FAQ

Frequently Asked Questions

  1. Is it difficult to apply for an account?
  2. What is the process to apply for an account?
  3. Will I be required to supply financials?
  4. Is everyone approved for a processing account?
  5. How long does it take to set up an account?
  6. Can I accept checks online?
  7. If I win a chargeback dispute will I get the money owed to me?
  8. Are there any business types in which I cannot get processing?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is it difficult to apply for an account?
Applying for an account is not difficult. You are requiree to complete an application. There is a list of business types which are automatically approved, regardless of your credit score, and can be operational within 2 hours of your application submission. There is another list of business types which do require some documentation and require up to 48 hours for approval. For any other type of business we will refer you to our high risk division. back to top

What is the process to apply for an account?
First of all, we will discuss your goals and determine what services will be needed for your business. This will help to match your business with the best service providers. You will be walked through the application process to minimize the time your account will take to be approved by underwriting. We will walk you through the whole process and make it as simple as possible. Get started now! back to top

Will I be required to supply financials?
The need for financial documents depends on the account type. Usually there are no financials required unless you are currently in a bankruptcy or recently got discharged. If you have been processing, 3 of the most recent monthly statements are needed to verify processing volume, card types usually accepted, processing volume and average ticket. Promtly providing all the records we request allows us to negotiate the lowest possible rates for your processing. back to top

Is everyone approved for a processing account?
Virtually everyone can be approved for an account. The variable is the rate they will pay, which is directly relative to the risk they will pose to the processing bank. If your business type falls outside the normal retail category, we will refer you to our high risk division. Either way, we will get you the lowest possible rate for your business type and risk category. back to top

How long does it take to set up an account?
The setup time depends on the type of account. If you are applying for an account for a pre-approved business type your account will be approved within 2 hours of your application submission. If you are applying for an account in another category you should be approved within 48 hours. If you fall into the high risk category it can take up to 30 days depending on many factors including whether you will process domestically or off shore. back to top

What happensback to top

Can I accept checks online?
Yes. E-checks are a great alternative payment method to add to your business. Not only does it give your customers an additional payment option, there is no risk of charge backs with online checks. Online check processing is a direct ACH out of your customer's bank account. This forces the customer to deal directly with your customer service team to resolve any disputes. back to top

If I win a chargeback dispute will I get the money owed to me?
Yes, if you win a charge back dispute you will get paid for the transaction, but you may win the battle only to lose the war. Depending on the price of your product or service, the fee charged to you by the processing bank for the charge back, which is not refunded, may exceed the money you collect in the end. The best approach is to take the precautions to avoid the charge back in the first place. Plenum Payments works with you to minimize charge backs to keep your costs as low as possible. back to top

Can I back to top

Are there any business types in which I cannot get processing?
If you are Julian Assange and trying to get processing for Wikileaks, I am afraid you are out of luck. For anything else, there are banks that will do processing for your business. back to top

 

 

 
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