Frequently Asked Questions:

1. Is the transaction fee based upon the total amount of the sale, including shipping and taxes, or just the total of the order before shipping and taxes?

The transaction fee is based on the total amount of the sale, including shipping and taxes.

 2. How long does it take for CHEXpedite™ OEC transactions to clear?

Transactions are settled and credited to the merchant’s account within 24-48 hours.

3. What kind of reporting is available?

Real-Time reporting is available to CHEXpedite™ merchants any time via the Internet. These reports will facilitate the merchant’s bank statement reconciliation. All reports can be customized by date range, and include the following data: · Deposits · Fees · Item Charge-Backs · Reasons for Return · Collection Status Daily, Weekly, and Monthly reports are available.

4. How long does it take for a merchant to get set-up with CHEXpedite™ OEC?

Two to Three Weeks.

5. How are the merchant and consumer protected against fraud?

CHEXpedite™ OEC has a number of safety features built in. The system uses the latest in SSL technology to encrypt the consumer’s data prior to transmission to prevent “high jacking” and use by a defrauder. For the merchant, there are safety features included in CHEXpedite™ OEC that assist in the authentication of the consumer and provide confidential information trails that could lead a merchant to a fraud perpetrator.

6. What are the benefits of electronic transactions compared to paper checks?

Because banks process electronic items before paper items, CHEXpedite™ transactions receive preferential treatment at receiving banks. Additionally, CHEXpedite™ transmits online payments in a secure, automated fashion compared to the manual, labor-intensive nature of paper draft systems.

7. What happens if someone commits a fraudulent ACH transaction against an innocent consumer?

If the defrauded consumer reports the fraudulent transaction to the bank, the bank will advise the defrauded consumer that an Affidavit will need to be signed. The Affidavit will indicate that the transaction was not authorized and the defrauded consumer’s money will be restored in the account. Next, the transaction will be returned as an R10- “Consumer Advises Not Authorized”- to the merchant’s bank or third party processor’s bank. The original merchant is charged back the amount of the transaction and would be required to pursue legal recourse against the consumer if the transaction has, in fact, been properly authorized.

8. Can a client in a foreign country use CHEXpedite™ OEC to purchase merchandise?

As long as the funds are drawn on a US Federal Reserve member bank, we can accept the transaction.

9. What service does the $15.00 Monthly Administrative Fee include?

  • Merchant Help Desk (24 Hour)
  • Origination of 2nd and 3rd presentment of NSF items
  • Funds verified before 3rd presentment
  • NSF return fees incurred by our processor
  • Batch processing/handling fees
  • Merchant Billing

10. What is and when is a “Reserve Account” required?

A reserve account is an interest-earning account that is held at the sponsoring bank in the merchant’s name; however, the funds in the account are not available to the merchant unless released by the processor and the sponsoring bank. Reserve Accounts are typically funded by depositing some percentage (usually 5%) of the merchant’s ongoing daily processing volume directly into the Reserve Account. These funds are held in “reserve” to be accessed by the processor in the event that this merchant’s activity creates chargebacks that the merchant does not otherwise cover. Reserve Accounts are typically not required for retail merchants but are typically required for Internet merchants. Underwriting personnel review each application and make determinations regarding the need for a Reserve Account. If one is required, the merchant will be advised.