- Why did Sysco partner with Elavon?
- How long does it take to establish a merchant account through Elavon?
- Why do you need a credit check and/or my financials as part of the set up process?
- When can I begin processing?
- How long does it take to get the money from my credit card purchases?
- When do you charge my account for fees?
- What is interchange and how does it affect my processing costs?
- What is a Chargeback?
- How can I avoid Chargebacks?
Why did Sysco partner with Elavon?
As the third largest merchant acquirer in North America, Elavon processes over 1 billion transactions annually for more than 800,000 merchant locations. Elavon provides an end-to-end network and vast processing capacity, a wide range of payment solutions, extensive fraud management and risk control, and unparalleled customer service.
How long does it take to establish a merchant account through Elavon?
The average time from Elavon's receipt of your signed, completed application to your equipment delivery is approximately 7 business days. This timeframe covers application underwriting and boarding, equipment set up and deployment, and shipping time. Equipment is sent via UPS 2nd day air unless expedited shipment is requested at the merchant’s expense. Upon receipt of equipment, any necessary merchant training is typically completed within 2-3 business days.
Why do you need a credit check and/or my financials as part of the set up process?
Credit checks are required by Visa and MasterCard and are necessary to determine if the business owners are financially sound. Elavon extends virtually unlimited lines of credit when a merchant account is set up. Financial stability is the most critical component of the approval process.
When can I begin processing?
Once you receive your equipment and go through a brief telephone training process, you can activate your account. Your equipment is typically deployed within 48 hours of account approval.
How long does it take to get the money from my credit card purchases?
Funds are electronically settled within two business days.
When do you charge my account for fees?
Your account will be charged for all appropriate fees on or around the fifth of the month following the activity, via an Automated Clearing House (ACH) transaction. The detail of your fees will appear on your merchant statement that would be received the first full business week of the month following the activity.
What is interchange and how does it affect my processing costs?
All bankcard transaction rates - regardless of who processes the transaction - include a cost for "Interchange." Interchange rates represent the fees that the VISA and MasterCard Associations charge a Merchant to get the funds into his bank (Merchant Bank) and to get the billing information to the Cardholder's Bank (Issuing Bank). All interchange rates are expressed as a percentage of the total transaction.
Interchange rates vary by type of merchant or industry (retail, restaurant, hotel, mail order) and in the type of bank card the consumer uses. Starting in 2005, the Associations created a special category or rate for so called "rewards" cards, those that pay dividends to the consumer in the form of merchandise points, hotel stays, or airline miles. The cost of accepting these cards is now somewhat higher for merchants than the standard bankcards.
What is a chargeback?
A chargeback is a transaction disputed by the cardholder or card issuer. There are many reasons for chargebacks, but the most common are returned merchandise, terminated services, disputes, errors, or fraud. Merchants must be able to provide proof that the disputed transaction is valid and in accordance with Visa/MasterCard regulations or risk having their account debited for the disputed amount.
How can I avoid chargebacks?
To avoid chargebacks, act promptly if contacted directly by the cardholder to resolve a dispute. By working directly with the cardholder, you can avoid costly fees and processing costs as well as promote goodwill with your customer. It is important to carefully track and manage the chargebacks that you receive, and know your representment rights. A chargeback translates into extra processing time and cost, a narrower profit margin for the sale, and possibly a loss of revenue.
