What is Secure Socket Layer (SSL)?
Secure Socket Layer (SSL) is a digital certificate our Internet Merchant accounts use that encrypts and safely transfers your and your customers information to our servers.
What is the Discount Rate?
A Discount Rate is a percentage removed from each transaction as a fee for using our credit card service. The exact percentage is decided on a case by case basis, based on what type of business you are, how you will be processing, and how often.
What is a Chargeback?
A Chargeback happens when a customer tries to dispute a transaction you have run with them on their card. When this happens, you will receive a letter letting you know who is disputing it and why, and what steps you can take to refute their actions. Keeping detailed records of your transactions will make sure you always receive the money you deserve in these circumstances. For any help you may need in these processes you can call our customer support line at 1-877-626-8320
What is a Monthly Minimum Fee?
A monthly minimum fee is the minimum amount we must collect for processing each month. Usually, you will only ever see this fee if you don't use the machine, as during normal processing, you cover this entirely for the month.
What is Qualified, Mid Qual, Non-Qual?
A Qualified charge is a regular credit card that is physically run through the machine and batched out the same day. A mid-Qualified charge is one that is keyed in or a rewards type card that is physically swiped. A Non-qualified charge is a business card or one with no limit. Each has a different discount rate all of which we make clear to you, many other businesses hide these fees and THIS is where people most often run into trouble. We are upfront with our customers every step of the way.
What is a Gateway Processor?
A Gateway Processor is simply the company we use to supply you with a online terminal, should that be something you choose to use.
What is the Address Verification System?
The Address Verification System (AVS) is a security measure we use in all our machines that checks the persons card address against a zip code or full address you supply. This ensures less fraudulent charges, and is there to protect you.
What is a Authorization?
An Authorization is a hold you can place on funds to make sure they are available without actually charging your customers, this holds will last for two days in which you can cancel the hold or run a full transaction for the amount you held.
What is a Settlement/Batch?
Settling or Batching refers to the transfer of terminal information to the bank. Basically, when you run a card, the information is stored in your terminal but the money is not actually removed from your customers account. Once you batch out at the end of your business day, all of that information is sent to the proper banks, so your can receive your money. Most of our terminals are actually set to handle this process for you, so you can run your cards and be assured you are receiving your money without any extra steps.
What is the difference between a Void and a Refund?
A void will delete a transaction from a terminal. This would be used if the transaction was run the same day you want to refund it, this way, no money is ever moved, avoiding lengthy turn around times for you and the customer. A refund would be used if you have already batched and already received the customers money in your bank account. These will take 24-48 hours to process.