1. Can I use my existing merchant account?
No. You must use the merchant account provided by ServiceTrade’s payments provider to accept payments through Invoice Link. You can continue to use your existing merchant account for other payments (credit card swipes, phoned-in credit cards, etc).
ServiceTrade may add the capability for you to use your own merchant account in the future.
2. What are the payment fees and how are they applied?
Visa, MasterCard, and Discover: 2.75%, plus $0.30 per transaction
American Express: 3.25%, plus $0.30 per transaction
ACH: 0.75%, plus $0.25 per transaction, with a $10 maximum per-transaction fee cap
For example: for a $100 Visa payment, the fees are (2.75% * $100) + $0.30 = $3.05. You would receive $96.95 ($100 - $3.05). The payment fees associated with ACH and credit card transactions are applied to the total amount of the invoice that was paid. You will receive the net amount after those fees are applied.
3. How will I see the fees associated with each transaction?
As a ServiceTrade customer, you will automatically be boarded to receive gross deposits. Gross funding is when the deposits in your bank account match your daily batch totals. For each transaction processed, you will see two items - one deposit and one debit.
For example, if you ran $1,000 in transactions in a single day, and your fees totaled $29, you would see a single deposit of $1,000 to your bank account, followed by a single debit of $29. The net amount would then total $971. This makes reconciliation much simpler within your bookkeeping system of choice. Transactions taken by 7:30 pm EST each day will be funded to your bank account within 48 business hours for credit card transactions, and 5 business days for ACH transactions.
4. When I will receive funds from my Invoice Link payments?
Payments are processed in a batch at 8 pm Eastern time each day. All payments made on that day will be included in that batch and will be deposited into your bank account (minus payment fees). There is no action you need to take to settle your batch each day. Once your batch is settled, the deposits will fund your bank account within 48 business hours for credit card transactions and 5 business days for ACH transactions.
Credit Card Transactions settled by 7:30 pm EST on:
Monday will fund on Wednesday
Tuesday will fund on Thursday
Wednesday will fund on Friday
Thursday will fund on Monday
Friday will fund on Tuesday
Saturday and Sunday will fund on Wednesday
ACH Transactions settled by 7:30 pm EST on:
Monday will fund on the following Monday
Tuesday will fund on the following Tuesday
Wednesday will fund on the following Wednesday
Thursday will fund on the following Thursday
Friday will fund on the following Friday
Saturday and Sunday will fund on the following Friday
Note: Payments that occur after 7:30 pm Eastern will be included in the next day’s batch.
5. How do I handle credit card chargebacks?
A chargeback is a dispute initiated by a customer against the merchant who accepted their card as payment in exchange for goods or services. The chargeback process is available as a protection for cardholders against fraud and merchants who do not provide their product/service as promised.
When a bank receives a chargeback dispute from one of their cardholders they open an investigation by contacting the processor and requesting evidence that the product/service was provided. The processor will then notify you of the chargeback and advise as to what documentation should be provided.
To respond to a credit card chargeback:
Log into the Payment Portal
Click on Reports
Click on the Chargeback Manager report
Select the chargeback to which you would like to respond
Click on the Upload Docs button
Upload supporting documents that confirm the cardholder authorized the transaction being disputed. Providing documentation that shows proof of authorization, such as a signed work acknowledgment or pre-work authorization, a record of an approved quote, or other documentation that shows proof of authorization will help in resolving the dispute.
Click Submit to submit your documents.
6. What do the different ACH payment statuses mean?
The Payments list in the Payment Portal will indicate if the ACH transaction is currently in the settling process, if the transaction has settled and funded to your account, or if the transaction has been reversed. Each status will be shown under the payments list and will be displayed as follows:
Settling: the ACH transaction has not yet settled. The settling process typically takes 5 business days.
Green checkmark: The ACH transaction has settled and your bank account has been funded.
Voided: The ACH transaction failed to settle, and your bank account was not funded. There are a number of reasons as to why the payment could have been reversed (voided). Examples of this include insufficient funds, the bank account is not authorized, etc. If the transaction shows as voided, please reach out to the customer for another form of payment.
7. What is PCI Compliance?
PCI security standards are technical and operational requirements set by the Payment Card Industry Security Standards Council to protect cardholder data. Major card companies such as Visa, MasterCard, American Express, and Discover, are responsible for enforcing the security of cardholder information.
Merchants are responsible for ensuring their equipment, networks, and employees meet the PCI security standard.
8. How do I become PCI Compliant?
ServiceTrade works with a Level 1 PCI Service Provider. Level 1 is the high level of compliance available, and we adhere to industry-leading PCI standards. To become PCI compliant, the following steps need to be taken:
Complete business profile
Complete Annual PCI questionnaire
9. How do I take my PCI Compliance questionnaire?
After your account approval, you will receive an email from Control Scan, our PCI vendor ( email@example.com). That email will include your username and password to login into your account for the first time. Once you have received your username and password, you can access the questionnaire at https://servicetrade.secureedge.com.
10. Why do I have to provide personal information such as address, date of birth, and Social Security Number during enrollment?
In 2001, the USA PATRIOT Act was passed to give law enforcement additional tools to investigate terrorism and money laundering. As such, payment processors are required to collect personal information on authorized agents and owners of any business that applies for processing.
Section 326 of the PATRIOT Act requires that we perform an ID verification on all agents and owners of applying accounts and check their personal information against government databases. This is to assist in preventing known or suspected terrorists from gaining access to a merchant account that would allow for potential funding of terrorism.
In May 2016, FinCEN (Financial Crimes Enforcement Network) published Customer Due Diligence Requirements for Financial Institutions. The Requirements are commonly referred to as “Beneficial Ownership.” Compliance with the Rule is required as of May 11, 2018. The FinCEN requirements expand the scope of the PATRIOT Act by including anyone that owns 25% equity in the business or more in the ID verification process.
Every merchant must provide information for up to four Beneficial Owners and one Control Owner. When appropriate, the same individual can be identified as both a Beneficial and Control Owner. Accordingly, we’ll collect the following information from all individuals identified as either a Beneficial Owner or a Control Owner:
Date of Birth
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
For Beneficial Owners who do not have an SSN or ITIN, a passport number (or similar government ID) will be collected. This information is the minimum of what is required to be collected per the rule. We understand the sensitive nature of this information and will never share it or use it outside of the procedures described here.
For more information, please see the announcement on the U.S. Treasury site.
11. Why do I need a credit check?
We require a credit check because we have to assess the fundamentals and stability of the business, and the credit of those running the organization has been a reliable indicator in that assessment. However, the check we do is a soft one. This means that your credit score won’t be impacted, and the information isn’t used in any other capacity.
Additionally, one piece of the overall assessment, and it’s not an immediate qualifier or disqualifier for the service.
12. How do I add a surcharge to my invoices to cover the cost of credit card payment fees?
A credit card surcharge (sometimes called a convenience fee) is not currently supported by ServiceTrade’s payments partner (details here). The Sub-Merchant agreement that you agree to during Invoice Link Payments onboarding specifically prohibits surcharges in section 5.e.: ‘Each transaction amount is only for respective merchandise or services (including taxes, but without any surcharge)’, and in Appendix II section C.i., which prohibits surcharges and other practices which result in customers who pay with credit cards paying more than customers who pay with cash or check. The full Sub-Merchant agreement is available here.
13. Why doesn’t ServiceTrade support credit card surcharges?
Surcharges are not supported by Servicetrade’s payments partner because in some jurisdictions these surcharges are prohibited (or restricted) by law, and in other jurisdictions are allowed only with advance notification to both your customers and to credit card associations (Visa, Mastercard, etc), and other restrictions. More information about surcharges is available from Visa here.