The underwriting department is responsible for reviewing and evaluating merchant account applications for approval. This department assesses the risk involved in providing a merchant account to a business and makes a decision on whether or not to approve the application. The underwriting department performs a thorough evaluation of the business, including a review of the […]
PayPal may shut down an account if it determines that the account holder has violated its acceptable use policy or any other terms of service, or if the account holder is engaging in activities that may harm PayPal or its users, or if the account holder is in violation of any laws, regulations or guidelines […]
Stripe may shut down accounts for a variety of reasons, such as violation of its terms of service, suspicious or fraudulent activity, or failure to comply with regulatory requirements. If an account is shut down, Stripe will typically provide the account holder with a reason for the shutdown and information on how to appeal the […]
ClickFunnels is a website and sales funnel builder. It is designed to help businesses create and optimize their online sales process. The main features of ClickFunnels include the ability to create landing pages, sales pages, and entire sales funnels, as well as integration with email marketing and payment gateway services. It also includes features such […]
A payfac, or payment facilitator, typically works by providing merchants with a simplified process for setting up and maintaining a merchant account. This can include handling the application and underwriting process, managing compliance and regulatory requirements, and providing payment processing and fraud prevention services. When a merchant wants to start accepting credit card payments, they […]
Interchange Plus and Tiered pricing are two different pricing models that merchants can choose from when it comes to credit card processing. Interchange Plus pricing, also known as “cost plus” or “pass-through” pricing, is a pricing model where the merchant is charged a fixed markup on top of the actual interchange rate, which is the […]
Merchant accounts are classified as low risk, mid risk, or high risk based on the level of risk associated with the type of business and its history of chargebacks and fraud. Low risk merchant accounts are associated with businesses that have a low likelihood of chargebacks or fraud. These businesses typically sell low-cost, tangible goods […]
An invoice is a document that a business sends to a customer to request payment for goods or services provided. It typically includes details such as the customer’s contact information, a description of the goods or services provided, the total amount due, and the payment terms (e.g. due date). Invoicing can be done manually, using […]
Payment Card Industry (PCI) Data Security Standard (DSS) is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. PCI compliance is required for any company that handles credit card transactions, regardless of the size of the business or the number […]
A virtual credit card terminal (VCCT) is a software-based solution that allows businesses to process credit and debit card payments through a web-based interface or mobile device. Instead of using a physical credit card terminal, a VCCT allows businesses to process transactions using a computer, tablet, or smartphone. VCCT can come in many forms, it […]
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