Frequently Asked Questions
it difficult to apply for an account?
- What is
the process to apply for an account?
- Will I be required
to supply financials?
- Is everyone approved for a processing
- How long does it take to set
up an account?
- Can I accept checks online?
- If I win a chargeback dispute
will I get the money owed to me?
- 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
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
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
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.
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Can I back
Are there any business types in which I cannot
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