ACE MERCHANT SERVICES
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FAQ
1. How long does the approval process take?
Once your application has been submitted, it will be processed in 24 hours or less! If your account is approved, your equipment or software will be shipped immediately.
2. How soon will I get my money after the transaction is processed?
After the batch is closed, the money will be deposited to your account the next day. Sundays are excluded, however; Sunday transactions are deposited on Tuesday.
3. What is the discount rate?
The discount rate is the fee merchants pay to the acquirer for processing services that allow the merchant to accept bankcards as payment.
4. What is “Interchange fee”?
In short, interchange fee is a percentage applied to the dollar value of each transaction.
There are several categories of interchange; different bankcard issuers have their own criteria for their own categories.
A transaction must meet the stated criteria for a category for the category’s rate to be applied. Each transaction is individually evaluated, various interchange rates may apply within one batch of transactions.
5. What is “NPF”?
NPF is the abbreviation for “Network Participation Fee”, this is also referred to as “Fixed Acquirer Network Fee” (FANF). Effective 1st, April, 2012, Visa began to apply these fees to all settled (batched out) U.S. issued Visa credit card and Visa debit card transactions process by U.S. based merchants.
The fee amount will vary from merchant to merchant. It is calculated by Visa based on several factors such as:
Number of Tax ID’s
Card Present vs Card Not Present
Merchant Category Codes
Number of Locations
Visa Gross Monthly Sales Volume
6. Do I have to be PCI compliant?
Yes, any merchant who accepts credit card payments need to comply to PCI-DSS rules.
The PCI-DSS rules are:
Install and maintain a firewall configuration to protect cardholder data
Do not use vendor-supplied defaults for system passwords and other security parameters
Protect stored cardholder data
Encrypt transmission of cardholder data across open, public networks
Use and regularly update anti-virus software or programs
Develop and maintain secure systems and applications
Restrict access to cardholder data by business need to know
Assign a unique ID to each person with computer access
Restrict physical access to cardholder data
Track and monitor all access to network resources and cardholder data
Regularly test security systems and processes
Maintain a policy that addresses information security for all personnel
7. What are the charges for PCI compliance?
When you process with us, we provide free PCI compliance validation!