| What
it is What is a merchant account? Usually, to accept
credit cards you must open a merchant account with a bank. They provide you with a
credit card machine (also known as a Point-of-Sale Terminal). It can be an expensive
affair, starting off at R350 per month up to R500 and more. And you have to spend a
minimum amount per month. However, the transaction percentage on your sales can
sometimes be lower, depending on your turnover.
Will
I need my own merchant account with this facility? No. Instead of
applying for a merchant account through the bank, you can make use of a payment gateway's
facility. It's commonly called a third party e-merchant account. You have
your own user account where you manage your transactions and funds.
Does
Savvy Cell provide the actual credit card facility? No. We take care
of the technical bit to integrate it with your website. We do however guide you in
your application so it gets set up quickly. It's done online.
How
long does it take to get my facility up and running? Your e-merchant
account will be ready for use within 24 hours of signing up, but your funds will only be
released once you've complied with the FICA requirements.
Integration
with your website will take about 7 days after completing the signup form (you can do it
online or send by email or fax).
What
kind of products/services can I sell? You can sell physical products or
'soft' items like software, ebooks, etc. There is however a list of restricted
products/services which the credit card provider will not allow. These will be
provided before you sign up.
Can
my customers pay by debit card as well? Yes, one of the payment gateways do
allow debit cards that are not pin-based (they must have an expiry date and CVV number
like a credit card). You can also accept Visa and MasterCard credit cards and EFT
payments.
Can
I charge my customers on a recurring basis? Unfortunately not at this
stage, but we can recommend an affordable service that does offer debit order facilities.
Contact us for more info.
Can
I accept credit cards fore more than one business?
Definitely,
although we'll have to quote you to integrate the technical bit with your other websites
or catalogues.
How it works
How
will my customer know they can pay by credit card for products? We
will either place 'buy buttons' or a fully-fledged shopping cart on your website, that
shows the Visa and Master card logos. All facilities are provided in a secure
environment.
How
will my customer know they can pay by credit card for my services? We
will set up a payment page for you that links into your credit card facility. You
will put think link into your invoice or emails. When you customer clicks on this
link, they will be taken to your custom payment page where they enter their invoice
details, the amount and pay by Visa or Master card online.
What
happens after my customer pays online? The system will check the card details and
verify that it has sufficient funds for the purchase. The system usually responds
within a few seconds, and tells the buyer if the transaction has been successful or
not. After that, the funds appear within your e-merchant user account, from where
you can withdraw it to your bank account weekly or monthly.
Managing your money
How
do I get notified of a sale? Both you and your customer will receive an
email within minutes of the sale being done online.
How
do I know if a transaction is approved? Instantly! If your customer
buys on your website, their card will be verified in a few seconds. The 'real-time'
verification confirms the card details and that there are sufficient funds in it. If
a stolen credit card is used the bank can and will reverse the transaction, resulting in a
chargeback (refund of sale amount) and you will pay a penalty fee to the credit card
provider.
Are
the payments safe and secure? Yes. Website payments are secured with
128-bit and 256-bit encryption Secure Socket Layer (the strongest security available for
ecommerce sites).
Where
is my money stored? An electronic representation of your funds and all
transactions are visible from an online account held with the payment gateway, and which
you can access at any time. By law, no one but a bank can store money on a
consumer's behalf, so the actual funds are held by a bank, which is then transferred to
your own bank account when you request a withdrawal.
How
often will I get paid out? The moment a transaction is processed, funds
immediately show in your online account. You have online access to this
account. Withdrawals to bank accounts are processed weekly (you have to request a
withdrawal). Your account must be FICA-verified though before any payments can be
made (this is done only once, when you sign up).
Can
I earn interest on my credit balance in my online account? Unfortunately
not, as your online account is not a bank account.
When
do I get statements? You'll have 24-7 access to your own online account
where you can view full statements, run queries and request withdrawals to your bank
account. You can also request a mini-statement showing the last 3 transactions on
your cell phone at any time.
Dealing with fraud
What
about fraud? In reality, fraud is a risk in any business. The payment
gateways have structures in place to combat it, and also provide easy-to-read guides to
help you identify and prevent possible fraudulent transactions.
What
is a chargeback? This occurs mostly when someone has fraudulently used a
credit card. In this case, the amount of the original purchase is charged back to your
account and a fee of R150 (which may be amended from time to time) is charged by the
credit card provider. It's an expensive business, and therefore important to watch out for
fraud.
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