| Premier Account FAQ's 
How much does the Premier Account cost?
The
cost of this service is minimal. There are no upfront deposits, no minimum monthly
volumes to maintain, and no extra processing fees to pay to the bank. You simply
pay setup and monthly fees, then a small fee for processing each of your transactions.
For more detailed information and compare the Premier Account with the
Optimal and World Accounts please click here
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How do I get paid? By providing your payment
information, you permit funds owing from your merchant account to be automatically
deposited, be electric funds transfer, into the bank account that you specify
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When do
I get paid? Payment is issued weekly,
5 days in arrears
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Can I use my existing merchant account with this service? No.
The Premier Account unlike the World Account is an integrated merchant account
service. In addition to the processing of transactions, the credit card processing
tracks information to automatically record credit card payments and credit card
expenses. This means it is designed to connect exclusively to merchant accounts
issued by ourselves
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I use a Virtual Terminal without a website? Yes.
If you don't have a web site we can activate your Merchant Account for your 'traditional'
business, so you can start taking credit card payments directly from customers
or by phone, fax, mail-order etc.
For more information please visit
here
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Providing false details and business descriptions A
number of businesses try to apply using false details and/or business descriptions
e.g selling DVD's but in fact selling medication. As you can imagine this wastes
alot of time for all parties involved, most importantly us. This practice
is illegal and is classed under UK law as 'trying to acquire products
or services under false pretenses'. For this reason, anyone caught doing
so will not only have their business details past over to the appropriate authorities,
but will also be charged a £150 + VAT Fee Any company
who changes their business model must inform us as soon as possible, otherwise
their account could be closed with immediate effect and no refund given
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What is a transaction fee? Bank card issuing
associations charge a percentage of the sale for the use of their cards and this
amount is referred to as a transaction fee. The percentage paid by the merchant
may vary depending on the monthly sales volume, the average sale size and whether
a transaction is processed with or without the card being physically present. The
Premier Account offers a competitive transaction fee of only 3.99%. In addition,
there are no upfront deposits and no minimum monthly volume requirement
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What
is a gateway fee? A gateway fee is applied by the
transaction processor to cover the costs of receiving and processing the transaction.
While a transaction fee is a contribution for the convenience of accepting credit
card payments, a gateway fee pays for the use of the infrastructure to receive
payment information, request authorisation from the customers bank, transmit the
authorisation information to the merchant and to facilitate payment of the merchant.
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What is a rolling reserve? Many banks require
a non-interest-bearing deposit equal to 1 or 2 times the average estimated monthly
credit card sales by a merchant. This can pose a substantial barrier to accepting
credit cards for some merchants. The purpose of this deposit is to cover any purchase
refused by a customer and for which the customer's credit card issuer refuses
to pay (a chargeback). To overcome the barrier of a large cash deposit,
the Premier Account includes a rolling reserve. This reserve, equal to 5% of each
purchase, is held for 6 months after the sale. If a purchase is charged back by
the customer's credit card issuer, the amount of the chargeback and any chargeback
fees will be deducted from the rolling reserve. After 6 months have passed, any
amount remaining in the reserve from the purchase will be paid to the merchant.
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What is a charge back? A chargeback
is a reversal of a sales transaction by the customer's credit card issuer. Chargebacks
most often occur when a cardholder disputes a transaction and you, the merchant,
cannot provide adequate proof that the transaction made to a cardholder's account
is valid. A chargeback can also result from processing errors, authorisation issues,
and/or any other transaction irregularities. When a purchase is charged
back to the merchant, a £15.00 fee and any fees charged by the customer's
credit card issuer will be deducted from your account in addition to the value
of the sale.
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How can I avoid a chargeback? It
may not be possible to prevent all chargebacks. However, the Premier Account has
attempted to reduce the number of chargebacks. First, the merchant's business
name will appear on the customer's credit card statement. This reduces the risk
of a customer not remembering the purchase. Second, a team of chargeback analysts
review chargeback notifications and dispute a proposed chargeback where evidence
exists. As a merchant, you can help by ensuring that the name you register
for the service is the name under which your business operates. You can also help
by having your customers sign a sales receipt if they provide their credit card
to you in person. Finally, if you are shipping goods, be sure to use a shipper
that provides confirmation of delivery. A signed sales receipt or a confirmation
of delivery will assist our chargeback analysts in disputing proposed chargebacks.
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How do online payments get into my bank account? By
providing your bank account number, you permit funds owing from your merchant
account to be automatically deposited, by Wire, into the bank account that you
specify.
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What are the costs for the wire transfer? Remittances
(money paid to you) are made by weekly Wire and a fee of £15 is charged
per Wire. To soften the blow, we can extend the interval between payments if you
would like to reduce costs, for instance, we could remit every 2 weeks, so that
would mean £30 rather than £60 or even once a month which would reduce
the cost to £15
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Is
there a minimum remittence amount? Yes,
a minimum remittence amount of £200 is applicable
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Can I use a PO Box or Free phone, local rate number etc? Due
to security, money laundering and privacy issues you must supply a land address
and phone number when completing the documents. You may however, use a
PO Box and a free phone or local charge number such 0845, 0800 and 0870 number
etc. on your website Top...
Can I use my merchant account with other websites? You
may use your merchant account with other websites as long as they are selling
similar products or services. Please note though that due to the potential high
risk of chargebacks the business name that appears on the credit card or bank
statement must match your website. For example if you have set-up an account using
the business name 'DVD's R US' but are also selling picture frames on another
website, and you wish to sue the same account, this would cause problems. For
this reason you would need to set-up a second account If you would also
wish to have monies paid into seperate accounts, depending on which website someone
has paid you, you will need to have different merchant accounts. We are unable
to split monies from one merchant account into different banks accounts Top...
Can I put monies owed to me into different bank accounts? If
you wish to have monies paid into seperate accounts, depending on which website
someone has paid you, you will need to have different merchant accounts. We are
unable to split monies from one merchant account into different banks accounts Top... | 
