Web Payment FAQs
Q: Which credit card types are accepted through Web Payment Software™?
A. Web Payment Software™ can be setup to accept all major credit cards: Visa, MasterCard, American Express, Discover, JCB, and Diners Club. If you are processing through your own business merchant account, you’ll want to ensure that your merchant account is also setup to accept the types of cards that you want accept. Read more about merchant accounts here.
Q: What is an online ‘merchant account’?
A: An online merchant account is an account at a banking or processing institution that allows you to accept credit card payments online through your Web site. The team at Web Payment Software™ specializes in setting up the right account for your online business and connecting you with the right processing partner to best meet your needs and get you the best rates!
Q: Why are rates higher for Online, Mail and Telephone Order transactions?
A: If you have a business where you’ve processed face-to-face transactions (a brick-n-mortar store or using a card swipe machine), you’ll find that rates for accepted credit cards online are slightly higher. This is because face-to-face transactions where the credit card is swiped and a signature is collected are considered less risky by banks. Since this is the case, rates for face-to-face transactions are a bit lower as the instances of fraud and chargebacks are a lot less.
Q: How long does it take to get setup to accept credit cards online?
A: The turnaround time for a new merchant account can and can take as little as 24 hours (if you are prepared to provide the necessary business information to your processing partner) to two weeks. Very high volume, International merchant accounts and those businesses considered “high risk” (tobacco or alcohol sales for instance) may take longer to process. However, Web Payment Software™ prides ourselves on quick turnaround times and we’ll work hard to get you up-and-running in no time.
Q: When are funds usually placed into my business checking account?
A: The typical time period is 2 to 3 business days.
Q: What is a chargeback?
A: A chargeback occurs 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.
Q: What is a monthly minimum fee?
A: The monthly minimum fee is a processing fee that is collected by your bank if you do not have enough transactions for the month to equal or exceed this minimum amount of charges. So, for instance, say your monthly minimum fee is $25, if your transaction and discount rate fees for the month 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.
Q: What is a discount rate?
A: Discount rates are basically 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.
Q. How do I apply?
A. Getting started is easy. Simply fill out our online application form. A Web Payment Software™ representative will get in touch with you promptly to walk you through the application process.
Q. Is my application information confidential?
A. Absolutely. The only people who review your information are those who need to approve your application.
Q. How long does the approval process take?
A. Accounts can be approved in less than 3 business days; however, some accounts may take longer to approve.
Q. Will I have to sign a contract?
A. Yes, we'll ask you to sign a standard merchant account agreement--the same kind that's used throughout the payment processing industry.