|
Frequently Asked Questions
- Q:
- Will I be approved?
- A:
- Yes. The processor has agreed to approve all SOHO associates unless they have current tax liens against their bank account, a current bankruptcy, or have been placed upon the Terminated Merchant List. If declined for any of these three reasons the SOHO associates will receive a full refund.
- Q:
- Can I sign up without a business checking account?
- A:
- Yes. The processor has agreed to allow SOHO associates to process with a personal bank account and can change the bank account at any time by simply faxing a voided check to PayFlex from the new bank account. There are no additional charges for this service.
- Q:
- Can I sign up without a business name?
- A:
- Yes. The SOHO associates can also start with just their personal information and change to a business name at any time. Again just by faxing the new information to PayFlex. (No charge.)
- Q:
- What does the 2.5% and 30-cent transaction fee mean?
- A:
- These are the fees that Visa / MasterCard charges to process each transaction. These fees are in addition to the $39.95 monthly fee. If a merchant does a $100.00 transaction, Visa / MasterCard will charge them $2.50 + .30 for a total of $2.80.
- Q:
- What does the $39.95 monthly fee include?
- A:
- The $39.95 covers the monthly statement fee, the monthly minimum processing fee, data input fee, and fax communication cost. No equipment cost with Easystart. (Other processors typically charge a statement fee of 10-12 dollars, and a monthly minimum-processing fee of 15-25 dollars in addition to the equipment lease fees of somewhere between 39-79 dollars. Cost with other providers typically range around $100.00 per month when you add all the fees together).
- Q:
- When will the $39.95 be deducted from my account?
- A:
- PayFlex has two ACH periods when they collect the funds. One at the first of the month and one in the middle of the month. The funds will start one month from the sign up date closest to the next ACH period.
- Q:
- Can I use this system for any business that I own?
- A:
- Yes, as long as the business name is the same. (This is one reason a generic name is important. BAR Enterprises could be any type of business, where Bob's Auto Repair is limited).
- Q:
- I already have a merchant account. Can I just use it for my new business?
- A:
- It depends. If you were approved for retail only and start doing non-retail transactions your current processor could shut you off. If you were approved for phone or mail order, you should check your rate. The rates PayFlex have quoted are below industry standards for mail/telephone type merchants. The PayFlex merchant account is approved for 100% phone or mail order type merchants.
- Q:
- I already have a credit card terminal from a previous business, can't I just use it?
- A:
- Yes. Just call PayFlex and tell them what type and model of terminal you have and a program will be built for it. A PayFlex technician will call you and download the terminal and train you over the phone.
- Q:
- If I choose to switch to a credit card processing terminal or Software what is the cost?
- A:
- PayFlex sells credit card processing software for $780.00 or a credit card processing terminal and printer for $1050.00.
- Q:
- What credit cards can I accept with this system?
- A:
- Visa and MasterCard are automatically approved. PayFlex will also apply for (at no additional cost) American Express and Discover merchant accounts (although everyone is not automatically approved). These merchant numbers are issued on a case by case basis.
- Q:
- Now that I have signed up, what happens?
- A:
- Your merchant account will be setup the following day after sign up and your information will be programmed into a credit card processing software located in the PayFlex central computer.
If you get credit card transactions from your customers you can process them immediately. (Visa / MasterCard only) just fill out the fax in form and fax to PayFlex. PayFlex will process the transaction and fax the results back.
You will receive a package within 7 to 10 days of signup that includes an American Express form, and other documents for your signature. The forms will be highlighted in the areas that require a signature. Sign them and return to PayFlex as soon as possible.
Back to Merchant Account Info
CLICK HERE
to get started today!
|
|
