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Frequently Asked Questions
VeriPayment.com Questions
- What is VeriPayment.com?
VeriPayment.com is a Verified Payment Solution in conjunction with VeriPayment.com LTD. which is a
complete payment processing solution that includes a verification process, allowing Vendors to accept
credit cards from verified customers through their website. The verified payment solution comes with
a turnkey service, where refunds, chargebacks and 1-800- customer service calls are handled by the
experienced staff at VeriPayment.com. The merchant also gets a control Panel, for managing all their
sales, as well as access to our secure payment gateway.
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- Do you accept Vendors or consumers outside of Canada and United States?
Yes, as long as we can verify you and your company, VeriPayment.com accepts merchants world wide.
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- What is a Transaction ID?
A Transaction ID is a number that is unique for each transaction processed, which proves that
each transaction has been verified and confirmed.
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- Which currencies are supported?
With the Veripayment.com, you can accept multiple of currencies through Visa and Master card only.
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- Does VeriPayment.com restrict the dollar amount processed per month?
No, there is no maximum processing volume.
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- Why are VeriPayment.com's chargebacks so low compared with industry statistics?
Our system and business practices were designed based on VeriPayment.com LTD Identity Verification
Process. Unlike most industries, VeriPayment.com not only verifies the credit card but the identity behind the
credit card as well, which limits any chances of fraudulent transactions to go through. VeriPayment.com issues a
unique Verification Id number for each transaction processed and a unique verified account to each of its
VeriPayment.com account holders.
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- What level of encryption does VeriPayment.com have on their server?
VeriPayment.com uses strong 256-bit encryption.
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Vendor Questions
- How do I get a Vendor Account?
First, you must simply submit our signup form so we may have a better assessment of your
business module. Please allow one of our trained account managers to contact you within 24 hours
whereas he/she will proceed to activate your account accordingly. For more information, please contact
sales@veripayment.com.
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- Do we need our own bank merchant account status to use your system?
No. VeriPayment.com offers you the ability to accept all major credit cards without needing a traditional bank
merchant account.
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- Will Vendors need to be incorporated?
Yes, your company must be registered and incorporated in its respectful jurisdiction location. However, your
settlements can be wired at any financial institution worldwide.
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- What is the Control Panel?
The Control Panel is a web-based transaction management and reporting software, developed by VeriPayment.com LTD.
Some of the highlights of this tool include: real-time reporting, transaction status views. The Control Panel is
available 24 hours/day and 7 days/week to only Verified Vendor account holders at this time.
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- What kind of reporting will I be able to obtain through the Control Panel?
The Control Panel includes product distribution, daily sales activity, and customer localization. It also shows
confirmed Verification IDs and customer identification, so you can keep track of each transaction that is verified
and confirmed. It also consists of detailed payout and hold back funds reports as well as all verified transaction
fees charged. There may be a 15 to 30 minute delay for your transaction to appear in our administration area
(click here to see Demo).
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- What is a Hold Back Fund?
Like any other business, VeriPayment.com needs to protect itself from catastrophic events. In the case of
VeriPayment.com, we are selling intangible Identintiy verification promises of some future service (most often, access
to a client's web site). If that web site should abruptly cease to be there (as does happen on occasion), VeriPayment.com
would find itself obligated to refund any as-yet-unused subscription charges. To protect itself, then, VeriPayment.com
holds back from each Vendor 10% of the total revenues billed during a billing period. Six months following the date of
each billing period, that 10% holdback amount is paid out to the vendor. This policy can be reevaluated once a history
has been established for your site.
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- What are VeriPayment.com services fees?
Considering the services VeriPayment.com provides, our service fees in U.S dollars are the most competitive
on the net today.
- Processing Rate: To be determined
- Discount Rate: To be determined (depending upon industry)
- Holdback Fees: 10% (released in 6 months)
- Maintenance Fees: $40 per month
- One-time Merchant Account MID Set up Fees: To be determined
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- When does the Vendor get paid?
Vendors have the option of getting paid once a week by wire transfer, as opposed to monthly with most other processors.
Settlement time periods and methods are subject to change.
Period Paid Date Paid
06/02/2003 - 06/08/2003 06/12/2003
06/09/2003 - 06/15/2003 06/19/2003
06/16/2003 - 06/22/2003 06/26/2003
06/23/2003 - 06/29/2003 07/03/2003
06/30/2003 - 07/06/2003 07/10/2003
Please note that VeriPayment.com is required to hold back a minimum of two weeks in arrear in accordance with
banking guidelines.
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- What is a chargeback?
A chargeback is a payment dispute initiated by the cardholder with their credit card issuing bank. The amount
of the disputed transaction is immediately withdrawn from the Vendors account, and the Vendor can dispute the
chargeback with proof of purchase, signature, proof of delivery, etc. A chargeback fee is usually assessed to the
merchant on top of the actual transaction. A chargeback is usually generated when a cardholder disputes a transaction
because of one of the following criteria:
- Non fulfillment of product or Service
- Unauthorized purchase
- Product/service expectations not met
- When a chargeback is generated, the issuing and acquiring banks must research the facts to determine which
party is responsible for the transaction.
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- Can customers outside the U.S. make payments via VeriPayment.com?
Yes. As long as we can verify them on behalf of our vendor and have a MC or VISA anyone in the world can use
this service.
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- If my web site is located outside the U.S, can I sell site access through VeriPayment.com?
Yes. Sites anywhere in the world can use our service as long as the vendor can be Verified.
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- What is an Affiliate Vendor?
An Affiliate Vendor (VeriPayment.com's Client) is an electronic commerce Vendor that contracts with an Internet
Verification Service Provider (VeriPayment.com) to obtain payment services.
Vendors and consumers using a Verified Payment Solution benefit from the most advanced fraud prevention measures
available on the Web. Our fraud prevention team uses state-of-the-art multiple detection systems to rigorously evaluate
each Identity and transaction for evidence of fraud, helping vendors combat the direct costs of fraudulent purchases
and reduce chargebacks. Consumers purchasing through a website using VeriPayment.com, can be assured that their
personal and financial information stays private.
VeriPayment.com Security Features:
- Identify the locations where transactions originate and match them to the credit card numbers provided.
- Verifies and authenticates identities in comparison to the credit card information.
- Pre-screen transactions using our database of purchasers with poor payment histories.
VeriPayment.com prevention systems ensures secured identity verification transactions, making us the safest ways
to process online transactions.
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VeriChex Questions
- Who should use VeriChex payment services?
Any company that currently accepts credit card payments online and wants to increase sales by giving consumers
more payment options. These include ISP's, Online Retailers, Utility Companies, and Content Publishers.
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- What does it cost?
Transaction fees for processing checks are less than the transaction fees for processing credit card transactions.
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- How is the service integrated into my web site?
Integration involves adding a check payment form to your site. This quick and easy process is normally accomplished
with 24 hours of approval.
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- How quickly do I get the funds?
Typically, online check funds are electronically transferred to your account within five (5) business days. And, with
VeriPayment.com's VeriChex (check guaranteeing) services, you can ensure that you collect the full amount of
every check.
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- Anything else I should know?
By accepting checks, you'll be able to safely sell to those customers that may have reached their credit limits and have
no available credit or those customers that have very low credit limits.
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