Summary of benefits
- Simpler, faster, easier reconciliation
- Grouped daily payouts: one for credit card transactions and one for ACH.
- Payments received are posted net of transaction fees (“net settlement”): simplifying reconciliation and eliminating month-end surprises.
- Review the reconciliation process.
- Faster payouts – Most card payments will post within one business day, thus improving your cash flow. Review new payout timelines.
- Credit Card Timing: 1 to 2 business days days (9:30 PM ET cut-off)
- ACH Timing: 3 to 4 business days (6:30 PM ET cut off)
- Improved chargeback handling – A more automated way to manage chargebacks
- Optimized card transaction fees – New Interchange-Plus pricing approach combined with opportunity to qualify for lower Interchange rates can reduce your cost of acceptance. Review Interchange-plus.
Please follow these steps to activate today!
Step 1: Review & complete application details
📍 Navigation: Payment products > Centime Merchant services > Click APPLY.
✍️ Populate responses for: Publicly held, Date of establishment & Accounting system.
✅ Select a primary owner: If your company does not have any Beneficial Owners you will select the controlling officer as this person serves as the Control Prong. You can edit these details here.
✍️ Update each individual with response for: Politically exposed & Phone number.
📝 Processing and payout details: These details will be used to monitor transactions and keep your account secure.
✉️ Review and submit: This will send an email containing a DocuSign to your authorized signatory.
Step 2: Configure transaction fees
- 📍 Navigation: Settings > Receivables > Online payments > ✏️ EDIT
- Populate a transaction fee account
Step 3: Complete DocuSign 📤
An email containing the DocuSign application will be sent to your authorized signatory. You will be notified once they have signed the document.