FREQUENTLY ASKED QUESTIONS
Q. Can I continue to use the same interface (IC-Verify, PC Charge, authorize.net, etc.) when I switch?
A. Yes. Paymentech supports nearly all credit card interfaces currently available.
Q. Our software vendor requires that we use an authorize.net account set up with them. Is this a problem?
A. Not a problem at all! You may continue to use whatever interface (internet gateway or otherwise) that you're currently using.
Q. Besides Interchange Pass-Through and low service fees, are there other ways you'll save us money?
A. Yes. We'll continuously monitor, and periodically review, your processing activity to ensure that the quality of your transactions aren't deviating significantly from the norm. If you suffer from excessive downgrades, for example, we can suggest operational adjustments to reduce their frequency, lower your costs and ultimately add profit to your bottom line. Because these downgrades are usually a profit center for the MSP, they're not at all motivated to help you reduce them. In our case, however, since we're passing these fees through "at cost," saving you money doesn't cost us anything.
Q. Our company has a high average ticket and a low transaction volume. Can you still work with us?
A. Yes, although this scenario forces us to deviate a bit from our standard business model. We'll determine the ideal blend of interchange markup and per transaction fee to ensure the account is profitable while keeping your processing costs as low as possible. This markup, say 20 basis points (0.20%), would apply "across the board," so you'll still enjoy the benefits of the IPT model while avoiding an excessively high per transaction fee.
Q. Won't our current Merchant Service Provider get mad if we switch?
A. Probably ;-). Just make absolutely sure your contract doesn't have an early-termination or other penalty clause! If so, make sure you understand what the cost to "switch" would be so you can determine if and when it would be worthwhile. Keep in mind that we have no contractual commitments and you should never, ever agree to one in the future.
Q. We're using Paymentech as our processor now. Can you still save us money?
A. Yes, unless you're working directly with Paymentech on their Salem, NH platform. If, however, you're working with a MSP who uses Paymentech on the back-end, you can probably save money switching to us. Just compare our rates and go from there.
Q. Our merchant account goes through our primary banking relationship. That means we can't switch, right?
A. Not at all! Your merchant processing proceeds will be automatically wired to your main bank account, so any daily or average balances you must maintain will remain intact. Recognize that banks routinely bully their commercial customers into believing they must maintain a merchant account to remain "in good standing." Don't believe it. Your business is important to them and there are many banks that would gladly compete for it -- with or without a merchant account. It's your right (and duty) to save your company money wherever and however you reasonably can. This may be your quickest and easiest way to add to the bottom line.
Q. How fast can we make the switch if we move on this right away?
A. After we receive a completed merchant application, approval typically takes 48 hours. Setting up activating your account takes another day or two at most. NOTE: You shouldn't experience any disruption in service.
Q. Can we get help on nights and weekends if we have a processing question or problem?
A. We offer support 24 hours per day, seven days per week, 365 days per year. There's always someone available to assist you and there's no extra charge no matter when or how often you need our help.
Q. Can you guarantee that you'll save us money if we switch to Simplified Merchant Services?
A. The cost to establish, activate and service your account comes entirely out of our pockets. We don't charge you a nickel. And, unlike many vendors, we won't ask you to sign a contract to lock you in. Instead, we expect to continually earn your patronage by providing exceptional service and unbeatable pricing. If ever we fail to do so, you're free to open an account elsewhere -- without penalties of any kind. We would appreciate five days notice so we can close your account in an orderly way. But even that is entirely at your discretion.
A Versatalis and Paymentech Strategic Partner
interchangeonly@gmail.com
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