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.