Frequently Asked Questions
1. What is Interchange?
For every credit card and debit card out there, there is a specific cost that comes from the card associations (Visa, MC, Discover & Amex). ALL merchant service provider’s and credit card processors have the exact same interchange rates. Everyone has the same
2. What is Interchange Plus Pricing (also known as pass-thru pricing)?
Interchange Plus Pricing is a pricing model for credit card processing. This is the model Preferred Payment’s utilizes. We pass on the exact cost to you (interchange) and we then add a fixed markup.
3. What is EMV and does it affect me?
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5. How often will my rates increase with Preferred Payments?
Never. The rates we give you from the beginning are the ones you receive for the life of your account.
6. How difficult is it to switch from my existing provider?
Not difficult at all, we handle most of it for you. If we have the ability to integrate with your existing software or hardware, we handle that on our end, all we need is your permission. If we are reprograming your existing equipment, a simple download is required and our professionals will walk you through the process. We typically have new clients up and running within 10 minutes. If we are sending you new equipment, a quick install and connection is required and then you’ll be accepting payments instantly. For insurance we recommend that you wait until you see your first deposit with before canceling your current provider.
7. What documents are required for a new account?
If you are a new business, we require:
Copy of Owners Driver’s License or Utility Bill
EIN Letter or Business License
If you are an existing business:
Two months of previous processing statements
Copy of owner’s DL or Utility Bill
If you are a Nonprofit:
Two current years of financials
8. How long does the set up process take?
If we receive all the documents, you will be approved within 24-48 hours, and can begin processing within 72 hours.
9. POS vs Terminal
POS Systems help manage your business, they consist of specific functions meant for the
industry you are in and have a wide variety of features that can add value. Examples include –
Table Management, etc.
If you are looking for something specific, ask us and we will have it!
A Terminal is a machine that accepts credit cards without all the bells and whistles. It is a standalone machine that can accept EMV chip cards, mag stripe cards, Apple Pay, and Google Wallets. You will also receive our reporting tool to track all of your transactions.
10. How quickly do I receive my funds?
You will receive your funds directly into your bank account the next business day. Friday’s
transactions will be deposited on Saturday. Saturday and Sunday’s transactions will be
deposited on Monday.
11. Read Testimonials on Preferred Payments
12. Can Preferred Payments Integrate with QuickBooks?
Yes we can.
13. Can Preferred Payments integrate with my online website and retail store?
Yes. We can integrate your store with your online website so all of your reporting will be consolidated.
14. What is a Payment Gateway?
A payment gateway is a virtual terminal. It serves as an online payments page that will go directly on your website, and you will also have the ability to log onto your virtual terminal to key in transactions manually.
15. How is Preferred Payments different than other providers?
We are a relationship-based company, meaning our goal is to satisfy you from the start and keep you around for the life of your business. We want to make the process on you as easy as possible and we are happy to offer our help and support in any way we can. We are transparent and straightforward in our pricing and pride ourselves on a high level of customer service. Each business we work with receives a dedicated account manager so that you have one person to always call, email, and go to for support. We also have backup 24/7 US-based support. The rates
we initially give you are locked in, they will never raise and we have no contracts, no cancellation fee and no set up fee.
16. Can I accept International credit cards?
Yes you can.
17. What is PCI Compliance?
PCI stands for Payment Card Industry.
18. Comparing to PayPal
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19. Comparing to QuickBooks
20. Can I accept tips?
Yes whether you want a standalone terminal or a POS System, you will be able to
21. What is the difference between pin and signature debit?
Signature Debit: This type of payment is when the customer uses their debit card but does not enter their pin. Instead they sign the sales receipt, just like a credit card transaction. This is also known as an offline debit transaction.
Pin Debit: This is when a customer pays using their debit card and enters their pin number into the pin pad to complete the transaction. The customer does not sign a receipt. Pin Debit is also known as online debit transaction.
22. What is NFC and Apple Pay?
NFC stands for Near Field Communication and it gives merchants the ability to accept payment electronically through cell phones. Common examples of NFC are: Apple Pay, Samsung Pay and Google Wallet. Security is at the forefront of NFC transactions as they
use tokenization. Tokenization creates a token instead of showing or transferring your actual credit
23. If I already have a terminal, do I need to purchase a new one?
We can often times reprogram terminals you already have so that you do not need to purchase a new one. There are some terminals that have come to the end of life phase due to the older technology that may be in them. This includes terminals that can not accept EMV cards. If you already have a terminal you would like to use, let us know and we can let you know if we are able to reprogram it.
24. Why doesn’t Preferred Payments lease terminals?
There are a few reasons why we don’t; first being, leased terminals require contracts, many companies who lease equipment lock you into a contract and raise your rates over time, and there is a high cancellation fee to get out of the contract. We do NOT believe in locking you into anything and we do not believe in cancellation fees. The other reason is because leasing usually means you are overpaying on the equipment. Terminals can range anywhere from $150 – 800 (most being in the $200 range), many companies who lease make over 1,000 dollars off your 200-dollar terminal by the time your lease is over. We are happy to give you options of terminals to purchase so that you have options in cost.
25. What card brand and card types can I accept if I used Preferred Payments?
You can accept any major card brand, including: Visa, Mastercard, Discover, American Express, Diners, JCB, debit, and pin debit. Plus we offer Apple Pay, NFC, gift cards and ACH/Check Processing.
26. What is customer support like?
Each client receives a dedicated representative to help throughout this entire process. After the initial set up and approval, we remain as your first line of support, but we also have 24/7 US-based back up support.
27. Can I accept payments in my store and on my website?
Yes! We can have it linked so that all your reporting and sales are consolidated into one, or we can keep them separate. Many customers have enjoyed simplifying their business by being able to monitor transactions in one place for multiple channels of purchases. If you prefer keeping them separate we are happy to do that too.
28. If I have multiple locations, can I see reporting for all locations remotely?
Yes! We have a specific reporting tool for businesses that have multiple locations, you can see how your locations are doing, what’s selling, and have access to all your reporting. You will be able to view locations separately and together. If you are a franchise owner, you can have access to all locations whereas the individual store owners will just be able to see their store.
29. Can I accept gift cards?
Absolutely. We can set you up with new gift cards or if you already have gift cards in place we can use the ones you have.
30. Can I issue refunds and is there a cost?
YOU DID NOT ANSWER IF THERE IS A COST
Yes, you can issue a refund or void a transaction.