FAQ's

1Do you provide a payment gateway with a merchant account?

Yes, Octapay offers its in-house gateway for e-commerce processing once the application is approved for a Merchant Account.

2Which credit/debit card brands can I accept with my merchant account?

Octapay offers Visa and MasterCard solutions for our customers.

1What is PCI compliance?

PCI Compliance is a requirement of The Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS is a set of security standards to ensure a secure payment processing environment for all parties that accept, process, store or transmit payment card information. PCI DSS requirements are guided by the Payment Card Industry Security Standards Council (PCI SSC), which continues to lead the evolving requirements. As emerging technologies and new payment methods are developed, this body ensures that payment account security remains intact for all entities involved. Any company that accepts, transmits or stores cardholder data must abide by the PCI DSS requirements and faces fines, fees and penalties for non-compliance. Compliance standards are divided into four merchant levels, which are determined according to Visa aggregate transaction volume over a 12-month period, including credit, debit and prepaid cards. Organizations who use third party payment processors are still required to maintain PCI DSS compliance; however, some processors lessen the scope of PCI compliance by reducing risk exposure.

2I’m a Start-up / Brand New Business, Can I Be Approved?

Yes, Octapay accepts a start-up or a new business.

3Are there any SET-UP fee or Application fee to apply with Octapay?

No, we at Octapay do not charge any Set-up fee or Application fee from our clients.

4Am I required to have a website?

Yes, if you are applying for a merchant account with Octapay you MUST have a website.

5What are the documents required for the application?
  • Director ID proof
  • Latest utility bill
  • Personal bank statement
  • Business registration certificate
  • Business bank statements
  • Processing History
  • Website domain ownership
6What is an acceptable chargeback ratio?

Ideally chargebacks should always be maintained under 2% to avoid running the risk of termination.

1What Is The Maximum Dollar Amount I Can Process In One Transaction?

The maximum dollar amount for each transaction is determined by your acquiring bank. Many banks have a $1,000 to $3,000 limit while others may not have any restrictions at all.

2When does the merchant get paid?

Settlement depends on the volume: —

  • less than 50K a day weekly 2 weeks hold
  • 50k-100K a day weekly one-week hold
  • more than 100k a day daily 12 days hold
  • more than 250K a day, daily 7 days hold
3What acquiring banks do you work with?

We cannot disclose our partners due to having an NDA established and as a matter of practice, but for sure we have multiple banks we work with and have established long term relationships with them to be able to accommodate your merchants. Our acquiring banks are based in the US, Africa & EU.

4Could you please give us an average fee for decline and settlement for the clients?

Our per transaction fee is $0.5.

5Industries that you work with?

Merchant industries

  • Financial services (unlicensed and licensed FX)- Yes we can but depends on the website URL
  • Direct marketing- Yes we can but depends on the website URL
  • Professional Services- Yes we can but depends on the website URL
  • Billing/Collection Services- Yes we can but depends on the website URL
  • Airtime Top-up (Telecom)- Yes we can but depends on the website URL
  • Prepaid and mobile money Top-up- Yes we can but depends on the website URL
  • Pay Day Loan- Yes we can but depends on the website URL
  • Airline/travel agency- Yes we can but depends on the website URL
  • Gaming- Yes we can but depends on the website URL
6Why is this 3ds mid?

We prefer to work as a 3D gateway considering we deal with high-risk merchants and to avoid chargebacks.

7Are you connected to any cashier system ?

Yes, we are connected to multiple partners ex; Praxis, Bridgerpay, Paygate, etc, For more information please contact us. 

8What is the average fee for SEPA and SWIFT?

The fee is not more than 1 GBP for SEPA

1What is E-commerce?

E-commerce means a company that conducts its commercial transactions over the internet. In e-commerce transactions, the payment process occurs electronically through online payment “gateways” that integrate directly into your shopping cart.

2What is your pricing?

Since we provide services to a wide variety of industries, our processing services are customized according to our client’s requirements. Our pricing is based on the type of industry, the method in which payments are accepted, and various other factors too.

3What is a rolling reserve?

A rolling reserve is a risk management strategy to protect the merchant and its banks from potential loss due to chargebacks. A portion of the credit card volume processed will be secured to cover for the potential business risk relating to chargebacks. Generally it's kept at 10% for a period of 180days.

4What is a chargeback?

You may receive a charge back if either the issuer or a card holder disputes a transaction. When a chargeback occurs, the complete amount of the original sale as well as a chargeback fee will be subtracted from the saving or checking account you provided.
Some of the most common reasons for chargebacks may include:
* The merchandise received is damaged in transit and arrives broken.
* A cardholder/client returns the merchandise, but has failed to receive a refund.
* A cardholder disputes a transaction as a misuse/fraudulent use of their card.

5What is a High-Risk Merchant account?

A high-risk merchant account is a payment processing account for businesses considered to be of high risk to the banks. As high-risk businesses are more prone to chargebacks, they come with the need for paying higher fees for merchant services.

6Why am I considered to be a high-risk merchant?

A merchant that has a high risk of fraud and chargebacks or those who use marketing tactics deemed questionable by traditional banks and payment processors are often labelled as a high-risk merchant. There are certain industries that fall into this category, including: Dating, Free Trial, Multi-level Marketing (MLM), Bitcoin Mining, Adult, Forex, Binary, Membership Clubs, High Volume, International, Start-ups, Telemarketing, Software, Travel, Offshore, Travel, Psychic, Drug Paraphernalia, Coupon Programs, Direct Selling, Non-US Based International, Lotteries, Mail Order, TMF, Pawn Shops, Social Apps, Replica Merchandise, Extended Warranty, Vacation Rentals, Weapons and more. Being labelled as a high-risk merchant often comes with high discount rates and large security reserves, however, we at Octapay are specialised merchant account providers that can help high risk merchants obtain a merchant account and process payments efficiently.

7How long until I get approved?

It generally takes 24-48hrs once you have submitted your application to be approved.

1What is a Merchant Account?

A merchant account is a special type of bank account used by a merchant or business necessary for them to process credit and debit card transactions in a variety of ways: Online, over the phone or through the mail. A merchant account operates under an agreement between the merchant, the payment processor or independent sales organization (ISO) and acquiring bank in settling credit or debit card transactions.

2What does Merchant Discount Rate (MDR) mean?

MDR is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments.

3Are merchant rates high?

I understand that it may be quite high, but the points that are important to note is that we provide our service to not only well established businesses, but are able to cater to the needs of Start-ups as well. We have a turnaround of 48-72 hours and We have a non-binding agreement so you can give us a try, if you are not happy with our service you can terminate the contract with a 30-day notice period.

4How many websites can I link to my Merchant Account?

As long as the websites pertain to the same industry and your account manager approves the additional websites, you can link as many websites to your merchant account as you wish. However, if the industry is significantly different from the originally approved website, you cannot use your same merchant account to process credit cards for that site.

5What is a High-Risk Merchant ?

A high-risk merchant account is a payment processing account for businesses considered to be of high risk to the banks. As high-risk businesses are more prone to chargebacks, they come with the need for paying higher fees for merchant services .

6How Much Do I Need To Process Each Month To Maintain My Account?

This depends on your industry type. Octapay’s banking partners that provide merchant accounts like to see processing volumes of at least $5,000 USD per month, but each industry has different standards.

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