Frequently Asked Questions

Woman shopping online with credit card

CAN I PROCESS ON MY PHONE OR TABLET OR DO I NEED A PHYSICAL TERMINAL?

Processing is available for these devices but all technology and compliance requirement have not caught up with the technology as of yet.  Tablet or phone devices are becoming popular ways to capture payment data.  Make sure you are not storing card data.  Update your operating systems and apps regularly.  Install anti-malware and antivirus software for your apps to help keep them clean.  Finally, set a password for that device to keep unwanted users out your payment systems.

WHAT IS EMV?

Named after its original developers (Europay, MasterCard® and Visa®), this technology features payment options (cards, mobile phones, etc.) with embedded micro chips that store and protect cardholder data. EMV chip technology is becoming the global standard for credit card and debit card payments. This standard has many names worldwide and may also be referred to as: chip and PIN or chip and signature.

HOW CAN I TELL IF MY BUSINESS IS PCI COMPLIANT?

Your business will receive annual reminders to check and update your PCI requirements.  Maintaining compliance is part of the privilege of accepting credit cards and is meant to protect your and your customers from fraud.

Secure computer networks, encrypted cardholder data, updated hardware, security and software, data access controls are the pillars of PCI compliance.  Monitoring and testing these systems is an important process to keep you compliant.  You can outsource your compliance testing – but do run the annual tests.  Lastly, train your employees who handle credit cards on all the procedures that protect you and your customers. Once again, don’t make the mistake that you are not required  to be PCI compliant.

WHY DO I NEED TO BE PCI COMPLIANT?

The simple answer is for the protection of your business and your customers.  Following the procedures and security measures outlined in the PCI compliance guidelines will protect the safety of your digital network reducing your liabilities in the event of a data breach. PCI DSS standards apply to businesses large and small and are required by all major credit card companies.

HOW LONG DOES THE APPLICATION PROCESS TAKE?

A typical application can take 24 hours to approve once we have gathered all the documents the underwriting department requests.  Its an easy process and our staff manages all the communications for you.

HOW MUCH CAN YOU SAVE ME?

The amount of money we can save you depends on the volume you process, how you process the cards, and if you are a retail client or a B2B client.  It is our goal to save a retail client over $50.00 each month, whenever possible. In B2B we are special because we integrate with data sources and have the ability to save a significant amount of money by using a business consulting process.  We provide an interchange management model that not only checks or downgrades fees, but we also verify with over 600+ interchange categories to ensure your account is qualifying with the lowest interchange fees as possible.  Consider this, the average B2B account processes $250,000 in monthly volume.  With a competitive interchange rate of 2.7%, once we offer the interchange processor savings we can find an average of $1,000.00 in monthly savings. This is a $12,000.00 per year savings on average.

WHAT ARE THE FEES ASSOCIATED WITH MERCHANT PROCESSING?

Our merchant fees are all customized to meet the needs of our clients. We work directly with the pricing the is established from Visa, MasterCard and Discover called Interchange Plus and we consider ourselves one of the most competitive ISOs in the industry because we write paperwork with multiple providers.

HOW DO I KNOW I’M GETTING THE BEST MERCHANT PROCESSING RATES?

Your rates may be assessed in number of different ways. A valuable merchant service relationship will begin with education and transparency regarding your merchant account options and rates.   This education process is normally cut short and where many misunderstandings arise.

  • Discount rate – fee for each transaction – shared by acquiring bank and merchant services provider, sometimes includes interchange rate
  • Interchange rate – fee set by card companies and shared with issuing bank of the cardholder
  • Qualification category and or tier – Qualified, Mid-qualified or Non-qualified transaction, normally used to group the 125 categories, to simplify fee structure, this is where you should ask the most questions and understand the level of transparency of the fees being charged
  • Other factors: Volume, Product or Service provided, Purchase method, American Express pricing plans and volume and accounting integration processes.

Make sure you feel comfortable with your merchant services representative and their explanation of programs and fees.  Assistance with cash flow management is dependent on a valued relationship.

HOW CAN I STORE INFORMATION FOR RECURRING BILLING?

Storing recurring payment transaction data must be done very carefully.  The data must be encrypted, held on secure networks, workstations and servers, have limited access by users and password and antivirus updates regularly.  Visa has more on PCI and Recurring Payments.

Do you need to store data for recurring transactions?  Check out EvolvePay.

 

We rely on partner companies like Evolve Systems to provide additional expertise in different segments of cash management services. Our clients prefer to know that they have local support for their merchant processing, and the team at Evolve Systems is just that — a team of local, supportive experts. They are always willing to go on joint sales calls too, which takes the pressure off of me to be an expert in credit card services. I trust the team at Evolve Systems to always do what is in the best interest of our clients. If you haven’t brought an Evolve team member with you on a joint call, I encourage you to set one up. You and your client will be impressed with their professionalism, expertise, and responsive, hands-on service.

Mary E. Stoick
Vice President - Business Banking