What is the cost of the Cash4Debit equipment?
The equipment package consists of a Verifone SE 1000 pin pad and a MagTek Reader. The price to the retailer is $199.00.
How long does it take to implement your services?
After the agreement is received in our office, it generally takes about 7-10 days for service to start.
How is the terminal installed?
Installation is quite simple. It is just a matter of plugging in cables to the computer USB ports. The program is downloaded and installed on your computer and you are walked through the process by our representative over the phone.
Are there any monthly charges or hidden fees to the retailer?
There are no monthly charges or transaction fees to the retailer. There is only an equipment charge for the purchase of the pin pad and reader. The customer pays a convenience fee on each sale.
What is the consumer fee and how is it paid?
The consumer fee is nominal per card use and is debited from their bank account much like an out-of-network atm fee.
This system is set up in $5.00 increments. What does that mean?
The total amount tendered into the system is in $5.00 increments just over the total amount of the sale. In other words, say the total purchase is $73.00. The amount entered would be $75.00 and $2.00 would be given back in change.
Is there a Cash-Back option?
This is at the discretion of the merchant. Using the above example, if the customer wanted $20.00 cash back, the $20.00 would be added to the total. $75.00 plus $20.00 = $95.00 tendered. Since the sale totaled $73.00, the customer would receive $2.00 back in change plus the extra $20.00.
Can this system be used with a Lap-Top?
Yes, it can be used with a desk computer, lap top or tablet as long as there are USB ports available. At this time, the system cannot be used with any Apple computers or IPads.
How long before the funds are credited to the Merchant’s bank account?
It usually takes 3-4 days from the first transaction for the processor to deposit the funds into the merchant’s bank account. Once the first deposit is made and depending on the system being used consistently day to day, funds will be arriving in the bank account daily.
Is there much down-time with this system?
No. This is a very reliable system. There is not too much that can go wrong. There are no separate internet connections, cables, routers, Wi-Fi, etc. that can screw up. This system works off your main computer, and as long as you have a smooth running system, there would be no problem.
But, if there is a problem, how is it taken care of?
Customer service is very important to us. The merchant will have access to our Merchant Portal web site with instructions, faqs, etc. Also, phone numbers of the representative that services your account, the Tech Support Office, and our corporate office are provided to every client. Also, in the event of system outages beyond our control, email and text alerts will be broadcasted to each merchant. All clients will be asked to opt in for this alert system.