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Find answers about PayWorld Credit Card
Merchant Accounts and Services |
Do I
need to pay to apply for a credit card merchant account?
No, there is no
charge to submit the online application, regardless of
whether your application is accepted or rejected.
Do you charge a
Merchant Account setup fee?
On successful
approval of an application – and if you wish to proceed,
you will incur a one off setup fee to cover
administration and technical costs.
After approval, how long will it be before can I
start taking online payments?
We will endeavour to your have merchant account
setup and ready to take online payments within 48 hours
after your application has been approved. However, this
is dependent on how quickly you can integrate
the shopping cart software into your web application.
When do I get paid?
Weekly, we settle all our payments at the start of
each week.
What extra equipment will I need to purchase?
You will not require any additional hardware or
resources; you will either have a Virtual Terminal or a
software solution (API) that can be integrated directly
into your existing shopping cart to give real time
authorisation and processing.
Are there any additional
charges?
After your initial
setup costs, there will be no recurring charges or
membership fees.
Are there any hidden costs?
There are no hidden costs that will appear at a later
date, what you see is what you pay.
Which countries can you provide merchant accounts
for?
We can provide merchant accounts in almost every
country; Some countries we currently working with:
United States, Canada , Venezuela, United Kingdom,
Germany, France, Norway, Denmark, Belgium, Sweden,
Netherlands, Greece, Cuba, Russia, India, Pakistan,
Italy, Hong Kong, Singapore, Philippines, Thailand,
Indonesia, Cyprus, China, Peru, Bahamas, Brazil and
Malaysia any not listed – please email us.
Which countries can I sell to?
Our merchant accounts allow you to accept payments
from customers all over the world as long as they are
pay using a Visa or MasterCard. (American Express and Discover on
request).
What details will
appear on the customers credit card statement?
Your order reference and or company name will appear on the customer’s statement.
However this can be customised to the customers
requirement through the PayWorld Gateway.
What is a Payment Gateway?
A Payment Gateway is an eCommerce application
service provider that will sit between your website and
the bank. It facilitates the transfer of the buyer's payment
details (credit card and addresses) to the acquiring
bank to authorise the payment. All merchants require a
Payment Gateway to be able to accept payments online.
How long does it take to setup the gateway?
The normal setup time for the Payment Gateway for most
merchants is 24 hours.
How can I take payment for goods/service?
You can either take payment using a virtual terminal where you enter the payment details manually
into an online system.
Or, you have an integrated Payment Gateway that is
attached through software to your online ecommerce shopping basket and
the payments are processes automatically.
I have an existing merchant account with a
different merchant account provider?
We can allow you to transition your merchant account
onto our Payment Gateways – so you can start processing
payments immediately.
Is there any long term contract or cancellation
fees?
We do not impose any long term contracts or
cancellation fees.
Is their any recurring billing options available?
Our system can allow recurring billing on to charge
customers on daily, weekly, monthly and annually. You
can totally customize this option to your individual
requirements, and you can get the number of payments, the
amount, the frequency of the recurring billing.
Is your gateway compatible with any shopping cart or
ecommerce website?
Basically, yes. We have never had a merchant that
could not integrate the Payment Gateway
to their shopping cart. Our Payment Gateway can be setup
with all websites written in any
language, as your website would be configured to post
the payment data to our gateway through an XML API. Please enquire
if you would like to find out more.
Is the Payment Gateway
easy to integrate into my website?
Yes, we provide all the relevant documentation and
source code - and can usually be integrated into your
website within a few
hours. The full detailed instructions are emailed to you
as soon as the Payment Gateway is setup.
How long does it take to setup a merchant
account?
We can provide our merchants with merchant accounts
and Payment Gateways with 48 hours if we get the
complete information within the application
form promptly.
Is my business high risk or low risk?
The "risk" associated with Merchant
Accounts (High risk, low risk etc.,) is determined from
the nature of the business; businesses that are normally
classified as high risk usually include adult websites,
gambling, Casino, pharmacy...etc. These types of
business will have a high chargeback and refund
possibility, as customers may not be happy with their
purchase. Businesses that are considered to be possible
fly-by-night businesses can also be considered to be
high risk. Low Risk is generally normal retail business
trading on the internet.
How old do I have to be to obtain a merchant account?
You must be at least 21 years of age and you must
provide proof of ID.
What are the benefits of having a merchant account?
Merchants
can have total flexibility of how they would like their
online store to function as well as getting one flat
processing rate for credit card transactions, whereas
normally companies are issued with approximately 30
different rates for each different type of card.
You may be able to get a better discount rate through
PayWorld saving you money. Merchants can also have their
funds transferred into any account worldwide - offshore
account - to get additional taxation benefits.
Are you cheaper than other merchant account service
providers?
If you have seen our fees and discount rates, we are
cheaper than the majority of our competitors who are
currently operating within the market place. We can
offer in some cases up to 1.1% cheaper rates than other
merchant service providers. See our merchant rates, fees
& services comparison list on
the home page.
What is the minimum / maximum
order value that customers can pay?
We have no maximum transaction value, but we do have
a minimum transaction value. The minimum transaction
value (in US Dollars) must exceed $1.00
What type of goods can I sell online through this
merchant account?
Our merchant accounts are suitable for merchants who
wish to sell downloadable content (in digital format,
usually emailed / downloaded) and physical products or
services.
How would I process refunds to customers?
You would need to contact customer services and provide
details of the relevant transaction. PayWorld
will then refund the customer on your behalf.
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Some technical jargon explained… |
Merchant
Accounts
For businesses requiring to process credit card
transactions.
Chargeback's
A Chargeback is a reversal of a credit-card transaction,
as viewed from the perspective of the merchant. It
usually occurs when a consumer files a complaint with
their bank or credit/debit card provider. This usually
happens when a consumer discovers fraudulent
transactions on their statement.
The bank will investigate complaints, and will "take
back" the value of the original transaction, together
with an additional fee (from $0 to $50 USD, depending on
the bank/provider used) directly from the merchants
account, unless the merchant can prove the transaction
was legitimate.
Sometimes the consumer complaint is untrue, and their
refund claim gets denied. In these situations, the
merchant will sometimes still be charged processing
fees.
If a merchant experiences too many chargeback's - they
may be put onto the Terminated Merchant file.
Terminated Merchant File
or Match File
When consumers do not honour the terms of their credit
agreements, the creditor may report the default to a
credit reporting agency. If the consumer applies for
additional credit, the new creditor obtains a credit
report and learns about the consumer’s previous history.
The merchant processing banks (also known as "acquiring"
banks) do not have a similar credit-reporting agency
available that can report information about the way that
a business handles its merchant processing
responsibilities. The card associations, instead, use a
file known as "MATCH." The MATCH File is a database
file, previously and most commonly known as the
Terminated Merchant File "TMF." This file is used by
MasterCard and Visa processing banks, known as
"acquiring banks," to identify specific merchants and
principals who have already been terminated. Once a
merchant is on this list it is highly unlikely that
future merchant account applications will be approved.
The "TMF", or MATCH list, is essentially a BLACKLIST
from which it is almost impossible to be removed.
Rolling Reserve
(Reserve Fund)
A Rolling Reserve maybe required for some merchants due
to the nature and history of their business.
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