NEW! Allow your customers to pay their bills via your website! Find out more HERE!

FAQ

Q: How can we get swipers?

A: Once you’ve been approved you will be assigned a dedicated Customer Activation Specialist. They will work with you to determine the desired device and will customize it to your liking. Once that is complete the device will be shipped ready to plug and play! 

Q: How does chip card or EMV fit into your product?

A: All of our hardware is EMV/ Chip compatible, keeping you EMV Compliant. 

Q: Do we need to become PCI Compliant?

A: The good news is that you do not have to take an annual SAQ and quarterly scans to become compliant. You also do not need to pay a monthly or yearly fee for compliance. Under the Payment Facilitation Model, you are automatically compliant similar to Stripe and PayPal. You do, however, need to use common sense and protect sensitive data.

Q: Do we need to sign a long term contract?

A: No. Every merchant is on a month to month agreement. We do require a 30-day written notice.

Q: What does it cost to get set up?

A: Nothing! Simply get signed up! 

Note: Cost of device may apply 

Q: How fast do our funds get deposited into our account?

A: All credit card transactions will automatically batch out each day by 8pm EST and will deposit within two (2) days. ACH transactions will batch similarly, but will deposit five (5) business days later. Any transactions run after the cutoff time of 8pm EST will go into the following day's batch.

Q: Is there a monthly minimum that is required to be processed?

A: There is no monthly minimum.

Q: Are there any batch fees?

A: There are zero batch fees.

Q: Why do I have to provide my social security number and date of birth?

A: All covered financial institutions must collect and verify information from all significant owners of legal entities and their accounts. They must collect all of this information when the new account is opened per the FinCEN legislation.

Q: When do the fees come out of my account?

A: Fees will be debited separately from the daily deposit. For example, if a customer processes $1,000 today, they’ll see a deposit for $1,000 and a debit for the fees on those funds. This is commonly referred to as gross funding.

Q: Are some of my funds held in reserve and not paid out?

A: Stax might hold funds based on a risk investigation for excessive chargebacks/refunds that can't be covered, but doesn't determine a reserve amount is needed until that occurs. So there are no reserve-holds unless there is unusual activity regarding chargebacks or refunds on the account in question.

Q: Is there a credit check during thing application?

A: Stax will perform a "soft credit check" during the application

Q: Does a soft credit check impact my Credit Score?

A: Soft credit inquiries have no impact on your credit score. If a lender checks your credit report, soft credit inquiries won’t show up at all. Soft inquiries are only visible on consumer disclosures—credit reports that you request personally.

Why should I switch from my current provider?

Time savings, cost-savings, reduction in frequency and magnitude of errors, getting paid faster, reducing accounts receivable (A/R) headaches - all with competitive and transparent pricing.

Won’t reconciliation be challenging?

Not at all. Customers have access to robust reporting and analytics (through Stax Pay). They can log in any time and pull up real-time reporting and dashboards, all easily and quickly exportable for upload into virtually any bookkeeping platform.

How quickly can I get started?

Very quickly! Using the enrollment checklist, the application takes less than 5 minutes. Applications are typically approved in under an hour and the customer can begin processing immediately. Clients can start manually processing or create recurring billings right away, it will take LinkNow the standard 3 - 5 business days to update the website with the "make a payment" button.

A merchant is asking if there is a way to pass the fees along to his customers. He claims that other processors have this option and is not interesting in simply charging 2.85% more to his customer.

This is called surcharging and other processors do it, but is not available at this time with LinkNow Pay Solutions. There are many regulations behind this feature including notifying Visa that you'll be adding on a fee to the transaction.