Processing & Settlement

How often will you settle my account with my acquiring bank?

All transactions processed by PaymentNet are closed and settled with the acquirer at least once a day. The time it takes for the funds to appear in your account is dependent on your acquirer, this is usually within 2 days. The financial settlement of Visa and MasterCard transactions will be handled by your acquirer. When you set up your account, you must specify whether you want your acquirer to settle American Express, Diner’s, Discover and JCB transactions, or the settlement will happen through the respective card companies.

How do I verify funds have been deposited into my account?

You must confirm with your acquiring institution that funds have been deposited. There is usually a time delay of about two days, between the processing date and the time the funds will appear in your bank account. This time frame is bank dependent.

How can I make sure I am qualifying for the best rates possible?

When you process transactions, you will be charged an interchange fee by your acquirer. The fee you are charged is dependent on several variables. You will need to check with your acquirer to determine how to qualify for the best rates. Some criteria that may enable you to qualify for lower rates may include:

• Using AVS (address verification system) – this is not a condition for authorization but provides some assistance in fraud detection.

• Settling a transaction within two days of the authorization

Is there a minimum dollar amount that I must charge for credit card transactions?

No, you are not restricted by the dollar value of a transaction. You can process a transaction for any amount.

Is there a place where I can view my transaction activity?

Your PaymentNet vendor ID and password will allow you to access PaymentNet Transaction Manager; a browser-based reporting site. The site allows you to easily generate reports which provide detailed information for all transaction activity processed through your PaymentNet account.

I have a customer who accidentally placed duplicate orders at my Web site. How do I deal with this situation?

Access PaymentNet Transaction Manager (this information is provided to you when your account is set up), and issue a credit for the proper amount to the customer.

How do I issue a credit for a transaction?

Locate the original transaction at your transaction management site. Each transaction is identified by specific information including a unique transaction ID. Use the original transaction ID associated with the transaction in question and issue a credit to the cardholder using Transaction Terminal from PaymentNet Transaction Manager.

There is a delay between the time I receive an order, and the time I ship product. How do I manage this type of transaction?

You will need to use the delayed capture transaction type when issuing transactions. Delayed Capture transactions allows you to authorize a transaction, and wait until you ship the product to settle the transaction and capture the funds. Please note that for you to qualify for the best rates with your acquirer, an authorization must be captured and settled within two days of the authorization. If your shipment exceeds the two day timeframe, you may want to issue a new authorization at the time of shipment.

I have customers who call or fax in orders, can I use PaymentNet to process these orders?

Yes. You can still process these orders manually by using the web-based tools available in PaymentNet Transaction Manager. You should, however, take measures to shift your customers’ purchase habits to take advantage of the automated capabilities of the PaymentNet service. It will make your operations that much more efficient, and allow you to devote more time to other aspects of your business that need attention.

You cannot cancel an authorization. You can "void" a transaction, if the transaction has not settled. A void will prevent the transaction from being settled at the next settlement time.

Can PaymentNet support authorization-only transactions (no capture)?

Yes. You do have the ability to authorize a transaction without capturing the funds for the transaction. When you authorize a credit card, there will be a funds hold will be placed on the cardholder’s limit for the period of the authorization.

What happens when a credit card is authorized?

A hold is placed on the cardholder’s credit limit (also referred to as "open to buy") for the amount of the authorization.

How long will an authorization on a credit card remain effective?

This is dependent on the cardholder’s bank, but an authorization is usually good for about one week.