1. How much does MediaRazor Internet Payment Solutions cost?
2. How do I get paid?
3. When do I get paid?
4. Can I use my existing merchant account with this service?
5. What is a discount rate?
6. What is a transaction fee?
7. What is a rolling reserve?
8. What is a charge back?
9. How can I prevent charge backs?
10. How do I void a transaction after it has been processed?
11. How do online payments get into my bank account?
12. I have an account with MediaRazor Internet Payment Solutions, however, several of my transactions have been declined … why?

How much does MediaRazor Internet Payment Solutions cost?

There are no application fees, no up front deposits, and no minimum monthly volumes to maintain. A discount rate of 2.60% on U.S. dollar transactions or 3.0% on Canadian dollar transactions and a transaction fee of $0.35 apply to each transaction. A rolling reserve of 5% will also apply.

Take, for example, a case where the discount rate was 2.60%, the transaction fee was $0.35, and the rolling reserve – held for 180 days to offset the cost of charge backs – was 5%. On a $100 sale, you would pay $2.60 for the discount rate, $0.35 for the transaction fee, and $5.00 for the rolling reserve. You will receive $92.05 within 2 weeks of the sale and a further $5.00 180 days after the sale.

How do I get paid?

By providing your payment information, you permit funds owing from your merchant account to be automatically deposited, by electronic funds transfer, into the bank account that you specify. There is no charge for EFT.

When do I get paid?

Payment is issued every two weeks based on the anniversary date of your first transaction.

Can I use my existing merchant account with this service?

No. MediaRazor Internet Payment Solutions is an integrated merchant account service. In addition to the processing of transactions, MediaRazor Internet Payment Solutions tracks transaction information to allow MediaRazor Internet Payment Solutions to automatically record credit card payments and credit card expenses.

What is a discount rate?

Credit cards typically charge a percentage of the sale for use and this amount is referred to as a discount rate. The rate paid by the merchant may vary depending on the monthly sales volume, the average sale size, and whether a transaction is processed manually or electronically.

MediaRazor Internet Payment Solutions provides a discount rate of 2.6% for U.S. dollar transactions and 3.0% for Canadian dollar transactions. This is one of the lowest rates available for manual transaction processing (no swipe terminal). In addition, there are no application fees and no minimum monthly volume requirements.

What is a transaction fee?

A transaction fee is applied by the transaction processor to cover the costs of receiving and processing the transaction. While a discount rate is a contribution for the convenience of accepting credit card payments, a transaction fee pays for the use of the infrastructure to receive payment information, request authorization from the customer's bank, transmit the authorization information to the merchant, and to facilitate payment of the merchant.

What is a rolling reserve?

Many banks require a non-interest-bearing deposit equal to 1 or 2 times the average estimated monthly credit card sales by a merchant. This can pose a substantial barrier to accepting credit cards for some merchants. The purpose of this deposit is to cover any purchase refused by a customer and for which the customer's credit card issuer refuses to pay (a charge back).

To overcome the barrier of a large cash deposit, MediaRazor Internet Payment Solutions includes a rolling reserve. This reserve, equal to 5% of each purchase, is held for 180 days after the sale. If a purchase is charged back by the customer's credit card issuer, the charge back will be deducted from the rolling reserve. At the end of 180 days from the purchase, any amount remaining in the reserve from the purchase will be paid to the merchant.

What is a charge back?

A charge back is a reversal of a sales transaction by the customer's credit card issuer. Charge backs most often occur when a cardholder disputes a transaction and you, the merchant, cannot provide adequate proof that the transaction made to a cardholder's account is valid. A charge back can also result from processing errors, authorization issues, and/or any other transaction irregularities.

MediaRazor Internet Payment Solutions employs a team of charge back analysts to review charge back notifications and to dispute the charge back where evidence exists that the customer received the goods or service.

When a purchase is charged back to the merchant, a $5.00 fee and any fees charged by the customer's credit card issuer will be deducted from your account in addition to the value of the sale.

How can I prevent charge backs?

It may not be possible to prevent all charge backs. However, MediaRazor Internet Payment Solutions has attempted to reduce the number of charge backs. First, the merchant's business name will appear on the customer's credit card statement. This reduces the risk of a customer not remembering the purchase. Second, we employ a team of charge back analysts to review charge back notifications and dispute a proposed charge back where evidence exists.

As a merchant, you can help by ensuring that the name you register for the service is the name under which your business operates. You can also help by having your customers sign a sales receipt if they provide their credit card to you in person. Finally, if you are shipping goods, be sure to use a shipper that provides confirmation of delivery. A signed sales receipt or a confirmation of delivery will assist our charge back analysts in disputing proposed charge backs.

How do I void a transaction after it has been processed?

You can void a credit card payment up until 12:00 midnight (Eastern time) on the day you process the transaction. After that time, the transaction has been settled and can't be voided. To reverse a credit card payment after the settlement period, you must issue a credit to the customer.

How do online payments get into my bank account?

By providing your bank account number and bank routing number, in the "Payment Information" section of the application, you permit funds owing from your merchant account to be automatically deposited, by electronic funds transfer, into the bank account that you specify. There is no charge for EFT. Refer to the "Payment Information" section of the application details.

I have an account with MediaRazor Internet Payment Solutions, however, several of my transactions have been declined … why?

When using MediaRazor Internet Payment Solutions, you must make sure that the address is correct. Transactions with U.S. addresses may be declined if the address provided by your customer does not match the cardholder address registered by the bank.