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Frequently Asked Questions Questions bank customers may ask prior to establishing an account
Questions a bank customer may ask regarding their new account implementation
Questions a bank customer may ask regarding day to day support of their merchant bankcard account?
Questions bank customers may ask prior to establishing an account What are the processing rates and fees? Your bank rates and fees under the ECOM Referral Program are outlined in your quick reference guide. These rates are standardized for all accounts with annual Visa/MC sales volume under $500,000.00. To quote a rate, simply determine your customer's method of business as follows. It is easiest to just refer your customer to ECOM, and we will explain all rates and fees to the customer.
How does a customer compare their existing program rates to your bank program rates? Rate comparison can be somewhat complex, as many processing companies have confusing rate structures. To prepare an accurate comparison, we recommend that you or your customer fax their last month's merchant bankcard activity statement to ECOM at 952-470-1115. We will prepare a written comparison of the programs, and e-mail or fax a copy to your customer and you. Comparisons are typically returned to your customer within 48 hours of our receipt of statements. Who provides the processing services? ECOM is a registered Independent Sales Organization to Visa and MasterCard and a registered sales agent for American Express and Discover. As an Independent Sales Organization, we work with numerous national processing networks to provide the highest quality services at the lowest rates. We currently offer the following processing networks: Vital (Visanet) MAPP (MasterCard Network) Cybercash Authorize Net Skipjack On Line Data Corporation What credit cards can a customer establish to process? We are able to establish accounts for: Visa MasterCard American Express Discover In addition, we provide processing service for Diners Club How does a customer establish an account? As the banker, you may refer your customer, or have the customer call directly to ECOM at 1-800-328-0920. Your local representative will review the program with your customer either in person or over the telephone. If your customer wishes to establish an account, we either fax or e-mail the completed agreement for signature. We will approve accounts with a fax signature. How long does it take to establish an account? Most accounts are up and running within 7 days of our receipt of the agreement. We are able to install rush accounts within 48 hours of receipt of agreement. What information is required to establish an account? In addition to the normal business information, we are required to receive the following: 2 trade references, name of business and telephone # Federal Tax ID Personal information on signer including: Home address Home telephone Social Security Number A copy of a voided check to depository account For non-retail accounts, a brochure or price list which describes the products or services to be sold. How can a bank convert its existing accounts to the ECOM program? If you elect to convert any or all of your existing merchant bankcard accounts, we will perform all of the administrative work. We are required to receive a new merchant agreement for each account. There are no conversion fees assessed to conversion merchants. What equipment will a customer need to process credit cards? All credit card transactions are processed electronically, which requires your customer to have a credit card terminal, electronic cash register, or credit card software to process. We offer the full lines of Hypercom and Verifone credit card terminals, and Network Commerce and IC Verify software applications. Through our networks, we support most major credit card terminals and software applications. Can a customer use their existing equipment? Yes. We encourage customers to minimize their costs by utilizing their existing equipment. We will review their existing equipment to make sure that it allows the customer to receive the optimum processing rates. If a customer can benefit from upgrading their equipment, we offer generous trade in programs on old equipment. If a customer is leasing equipment, can they convert their account to your bank program? Yes. Merchant bankcard leases are typically sold to outside leasing companies, and are independent of the processing service provider. We recommend consulting with your ECOM representative on an individual case basis. How soon does a customer receive their funds? All funds are deposited via the ACH system, which typically takes 48 hours. Does a customer need to establish a depository account with our bank to establish a Merchant Bankcard account? This is up to you and your bank policy. Many banks use our program as a first step to obtaining a relationship, in which case a new bank DDA has not yet been established. We will follow your instructions as your sales force on this matter. What type of account reporting does the customer receive? Each account receives a detailed month end statement by location. Statements are printed on the last day of each month, and typically to each customer by the 10th of the following month. Additional reports and on-line reporting is available for an additional charge. Questions a bank customer may ask regarding their new account implementation What are the account implementation procedures? Within 7-10 days of signing an agreement, each customer receives a start up kit containing any equipment or software, supplies, and a welcome letter. The welcome letter contains an 800 # to our telephone training unit, and asks each customer to call for training within 48 hours. Our training specialists provide all ECOM training via the telephone. If the customer does not call within 72 hours, we contact the customer to initiate the training. Who provides the training for the new account? All training is provided by ECOM. How should a customer close a previous merchant bankcard account? We recommend sending or faxing a letter to the previous processing company after the new account has been installed, This is important, as most processing companies continue to charge standardized fees until the account is closed. Questions a bank customer may ask regarding day to day support of their merchant bankcard account? Who provides the day to day support of the account? ECOM provides all support to your customer. Support is available 24 hours per day, 7 days a week at: 1-888-780-2777 E-mail info@ecomecs.com Yes What is the telephone number for support? 1-888-780-2777 What are the procedures to add or delete services? Contact your local ECOM representative for all account additions or deletions at: 1-800-328-0920 E-mail info@ecomecs.com |
Contact info@ecomecs.com
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