The average approval time for a merchant account ranges between 2 and 3 business days. Occasionally, the underwriter may request additional information. This can extend the timeframe for new account approvals, but typically only adds another 1-2 days onto the process.
What Supporting Documents are Required?2022-04-06T13:51:35+00:00
The exact rate will vary depending on the classification of your business (low, medium or high-risk). Once you completed our online application, you will receive an instant quote via DocuSign. We always try to save our merchants money on payment processing fees by eliminating miscellaneous fees.
A chargeback occurs when a cardholder disputes a transaction on their account. When this happens, the bank that issued the credit card investigates the matter on behalf of the cardholder. Upon discovery of a fraudulent transaction, the issuing bank returns the funds to the cardholder. If a merchant cannot prove that the transaction is legit, the processor will charge a fee (chargeback fee) and subtract the amount of the transaction in question from the merchant’s bank account.
What are the Reason Codes for Chargebacks?2022-04-06T14:02:26+00:00
Whenever a customer files a chargeback claim, they need to explain to their credit card company why they are doing so. These reasons are known as chargeback codes. There are four main chargeback codes: quality, clerical, technical, and fraud.
Quality covers things like receiving substandard or faulty products. It also covers cases where the customer never received their purchased item.
Clerical chargebacks include duplicate billings, over-excessive service charges, and non-issued refunds.
Technical chargebacks may be filed if the customer doesn’t have enough credit remaining on their card for the purchase to go through, or if there was a processing error during the transaction.
Lastly, and most common of all, fraud chargebacks apply when someone else made a purchase using the customer’s card. As you can likely already guess, these chargebacks are the most common because they are very difficult to disprove. Quality chargebacks are also fairly common, although these are slightly easier to dispute in many cases.
What are Chargeback Thresholds?2022-04-06T13:58:39+00:00