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Contact Information
Costados Business Solutions Corporation
3722 39th Street, Red Deer, AB - T4N-0Y3
Telephone: 780-710-4064 / 403-307-4064
Fax: 780-466-4064 / 403-986-5366
General Inquiries: info@costados.com
Any Questions?
Immediate 24-Hour Technical Support:
- Elavon Canada Support: 1-866-310-3345
- Tangarine Solutions Support: 1-877-552-5563
- Chase Paymentech Support: 1-800-265-5158
- NXGEN Canada Support: 1-888-866-9436
- American Express Support: 1-800-263-9222
- Discover Card Support: 1-801-902-3100
- Interac Network Support: 1-416-362-8550
Merchant Processing Accounts F.A.Q.
- A Merchant Account is a business account established by a contractual agreement between your business and a Merchant Service Provider. An account is needed in order to accept credit and debit card payments from your customers. The account provides credit and debit card authorization, and electronically deposits your money to your business chequing account.
- Activity is processed and reported daily. The transfer of funds takes place through the Automated Clearing House (ACH). Depending on your account type, funds will usually be deposited within 1 to 2 business days.
- No. You can keep your existing banking relationship.
- No. You need to notify your Merchant Service Provider's company with a letter and the owner's signature, only then can an account closure be handled.
- With all new merchant accounts, your business is set up to accept Visa and Mastercard automatically. Accepting American Express, Discover, and other cards are optional. Because these companies form their own independent credit card associations, you can apply to accept these cards if you so desire. If you don't accept these cards and later want to, that can be arranged for you as well.
- Make sure that each transaction for the same card number has a unique invoice number.
- If you have changed your chequing account, please make sure to update that information with us. You will need to fax a copy of a voided check that includes the bank name and location as well as your business name.
- A Discount Rate is a fee assessed on each credit card sale that is processed through your merchant account. Discount Rates are expressed as a percentage of sales and it may vary depending upon the characteristics of each transaction in relation to your business. Discount Rates apply to Visa and Mastercard sales only. American Express, Discover, Diners Club, and JCB rates are established by each of those individual brands in accordance with your merchant agreements with those companies. The account for Visa and Mastercard transactions is not involved in those fees or the disbursement of funds into your bank account when you accept one of those third-party card types from a customer.
- A chargeback is a dispute procedure that begins when a cardholder questions a charge on his credit card account. The issuing bank will then decide according to industry guidelines whether the merchant or the cardholder is financially liable for the charge. In making their decision, the issuing bank might request documentation from the merchant that originated the charge. If upon review of the requested documentation, the issuing bank decides that the merchant is financially liable for the charge, they will credit the cardholder's account for the disputed amount, and return the charge to the merchant's bank. In turn, the merchant's bank will chargeback the merchant to collect those funds.
- A batch is a collection of transactions accumulated over a period of time and processed as a group. You can batch orders for authorization or for capture. Your processing requests may in turn be batched for settlement by banks.
- A payment gateway is where credit card, billing, and personal information is encrypted and passed through to communicate with the service provider for authorization and approval.
- Using an API gateway in co-ordination with secure hosting, you can retain the credit card information on your server.
- The virtual terminal collects the information to process a credit card and transmits it electronically through a secure gateway to the authorization center for approval.
- Yes, there is software where you can log on to the Internet from anywhere and process a manual credit card transaction.
- Yes, you can do recurring billing using the secure database available to you.
- It is short for Secure Socket Layer, a system for encrypting data to be sent over the Internet, including E-commerce transactions and passwords. With SSL, client and server computers exchange public keys, allowing them to encode and decode their communication.
- The "scrambling" of information sent over the Internet. Encryption ensures that only the intended recipient has the ability to read and understand the information.
- A shopping cart is a software program that will keep track of the total amount of products purchased by a customer on your website. A shopping cart will total up the cost of the products or services that a customer purchases before payment is processed.
What is a Merchant Account?
How frequently are funds deposited into my account?
Do I have to change my bank?
Can I close my merchant account over the phone?
How do I get set up with other credit card companies like American Express or Discover Card?
What if I'm having problems processing more than one transaction in one day with the same credit card number?
I changed my chequing account. How do I update my merchant processing account?
What is a Discount Rate?
What ia a chargeback?
What is a batch?
What is a payment gateway?
Can I capture the card information on my server?
What is a virtual terminal?
Can a manual transaction be processed online?
Can I do recurring billing?
What is SSL?
What is encryption?
What is a shopping cart and how does it work?