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?
Can I accept debit cards?
How are my monthly fees paid?
What are my monthly fees?
How long does it take to set up a merchant account?
What hardware do I need to accept credit cards?
Do I need to reprogram my credit card terminal?
How will I get my money?
Is there a customer support number that I can call?
What is the discount rate?
Can I get my monthly statement online?
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.