ACH
Q: How do I know a sale has occurred by using the Internet?
A: Check the ACH Software Application at your home/business computer with the drop-down menu from Reports Button Reports/ Funding/ Settlement Detail or use Virtual Terminal.
Q: How is a rejected transaction handled?
A: Several times during the day, settlement details are posted to your account and are viewable on your home/business computer. The Settlement Detail lists all rejected items. An example of a rejected transaction is a NSF (Non-Sufficient Funds) check. The report contains all the information necessary to identify the returns so that you can decide whether to “run” the transaction again or contact the Consumer directly to follow-up with the sale.
Q: What is the maximum dollar amount allowed per sale?
A: Limits are established independently for each merchant.
Q: Can consumers “charge back” purchases?
A: Cleared Funds: Within 60 days after purchase, our bank will automatically credit consumer’s account if transaction is disputed or repudiated
Q: How soon can I begin accepting Online Checks?
A: You can start accepting online checks the next working day following approval of your completed application and Bank Agreement. The typical approval time is 4 to 8 days.
Q: Will my Customer be returned to my site after the purchase?
A: YES! You simply supply us with the exact location page (www.mysite.com/mystore/store.htm) or you can customize your own secure purchasing page. It’s totally up to you.
Q: How are funds deposited into my account?
A: All funds into your existing bank account via the ACH (Automated Clearing House) Banking System.
Q: When are funds deposited into my account?
A: Funds are deposited into your checking account within 48-72 hours of the online transaction. This excludes weekends and holidays. We utilize the NACHA electronic network that transfers and clears funds between banking institutions on behalf of online merchants and their customers. Each transaction takes approximately forty eight hours to clear. We strongly suggest that merchants wait five days from the initial transaction date before shipping any goods to insure that the payment has cleared.
Q: How will I be billed for the Online Check service?
A: Your checking account is debited on the first day of each month. An invoice is mailed with an electronic debit within 8-10 days.
Q: Will Online Checks work with my current Shopping Cart?
A: Yes. You can use our Integration Guide and software even if you do not have a shopping art on your site. If you choose, we can provide you with a Payments Gateway.
Q: Can I take orders from Canadian customers?
A: YES (as long as the consumer uses a bank that is part of the United States ACH system).
Q: Can I accept orders from outside the United States?
A: YES for credit cards and YES for Checks (as long as the consumer uses a bank that is part of the United States ACH system).
Q: What is a Rolling Reserve?
A: A ‘rolling reserve’ is an amount held to guarantee transactions. The amount varies for each merchant, dollar transaction and volume. The amount is determined by our Risk Management Department.
Q: Can I “private label” the software?
A: This option is available to you. Contact your representative for the details.
Q: Is it legal?
A: YES. Web entries are transactions subject to the requirements of the NACHA Operating Rules, the Electronic Fund Transfer Act and Regulation E, as promulgated by the Federal Reserve Board. Web authorized entries are defined as a debit entry to a Consumer Account initiated by an Online Merchant pursuant to an authorization that is obtained from the Consumer via the Internet.
Q: Is there a minimum transaction volume or a minimum amount of transactions required per month?
A: There is NO minimum transaction volume. Also, NO minimum numbers of transactions are required per month.
Q: Does this work with every type of electronic Point-of-Sale Terminal?
A: NO, system is web based www.speedchex.com/demo
