Frequently Asked Questions

Frequently Asked Questions About SelectivePay

Will I be locked into a contract?


Are there penalties or cancellation fees?

NO! We want to earn your business every month.

What credit cards can I accept?
We support all major credit cards, including Visa, MasterCard, American Express, Diner’s Club, Discover, JCB, and POS/ATM debit cards. We also support private label cards, including gift cards and loyalty programs.
Can I accept debit cards?
How are my monthly fees paid?
We offer two options a daily and monthly options. The most common method is monthly, and fees are automatically debited from your business checking account the 1st week of each month for the previous month’s fees.
What are my monthly fees?
Interchange Pass-thru is the most economical method to process. If you have been processing with a three or four-tiered system (e.g., Qualified, Mid Qualified, and Non- Qualified rates), you should see an immediate cost reduction. You pay the cost of the card type, which is posted and updated on the internet by Visa and MasterCard, along with a very modest margin. We carefully explain your monthly fees before you sign any agreement.
How long does it take to set up a merchant account?
Within the first 24 hours, most merchant accounts are approved. However, not all merchant accounts are straight forward; some may take additional time.
What hardware do I need to accept credit cards?
We offer many options in our online store.
Do I need to reprogram my credit card terminal?
In many cases, you may be able to use the equipment you already own. We also offer swaps and trade-in for older hardware.
How will I get my money?
All funds are deposited via ACH into your bank account. SelectivePay offers the same day funding, next day funding, and regular funding.
Is there a customer support number that I can call?
Yes! Our 24/7 U.S.-based customer support team is always available. You will have live, toll-free merchant assistance.
What is the discount rate?
The discount rate is your fee for all the processing services that enable you to accept bankcards as payment. Our discount rates are extremely competitive.
Can I get my monthly statement online?
Absolutely! All SelectivePay clients have a secure online log-in they can use to view their credit card processing statements any time they want.
Why should I worry about PCI compliance?

PCI DSS standards exist to protect the security of your customers’ credit card data. These requirements are essential. If you ignore them, and your data is hacked or otherwise compromised, you face financial penalties that can put you out of business. So, PCI compliance is a must for all merchants.

What is a chargeback? Will it affect me?

When a cardholder disputes a transaction on an account, the bank where the credit card was issued puts the funds on hold until it can investigate. If investigators find fraud was involved in the transaction, the bank takes back the full amount PLUS a fee. While banks understand that mistakes happen, too many chargebacks indicate to them that the business may be operating in an untrustworthy fashion. Too many chargebacks can lead to a company going from low-risk rates to high-risk rates and fees. It can also prevent them from being able to accept credit card payments at all. Landing on the Terminated Merchant List (TML) can torpedo your business, mainly if you’re highly dependent on credit card purchases.

Can I avoid chargebacks?

There are several quick steps you can take to make sure customer payments aren’t disputed. First, make sure your business name and website name match. Put your phone number and other contact information on your receipts so that the customer will choose to call you first to get their money back. Consider direct refunds your friend, as they will keep the customer from calling their credit card issuer. Finally, always provide excellent customer service. This is the era of the customer. Do everything you can to keep him or her happy, even if it means losing money on a transaction. Do not stand on principle.