Payment Processing Plans

Accept Payments with FlexPoint

Choose the right payment processing plan for your business

To accept payments with FlexPoint, choose a Payment Processing Plan and submit the application. FlexPoint offers Interchange+ or Customer Surcharge. The biggest difference is Customer Surcharge allows you to pass credit card fees to clients*.

Interchange+

Variable pricing based on card type

Overview

• Pricing is variable and based on the underlying type of card used
• Pricing varies depending on the type of card used. Typically higher point cards and American Express are more expensive than low point cards
• This means if your clients use cheaper cards (Discover for example) you get the benefit of lower interchange rates
• Credit card processing fees will not be passed to end clients

Benefits

• Exceptional Client Experience - clients can use payment method without extra costs.
• Rates - lower credit card processing rates relative to fixed pricing.
• Enhanced Data - FlexPoint passes Level II and Level III data. By doing so, this allows your transactions to qualify for lower interchange rates.
• Matched Interchange Rates - rates adjust based on the card used—lower rates for lower point cards, higher rates for higher point cards.

Drawbacks

• Business Responsibility - you will be responsible for payment processing fees.

So how much will I pay?

Unfortunately it is hard to know until you start processing payments! However, our partners who are on Interchange+ typically see payment processing rates from less than 2% for some debit cards to 3.5% for higher points credit cards.

Customer Surcharge

Credit card pricing is fixed and known upfront at 3%

Credit card processing fees will be passed to end clients*

Overview

• Credit card pricing is fixed at 3%
• Fees can be passed to clients*

Benefits

• Passing Fees - lower your costs by passing credit card fees to your clients.
• Split Fees - share the processing fee with your clients for mutual savings. You can pass the full 3% or a portion of it.

Drawbacks

• Payment Friction - clients may be unhappy with additional charges for credit card payments.
• Debit Card Restrictions - it is illegal to surcharge debit cards. As such, you will not be able to accept debit cards by default. If you choose to accept debit cards, you will be responsible for the full cost of processing.

So how much will I pay?

If you choose to pass the full 3% to end clients, you will not pay credit card processing fees* * There is a $0.30 per transaction fee which we are unable to pass to end clients.

Frequently Asked Questions

How quickly will I get approved?▶

Approvals are typically done same day.

Is there a credit check?▶

There is no personal credit check.

Why do you need my social security number?▶

We need to KYC (know your customer) the individual and check that they are not on Office of Foreign Asset Control (OFAC) or Politically Exposed Person (PEP) lists.

Why do you need my residential address?▶

A residential address is needed to help KYC the Beneficial Owner of the account.

How will my charges appear on my customers accounts?▶

Card descriptors will always contain a Pay* (USD) or NBX* (CAD) prefix whereas ACH Debit will not contain any prefix. The default will be your business legal name, up to 20 characters. Merchant statement descriptor example where legal name is Pineapple: Card = Pay*Pineapple ACH Debit - Pineapple

Why would I not be automatically approved?▶

The merchant application process requires processors to meet various compliance requirements, such as KYC (Know Your Customers) and AML (Anti-Money Laundering) regulations set forth by federal laws, all of which relate to merchant and business verification. If the information provided in the application about the business cannot be verified to meet these requirements, the application will be pended by Underwriting.

It's been 72 hours, I'm still not approved. What do I do?▶

A member of the FlexPoint team will reach out if we need additional documentation.

What type of documentation will you request? ▶

Each pended application will have specific information requested, but some common reasons for these holds are:

• IRS/Tax ID Mismatch - this happens when the business's legal entity registered with the IRS does not match the information provided in the application. To avoid this, ensure the legal entity information matches fully, including the registered address. If an application is held, documentation may include Articles of Incorporation or an SS4 Issuance letter.
• Bank Account Verification - this is an automated process through GIACT, but sometimes smaller institutions may not be able to verify automatically. In this case, a voided check or signed bank letter within the last six months may be requested.
• Merchant Owner/Control Prong Verification - ensure owner information matches official documents. If not verified, identification such as a driver's license or state ID will be requested.

Wow this payment application is so easy. Is it too good to be true? ▶

It really is that easy! We have worked closely with our payment processor to ensure it is as easy as possible to apply and get approved for payment processing.

I'm on the Customer Surcharge plan. Is there a way I can absorb the fees for a specific client, if needed? ▶

Yes! On the Customer Surcharge payment processing plan, you have the ability to take on the fees for a specific customer. Learn more here!