Merchant Accounts/ Credit Card Processing

Q: What is the Durbin Amendment and how does it affect my business?

A: The Durbin Amendment is a US federal law that was added to the Dodd-Frank Wall Street reform bill and has been in effect since October 2011. The widely debated rule was meant to benefit retailers, who are accepting debit cards, but the consequences are far reaching, affecting especially small-ticket merchants.
According to the US District Court in Washington, DC, a new final rule is expected to be formulated soon.
As for the current final rule by the Federal Reserve, interchange fees on electronic debit transactions are capped at a total of 22 cents per transaction and 5 basis points multiplied by the value of the transaction (1 out of the 22 cents was allowed to be charged by issuing banks for the development and implementation of fraud-prevention standards).

Q: Is my data and my customers’ cardholder data secure, while processing with TransNet?

A: Yes – Transaction processing with TransNet occurs at the highest data security levels that are currently available in the payment processing industry. Click here for more information on Data Security with TransNet.

Q: Is technology enough to protect my payment card data against potential data breach?

A: No – Technology is as effective as its users. To keep your business protected against potential data breach, you need to assure compliance with the PCI (Payment Card Industry) Security Standards. This is a simple, but ongoing process that businesses worldwide must follow, in order to adhere to the rules and regulations set forth and enforced by the individual payment brands. The good news is that at TransNet we provide full support with PCI Compliance, in addition to the wealth of information that is available to you at the Council’s website: https://www.pcisecuritystandards.org/merchants/index.php

Q: What if I am using an old POS system or terminal, which is not considered PCI Compliant?

A: The main concerns are the consequences of a potential data breach. Besides the risk of tremendous business loss & legal fines associated with compromised payment card data, you may already be experiencing delays in the transaction authorization process (up to 18 seconds per transaction) and upcoming processing/ settlement errors are a matter of time.

Q: With processing technology changing overnight and “Free Terminals/ POS Systems” advertised everywhere, what are my options in terms of POS equipment?

A: It all comes down to the simple comparison: lower upfront expense and higher monthly processing fees versus higher upfront expense and much lower monthly processing fees. E-Commerce aside, purchase and lease are as popular options as always. While the marketing term “Free” will certainly attract numerous prospects, it is not related to the actual overall cost of the Merchant Account. Experienced business owners know it and that is why the main factor influencing their decision-making process is the above mentioned ratio, rather than the dilemma on upgrades. All purchased and leased POS equipment offered by TransNet is PCI-DSS Compliant and fully supports the next major technology update, which is EMV. For more information & details, please feel free to contact us.

Q: What types of payments can I accept with TransNet?

A: All payment types and payment brands supported, worldwide: credit & debit cards, gift cards, loyalty cards, prepaid cards, electronic checks, electronic paystubs, ACH, recurring billing, etc.

Q: Do you offer Interchange Pass-Through Pricing?

A: Yes – Interchange Pass-Through is one of our most popular pricing types. Click here for more information on pricing for credit card processing, including on Interchange.

Q: Can TransNet help me, if my business is incorporated outside the USA?

A: Yes – at TransNet we can accommodate businesses from virtually any country in the world, regardless of geographical location.

Q: How long until I receive with new Merchant ID and may start accepting payments?

A: Based on your business type, the application, approval and merchant account setup process may take anywhere from a few hours to couple of weeks. Domestic accounts with complete applications and clean credit will be automatically approved and may start processing within 24 hours. However, merchants will often need to wait 7-10 days for the approval phase, which starts once all required documentation is submitted to TransNet.

Q: Once I am a TransNet Client, do I have access to my payment processing data and/or any other applications?

A: Yes – as a TransNet Merchant, you will be benefiting of our continuous support. You will also receive the credentials to access your data online and, based on the specific solutions that you will be using, there will be additional tools available for you, to make your life easier and assist you in more effectively running your business. For more information, check out our quick intro on “Tools & Tips” and “Reporting”.