Wednesday, June 29, 2016
Frequently Asked Questions


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Who is Concierge Payment Systems?
Concierge Payment Systems is a private company that offers a variety of payment processing solutions to its clients.  As a registered MSP/ISO we have the expertise needed to provide outstanding products, services and customer care to our clients.  

How is Concierge different from other payment processing providers?
We operate under the philosophy that we work for our clients.  They are the reason we exist and only when they are happy with our service and processing transactions do we get compensated.  We don't work for a bank or a service provider.  We choose to partner only with industry leading providers that offer best-in-class solutions and share our philosophy.

What are Interchange fees?
Represent a small percentage of the dollar value; reimburse the issuer for the risk of loss (fraud and credit losses) and the cost of processing the transaction. The interchange fee makes it possible for issuing banks and acquiring banks around the world to exchange transactions and settle financially on a standardized and consistent basis. 
  
What is a discount rate?
A discount rate is a fixed rate that is deducted from a purchase when a sale is processed. 

Are there different types of discount rates?
There are many different types of discount rates depending on how a merchant account rate plan is structured.  The most common discount rates, which are part of a tiered rate plan, are Qualified, Mid-Qualified and Non-Qualified. Tired rate plans can have as many as six discount rates.  Other rate plans, such as Interchange Cost Plus structures, have only one discount rate.

What is a transaction fee?
A transaction fee is a applied to each transaction that is processed through a merchant account.  This fee is not affected by the size of the transaction.  Typically, credit cards and debit cards have different transaction fees.

What is a batch "header" fee?
This fee applies each time a group (or batch) of transactions are transmitted for settlement.  Settlement, also known as closing, is typically performed at the end of each business day.

What is a chargeback fee?
A chargeback fee is charged when a chargeback is processed against an account.  A chargeback is most commonly a credit card transaction that is billed ("charged") back to the merchant after the sale has been settled.  It is always initiated by the bank that issued the card which the cardholder used to pay for their purchase.   The chargeback fee covers the administrative work involved in handling the chargeback process.

What is a retrieval fee?
A retrieval fee is charged when a retrieval is processed against an account.  A retrieval request occurs when a card issuer requests a copy of the transaction information document, a sales draft, or a terminal receipt of a payment transaction.  This is typically performed based on an inquiry from the issuer's cardholder.  The retrieval fee covers the administrative work involved in handling the retrieval process.

I already have a credit card terminal.  Can it be reconfigured to work with Concierge Payment Systems?
Typically, we are able to reconfigure existing terminals to work with the new merchant account. Our merchant account support all of the major equipment brands and models.  In some cases, if the existing equipment is no longer supported because it is not compliant with current PCI Security standards, we will work with you to replace your terminal through a purchase, rental or lease arrangement. 
  
Do you offer online reporting so I can see a transaction or deposit without having to wait for my monthly statement?
Yes,  We offer the MerchantConnect reporting system that provides accurate, detailed reporting 24/7.
Learn more.

How quickly will I receive the funds after I process transactions?
With most processors, you will receive your funds within 48 hours, some may push this out as far as 72 hours.  Concierge Payment Systems can setup an account that will allow you to receive your funds within 24 hours.  This is called next-day funding and it will work with any bank account that can accept ACH debit and credits.

Do I need to change my bank account?
No.  You may use your existing bank account as long as it can accept ACH debits and credits. 

Who can I call when I have questions about my statement, rates, or want to make changes to my account?  What are their hours?
Our customer care department is available 365 days a year 24/7 to answer your questions.  They may be reached at 1-800-725-1243 or via email at customerservice@merchantconnect.com. 

Can I accept payment through my website shopping cart?
Yes, in most cases.  We can setup a merchant account for website shopping carts and other e-commerce solutions. 
Learn more. 

Can I use my iPhone, Android or Blackberry to accept payments?
We can provide a complete mobile solution for all of these devices whether you want to swipe cards or simply key the card data without a card swiper.
Learn more.

If my business is seasonal, what fees do I pay when it is closed?
None.  Your account can be setup to go dormant during the months you are closed.  All you have to do is let us know when you want to make your account dormant and we will stop ALL fees, including any fixed or minimum fees, until you let us know you are ready to process again. 

How long does it take to be approved for a merchant account?
In most cases accounts are approved within 24 to 48 hours. 
  
Can I be approved id my credit is not perfect?
Yes, in most cases.  We can accommodate a wide range of credit scores and will work with merchants who have credit challenges to find them a solution.

How will I receive the funds after I process transactions?
With most processors, you will receive your funds within 48 hours, some may push this out as far as 72 hours.  Concierge Payment Systems can setup an account that will allow you to receive your funds within 24 hours.  This is called next-day funding.

What payment cards will I be able to accept?
We can setup your account to accept any or all of these cards: Visa®, MasterCard®, Discover®, American Express®, Diners®, JCB and Union Pay®. 

Do you provide training to help me get started?
Yes.  Once your account is live we will provide free training and assistance to help you use your account and the hardware/software you will be using to process transactions.  

I already have a credit card machine.  Do I need to buy a new one in order to switch my merchant account to Concierge or can I keep using my existing terminal?
Typically, we are able to reconfigure existing terminals to work with the new merchant account. Our merchant account support all of the major equipment brands and models.  In some cases, if the existing equipment is no longer supported because it is not compliant with current PCI Security standards, we will work with you to replace your terminal through a purchase, rental or lease arrangement.
  
Can I accept payment through my website shopping cart?
Yes, in most cases.  We can setup a merchant account for website shopping carts and other e-commerce solutions. 
Learn more. 

Can I use my iPhone, Android or Blackberry to accept payments?
We can provide a complete mobile solution for all of these devices whether you want to swipe cards or simply key the card data without a card swiper.
Learn more.

If my business is seasonal, what fees do I pay when it is closed?
None.  Your account can be setup to go dormant during the months you are closed.  All you have to do is let us know when you want to make your account dormant and we will stop ALL fees, including any fixed or minimum fees, until you let us know you are ready to process again.