurs.
#10. Cardholder disputes quality of merchandise or services
Ensure that your customers are aware of your return policy at the time of
purchase. Stick to your policy. Display the policy at the point-of-sale and
print it on your sales slips, directly above the cardholder signature. |
