I have received pricing plans #16.1 and #4.3. What do those numbers mean?
Those digits are just numbers of the pricing plans on our site. We use them to identify the pricing plans which suit you and were chosen by you.
Which providers are your partners?
We have many partners, and some of them are not indicated on our website. We will provide you with the name of a specific provider whose pricing plan you’ve selected after you accept the Formal offer and make payment for our services.
Your website states that you help to select the pricing plan free of charge but I have been offered to pay 250 euros. What exactly does this amount cover?
You can FIND THE BEST PRICE PROPOSALS from multiple providers on the Turbapay website AT NO COST.
If you find any proposal appealing and intend to open a merchant account, you need to pay 250 euros for our support which includes:
- advice on all matters related to the account opening and integration;
- explanations regarding all the documents which need to be submitted to execute a contract with the selected providers;
- as soon as your documents are ready, we will promptly review them and help amend if necessary.
Should the payment for your services be made from the account of the company that opens the merchant account? Can I pay from my personal card account? Can I pay in a currency other than euro?
You can pay with any card held by any person and in any currency. The payment details will include a unique number generated by our system so we will be able to identify your payment.
What does set-up fee (discount rate / other pricing plan items) mean?
This is one-time payment charged by providers for opening a merchant account which will be credited with the funds accepted in your favor. Some providers require advance payment, others charge this payment out of the funds credited in your favor.
You can access information about other pricing plan items in the document “Explanations of Pricing Plans” available on our website.
What happens after I pay for Turbapay services?
Not later than the next business day, one of our employees will send you the list of necessary documents at the email you provided in the Application. We will also answer (via your preferred messenger) any questions you may have. When you have prepared the documents, we will promptly review them and help to amend if necessary. After that, the documents will be sent to the provider. We will support you throughout the process until your site is integrated to payment provider.
Is it possible/reasonable to open several merchant accounts?
If you identify several suitable proposals from different providers, you can open several merchant accounts. It makes sense if you want to have a stand-by payment acceptance channel on your website.
Can you guarantee that my account will be opened? What happens if the provider proposed by you does not open a merchant account for me?
The final decision to open the merchant account is taken by the provider following the documents reviewing. Unfortunately, we cannot give a 100% guarantee but with our understanding of provider requirements and the preliminary documents review the chances of a positive decision are substantially increased.
Should the provider refuse to open you a merchant account, we will offer you another provider with similar conditions.
Pursuant to our Formal Offer, we undertake to refund your payment (less the bank fees) within 10 banking days if, having paid for our services, you do not execute a contract with any of the providers offered due to their refusal notwithstanding the fact that you havemet all providers’ requirements.
My previous provider blocked my merchant account. Will this impede account opening with your providers?
Card payment systems have merchant “blacklists” (TMF, TerminatedMerchantFile). With Mastercard and AmericanExpress this is called MATCH (Member Alert to Control High-Risk), and with VISA – VMAS (Visa Merchant Alert Service). The main reasons for being put on the list is excessive chargebacks, involvement in money laundering, client data theft and other violations.
Most providers/acquirers refuse to work with TMF merchants and are not interested in any explanations, but some of our partners are willing to consider such merchants.
We are just starting to accept online payments, I do not have any processing history. Will these be an issue?
If you indicated in your application that you do not have any processing history and you did getsomepricingplan or plans, this means that those providers onboard merchants without processing history as well.
The pricing plan states that the minimum settlement amount is 1000 euros, and that settlement is done weekly, with 2 weeks delay. What does that mean?
All payments made in your favor are accumulated in the merchant account and then transferred as a single amount to your current account specified in your merchant contract.
The pricing plan may include:
– settlement frequency (i.e. frequency of funds transfer from the merchant account to your current account), e.g. “weekly”;
– minimum amount e.g. “EUR1000” (if a smaller amount is credited during the week, your funds will remain in the merchant account till the next week);
– delay period (applied by some providers) – the period during which the accepted funds shall remain in the merchant account.
For example, if the provider transfers funds every Wednesday, the funds credited on Monday and Tuesday this week will be transferred on Wednesday in two weeks.
Which documents should I provide to open a merchant account?
The list of documents may vary depending on specific provider but in most cases it is identical to the list of documents required for opening a bank account (documents confirming company registration, title, authorities of the signatories, incorporation documents, current account details etc.). Furthermore, scanned documents of the contract signatory and company owner are usually required, as well as confirmation of website ownership and proof of license (if any).
Do I need to meet the provider in person?
No. Documents are submitted electronically.
How will my website be integrated from the technical viewpoint?
The provider usually proposes to merchants API or SDK which will enable your web developer to quickly integrate your website with the provider. The latter will provide any help you may need.
Will we sign an NDA if I submit documents to you?
Our Formal Offer already contains our obligation to keep client information confidential.
Will I be able to make payments from my merchant account?
No, merchant accounts are only used to accumulate funds accepted in your name.
How many merchants did you help to open a merchant account?
We helped over 200 merchants.
I do not have a website yet. Can I start the merchant account opening procedure?
You need to have a website compliant with the provider’s requirements at the time of sending the documents to the provider.
What are the website requirements?
The website requirements may vary depending on the provider so we will provide the exact list after you have chosen the provider. But generally the following is required:
- Data on the entity selling goods/content and/or offering services (name, mailing and registered address, bank details, contact phone number for customers, email etc.)
- Website versions in the target audience’s languages.
- Detailed description of the goods/services/content offered, including full price, consumer properties, images etc.
- Description of procedures and methods of order placement, payment, delivery and return of goods/services/content, payment cancellation and refund etc.
I have a website but I do not have a company yet. Can I start the merchant account opening procedure?
You need to have both a registered company and a current bank account at the time of submitting the documents to the provider. If do not have those, we can also help.
What kind of contract will I need to sign with the provider?
We will provide the contract template after the full package of documents is prepared.
Do your partners have a payment service provider license/PCI DSS certificate?
The majority of our partners are acquirers and PSPs holding relevant licenses and certificates. Some of them are agents of acquirers and PSPs. In either case you will sign the merchant contracts with entities having necessary documents and authorities.
Can you guarantee that the provider will be transferring the payments made in my favor on time?
Alas, nobody can give that kind of guarantee. You must be aware that even major financial institutions leave the market sometimes. But we carefully monitor the operations of our partners and stop working with those raising any suspicions.
How long does it take to integrate my website after the contract is signed?
This mostly depends on you. We will make sure that provider give you the API/SDK within the shortest time possible and promptly answer your queries. In an ideal scenario everything can be done within several business days.
Can you offer other pricing plans in addition to the 3 plans I have been provided with?
Yes. If for any reason you need other proposals, we can arrange them.
I already have one provider and I would like to have another one. What if you offer me the same provider?
We will provide another option in this case.