In order to clarify the terms of our International CBD Payment Processing solution , we would like to explain every single detail here .
Below are the initial startup fees for companies with no prior processing.
Underwriting Fee : $800
*****For start-ups only for the cost of the EU corp. If a merchant can’t provide previous processing showing a minimum of 20k a month they are requiredto pay for the setup of their EU corp.
We will provide the wire instructions.
For all merchants, please submit the pre-qualification form fully filled out, along with the last 3 months of processing statements if they don’t have 3 months processing, please provide the reason and 3 months of bank statements (business or personal) showing a balance of $5,000 or greater for those 3 months. We will need to see a working website. If the website is not available to the public, please send us a website username and password so our underwriting is able to review the site. The “Supplemental Web Compliance” sheet should be sent to the merchant along with the pre-qual application. This will give the merchant an idea of what they can and cannot have on their website.
Once the merchant has been pre-approved, we will need the Full Application Package filled out and sent back within 3 weeks, otherwise, we will need a new bank and/or processing statement in the new month. All documents in the New Merchant package need to be submitted to us before the merchant goes into full website compliance and before the EU Corp is filed. If only partial documents are submitted, we may need to request updated proof of address and bank statements since those are time sensitive when filing for the EU Corp.
Required Document Checklist
1 – Application—Completed and signed
2- ACH Authorization form—Completed and signed
3 – Voided Check or Bank Letter
4 – Card Payment Processing Agreement—Completed, Initialed and signed
5 – W9 (US Only) or W8—Completed and Signed
6 – Clear COLOR copy of the Driver’s License, Passport or Government Issued Identification for the signer and any person who owns 10% or more of the company.
7 – Two Residential proofs of address, for the signer, dated within the past 45 days
- The 2 proofs of address must include TWO different bills in the name of the signer and must be addressedtothe signer’s residential address
- This can include a cellphone bill, electric bill, gas bill, personal bank or credit card statement, student loan payment, cable bill, etc.
- You can white out the amounts and personal numbers, but we must be ableto see the address and date of the document.
8 – Recent 3 months processing statements
1. If no processing, please explain
2. Start-up, please provide a Business Plan
9 – Recent 3 months bank statements (Personal or Business)
10 – Corporate Documents
- Copy of Articles of Incorporation, Operating Agreement and Bylaws
- Shareholder Registry showing shareholders and percentage owned
- This can be a signed letter on company letterhead listing owner(s) and their corresponding percentage of ownership.
- Must be signed by each shareholder
For MOTO Merchants (50% or more transactions are MOTO)—Please provide the following
1 – Invoices
- Sample of invoices sentto customers
2 – Scripts
- All phone scripts used by sales
3 – Collateral Marketing
- Brochures and any other marketing
**Additional documentation may be required**
After All Documents Have Been Submitted:
Once all the documents have been received by underwriting, underwriting will email you the merchant terms. The terms need to be signed and initialed by the merchant and sent back to us before underwriting will begin website compliance. Once merchant terms have been received, the website will go through the “In-House Compliance” phase. Underwriting will go through every detail on the website and notify you of any changes the merchant needs to make in order to comply with Visa/MasterCard, FDA, and our policies. If the merchant does not want to comply and make the necessary changes, their application will be denied.
Before we start the website compliance our head of Underwriting, head of sales and head of customer service will complete a conference call with the merchant to go over the process with the merchant and answer any questions they may have.
Important information to give each Merchant:
- $99.99/month Maintenance Fee
- $100 Annual Maintenance fee.
- $100 Possible G2 Super-Persistent Monitoring may be needed for certain accounts
Then we have our “per occurrence” Fees:
Authorization Fee (transactions, declines, refunds, pre-auths, etc)= $0.30
Chargeback Fee = $35.00
Retrieval Request Fee = $15.00
If a transaction is being questioned by a customer, the Merchant have to provide more information about this transaction.
Representment Processing Fee = $15.00
Ethoca/Verifi Alert Fee = $40.00
Ethoca / Verifi – per occurrence Ethoca is MC and Verifi is Visa. These are alerts we receive if a transaction has a high probability of becoming a chargeback.
TC40 Fee = $20.00
TC 40 is an alert we receive from the card issuing bank if a transaction has a high probability of becoming a chargeback. Again, this is a per occurrence fee.
ACH Fee = $1.00
ACH Rejection Fee = $25.00
Wire Fee (Domestic) = $25.00 only applied if the merchants ACH was declined and they need their deposit wired
Wire Fee (International) = $35.00
Wire fee only when we are not able to AC
Any changes/update on the website they need to submit for our approval BEFORE adding on their website.
The reason why we ask for updates prior to adding them on the website is risk and security, and to avoid payment processing interruptions. These non-approved changes can cause fines from Visa and MasterCard which is why we are so strict about it. It is on yours and our very own best interest to comply with FDA regulations and Payments policy and guidelines.
Each Merchant has a 10% rolling reserve for 180 days after which the funds are released back to you on the 181st day and so forth.
We can submit a request to lower the reserve after 3 months of consistent processing.
To have a daily payout, you will need to process more than 40K monthly.
If you process less than 40K monthly, you will receive your deposit every Wednesday (10 days in arrears)
There is an initial 10 BUSINESS day delay and daily thereafter. Meaning on the 11th business day you will receive your deposit from the very first day you processed and on the 12th business day you will receive your deposit from the second day you processed and so forth.
Remember, you will get paid on time if you have a consistent processing, this is what we are looking
- 20k monthly
- 4-5k per week
- 50k monthly
- 1,500-2k daily
- 100k monthly
- 3kto 3,500 daily
- 150k monthly
- 5k daily
If you process $100,000 in one month and on the other month you drop your process to$20,000, your payout will drop too. CONSISTENCY is the key to have a CONSISTENT payout.
If the merchant stops processing and fails to fulfill the items the customers ordered, a chargeback can be initiated by the customer for up to 6 months.
Before you reach your monthly limit we will receive an email, we don’t cap our accounts,
If you have been processing consistently and without any issue, your monthly volume limit will be increased. However, please let us know on the application the “real” amount a merchant would like to be approved for after the first 2-3 months of processing. Having a real processing volume amount allows us to better understand the merchant.