Everything You Want to Know About Paymentech Merchant Accounts

Paymentech is Yahoo's preferred merchant provider account. Chances are, if you have a Yahoo store, you'll be using Paymentech.

To establish a Paymentech account, you can set up an online storefront and then apply for e-commerce merchant application with one of Paymentech's partners. If you don't plan to use credit cards, you can use Paymentech's Orbital Virtual Terminal. If you do have a storefront and need to use gateway and payment processing services, you can contact Paymentech to discuss options with one of their sales representatives.

Paymentech handles both retail and direct marketing accounts. You can fill out an online request form to have a sales representative contact you. You can also talk to someone online directly by calling their 800-number. If you want a direct marketing account, Paymentech also has another direct 800-number you can use to call them. This may be easier than simply trying to fill out an online form; it's up to you.

Costs vary depending on what your needs are, but again, Paymentech has a sales inquiry form that you can fill out to determine what your pricing is going to be based on what you need. Some of these variables include which payments you accept, card types you accept, and other elements.

If you already have a Paymentech account, you don't need to set up a new account if you want to start doing Internet transactions. Rather, Paymentech can set up a separate merchant outlet number for your online store. To do this, you'll have to contact your Paymentech Relationship Manager to handle this for you. This will also give you the ability to see separate and consolidated view of your company's credit card processing activity.

Unfortunately, at this time, Paymentech only provides merchants within the US or Canada with merchant services. However, if you have an international location, the company can provide international currency support for you. Paymentech does provide international currency processing.

After the application submitted to set up a merchant account, it usually just takes a few days to establish the actual account and to train you as necessary. This time can be longer if for some reason the information is incomplete; Canadian and international processing setups also usually take 10 days to two weeks to complete.

When you apply, you'll be asked to give a projected dollar volume. From that, your processing limit will be established. The company has the right to review accounts at any time if volumes significantly differ, either higher or lower, from what is represented on your merchant application.

As with any merchant account, Paymentech needs to review and take into account your credit information. Because the merchant account is basically an application for an unsecured line of credit, there are risks involved to the company that provides that merchant account. Whenever a transaction takes place, the cardholder is charged and the merchant is credited for the amount of the transaction. However, the customer still has chargeback rights and can dispute the transaction for up to 90 days. Therefore, Paymentech needs to make sure that you as a potential merchant have a financially sound and viable business that is operating in good standing.

MasterCard or Visa generally handles transactions that are disputed, for example, as applicable. As the merchant, you are not liable for disputed retail transactions if a card was swiped through terminal and the cardholder's signature was obtained as well as an authorization. If the card was not present at the time of the transaction, the merchant assumes liability for any disputed charges. These disputed charges may be reversed depending on timing and the nature of the cardholder claim. Paymentech has methods to help merchants manage this process is efficiently as possible.

You are paid for the transactions you submit to Paymentech or through use of Automated Clearing to House, or ACH. Paymentech remits funds for most credit card transactions, with the exception of American Express or Discover. With those two credit cards, these issuers obtain your banking information and pay funds to your bank account.

You have both online and off-line access to information about your market account. Should if you need to close your previous merchant account once you have switched to Paymentech, you can do so after you have completed the process necessary to process transactions through Paymentech.