Common Credit Card Processing Terms Defined

https://www.reddepayments.com/post/common-credit-card-processing-terms-defined

When do I get paid for my transactions?

Depending on the time you batch out at the end of the day you will receive funding within 24-48 hours. The cut-off time is as follows: 5:00 PM (PST), 6:00 PM (MST), 7:00 PM (CST), 8:00 PM (EST). Keep in mind, funding takes place during weekdays.

How can I view my statements?

Every month you will be mailed your statement for the previous month. If you would like to sign-up to view your statements online contact your account executive to proceed. Your account executive can also provide you with your statements digitally via email when requested.

(note: your account executive is assigned once you switch to Redde)

How can I change account information, such as my address or phone number?

If you would like to change any information that is associated with your account please contact your account executive who would be happy to make the appropriate changes.

Can a new owner use my account?

Our team would be happy to transfer your current account to your new owner. If you decide sell your business, please contact your account executive to begin the process.

What credit cards can I accept?

With Redde, you can accept all credit cards!

How long does funding take?

Our funding takes 1-2 business days, depending on your account. You will see your deposits appear in your bank account within 2 business days (depending on the time of day that your transactions are settled). Any transactions processed over the weekend or bank holidays are deposited on the following business day. If you have any questions in regards to our funding process, contact us to learn more.

Does Redde have instant account approval, such as Stripe and Square?

Instant account approval is a popular feature of Stripe and Square, but it's not an official approval. Stripe and Square allow merchants to start processing payments through a “pre-approved” account. This gives Stripe and Square the ability to onboard merchants more quickly and enable transactions. After transactions are enabled, the merchant is then put through underwriting. Underwriting will then review accounts and decide if they should remain open or not. They may request documentation or deny all transactions. It really depends on what they find associated with the account. Allowing merchants to process payments through an account that may or may not be officially approved is why merchants often have closed accounts with funds held. Then, once Stripe or Square decides they don’t like the account, it’s far too late. This is why there are endless stories online of merchants having their accounts closed almost immediately after signup.

So, what you are looking for is a payment provider that allows for immediate signup, like Stripe and Square. If that’s what you need, then feel free to enroll with Redde. You can sign up 100% online, just like Stripe and Square. While Stripe and Square hide the fact that your account goes through underwriting, we don’t. By signing up for an account with Redde, you will get an approved account with no holds and reviews - post approval.

How do I use my credit card machine?

With every POS device you will receive a quick reference guide which provides support with operating your POS device. Please contact your account executive for any additional information.

Can I accept ACH payments with Redde?

Redde offers ACH payments. Please get in touch and speak with one of our team members to go over pricing options. You may pair ACH payments with standard payments, or you may take ACH-only transactions. Just let us know what you would like to do. To learn more about our ACH options visit reddepayments.com/services.

What is PCI Compliance?

PCI DSS stands for Payment Card Industry Data Security Standard. This is a set of requirements designed to ensure that any business or company that processes, stores or transmits credit card information preserve a secure environment that protects cardholder data. Upon approval expect to receive a PCI compliant self-assessment questionnaire tailored to your business type. Contact your account executive with any further questions.

To keep on learning about PCI compliance, visit: https://www.reddepayments.com/supportcenter/pci-compliance

Are there any guides on accepting credit cards that I can reference?

For merchants accepting Visa visit - Card Acceptance Guidelines For Visa Merchants.

For merchants accepting MasterCard visit - MasterCard Rules For Accepting Credit Cards.

Can I fill out an application online?

Yes! You can either contact our sales team for specific information. However, if you know what kind of solutions you are needing we have an option online where you can fill out an application immediately. Click here to see our available applications.

How can I prevent my business from fraud?

Fraud Prevention Tips

What is EMV?

EMV stands for Europay, MasterCard, and Visa. It's the global standard for debit and credit card that is chip-based. It's a joint effort to ensure security by making card information more difficult to extract than on magnetic stripe cards.