IMS ::-:: FAQ

How does IMSINSTANTPAY underwrite a merchant application?

We take into consideration the business model, what types of products or services sold and method of marketing and the history of the business for existing businesses.

Can IMSINSTANTPAY wire merchant funds anywhere in the world?

Yes. We will wire funds to anywhere in the world. We require your bank account and the legal name of your company and directors of the company . We abide by the Patriot Act, FINCEN, FINTRAC, Money Laundering Act and the recommendations by the FATF (Financial Action Task Force).

Do you provide secure encryption on your processing server?

Yes, we provide 128 bit SSL encryption on our browser and we adhere to PCI (Payment Card Industry Security Standard). The payment card industry requires all members, merchants, and service providers that store, process or transmit cardholder data to comply with this standard. Our gateway is PCI certified in accordance to the Payment Card Industry Security Standard.

Why do I need a payment gateway?

A payment gateway is necessary to transmit the customer credit card data between the merchant site, the third-party processor and the acquiring bank. Depending on the solution and the gateway, an appropriate API will be provided to integrate into the gateway.

What is a payment gateway?

A payment gateway connects securely with a merchant’s web site to transmit credit card and debit card payment information for authorization and settlement through various credit card and payment networks. Our gateway is PCI compliant and meets all the security standards for Visa and MasterCard International.

Can I host my site where I am now and still use your services?

Yes, it does not matter where you host your site, we are able to give you an API to integrate directly into our API (application program interface).

Do we get our own merchant descriptor and merchant account?

Yes, you get to choose your own merchant descriptor and we provide you with your own merchant account. The descriptor will only be for direct accounts. If the account is aggregated then we will give you a generic descriptor.

Do you have monthly volume caps on your merchant accounts?

We don't have monthly volume caps, the volume is unlimited however we ask that the chargebacks are limited to under 2% monthly to avoid issues with our Visa and MasterCard acquiring banks.

Do you have electronic monthly statements?

Yes, merchant activity statements are available electronically with refunds and chargebacks.

What is ACH?

ACH stands for American Clearing House and it is governed by the NACHA (National Automated Clearing House Association) rules. Majority of Americans have either a checking or savings account that can be used as a form of payment through the ACH network.

What types of credit cards and debit cards do you accept?

We accept all brands. The most common brands are Visa, MasterCard, American Express, Discover, and ATM debit cards. We also do checks by phone, echecks and check21.

What is your turn around time on your merchant applications?

Our application turn around is 48 hours and can take up till 7 days depending on the documents we receive. The more information we have on your business, such us credit card processing history, utility bill, passport, bank statement and incorporation papers, the faster it will take us to underwrite your merchant account. Direct merchant accounts with our partner banks take longer to get approval. Our aggregate merchant accounts take 48 hours for approval.

Is there a minimum dollar amount I need to transact?

Some our our partner banks do have a threshold for average transactions. Depending on the bank, we will let you know how much the minimum dollar amount will be for that solution.

How often do I get paid?

Our domestic solutions pay daily. Our international merchant solutions pay weekly with 10 days delay or twice a week with 7 days delay. For high risk merchants, we will pay weekly with 14 days delay.

What if my credit score is bad?

We have a 98% approval rate and even if your credit score is bad, you will likely get approved, we don't base our approval on credit score for offshore merchant accounts. We will only use your credit score if we place you with our domestic bank.

How long do you keep the reserve for and when is it released?

We follow Visa and MasterCard Operating Regulation by observing the 6 month rolling reserve regulation. The reserves are based on the FIFO method – first in first out. After the 7th month, the first month reserves are released and so on. The reserves are normally 5% to 10% on net deposits and it is dependent on how much risk we have to take base on your business model.

What fees are charged for international merchant accounts?

The fees vary depending on the risk the acquirer is going to take on the business.

What fees are charged for international merchant accounts?

The fees vary depending on the risk the acquirer is going to take on the business.

Will you accept a new business?

Yes, we will accept a new business.

Do I need to incorporate in the bank's jurisdiction to start processing?

It depends on where we place your account and how risky your account is in relation to the credit card association rules. We incorporate merchant when the bank is in a jurisdiction that requires us to be in compliance with Visa and MasterCard cross border regulations. If we are able to place your account domestically; you do not have to incorporate and if you are placed in an aggregate account, you do not have to incorporate.

What type of merchant businesses do you accept and what countries do you accept merchants from?

We accept all types of businesses (international merchant accounts) - Forex, pharmacy, gaming, replica, travel, retail, trade shows, mail order, telephone orders, call centers, and general eCommerce. We accept international eCommerce merchants from anywhere in world and we will take any merchant that is legal.

FAQ

Credit cards and echecks/ACH processing with IMS