When you verify your account to accept credit cards through Brighter Payments, you will be asked to provide your US Social Security Number (SSN) [or Canadian Social Insurance Number (SIN)]. WePay requires your SSN[/SIN] to comply with federal and state regulations. Part of their responsibilities involves verifying your identity and confirming the legitimacy of your business. Collecting this information allows them to automate parts of this process so that you can start accepting payments quickly. WePay does not run credit checks, and does not use this information for any other purpose. Privacy and the security of your data are very important to us.
A chargeback occurs when a credit card holder contacts their bank or credit card company to dispute a charge on his account. Common reasons for chargebacks include:
- The cardholder does not recognize the charge on his or her statement
- The cardholder did not receive the product or service
- The cardholder was unsatisfied with the product or service
- The cardholder’s credit card was stolen or used without their permission
When a chargeback is issued, the total amount of the chargeback is deducted from the available balance in your Brighter Payments account and held in reserve until the chargeback process is complete.
You will also be charged a non-refundable chargeback fee. If the funds in your Brighter Payments account aren’t sufficient to cover the amount of the chargeback and fee, the bank account you have on file will be debited accordingly. If you concede the chargeback, you accept responsibility and the money is not returned to your account. If you challenge the chargeback, you have the opportunity to reclaim the funds though this is not guaranteed. Merchants are charged $15.00 USD per chargeback and $15.00 per NSF (non-sufficient funds) return for ACH.
Withdrawing your available funds to your bank account will happen automatically. As soon as you’ve connected your bank account, Brighter Payments will verify the information and start the withdrawal process the next business day if your withdrawal frequency is set to daily. Your withdrawal frequency can be changed to weekly or monthly, in which case the process will start on upcoming Monday or 1st of the month (if a business day).
It typically takes one to two business days to process your transaction and initiate the automatic withdrawal to your bank account. Once the withdrawal has been initiated, funds are generally deposited into your bank account within two business days. The speed at which this happens depends largely on when your bank posts the funds as the money will have already left your account. Most banks will make your funds available on the same day that they receive the transfer. On occasion, banks may take an additional 2-3 days to do so. As such, please allow a total of 2 - 5 business days for your funds to appear in your bank account.
Note: your first transaction might take longer than one to two business days to be processed and deposited to your bank account. Brighter Payments works with Chase, who helps us process the payments in the back end. When a first transaction is made, Chase will make sure that everything is safe, secure and legitimate in the payment process. As you are a new user this analysis can take a bit of time, which can delay the first ‘transaction to deposit’ time. However, subsequent transactions should process much more quickly as you build more history.
If you’ve received an email or notification that a withdrawal was cancelled or created a chargeback, this could be for a couple of reasons:
- The username on your Brighter Payments account does not match the legal name listed on the bank account you entered
- The bank account and/or routing number(s) entered does not match what the bank has on file (sometimes from a typo when entered) If the bank account had incorrect information, it may have been deleted and the funds would have been returned to your BV Payments account. To be sure we are able to send the funds back out to you, please be sure to enter your updated bank information as soon as possible.
Pricing is very simple — it’s 2.9% + .30 for every card transaction. There are no monthly fees, set-up fees, payout fees, or hidden charges of any kind with Brighter Payments. And because of our flat rate fee structure, you only get charged when you take a payment.
In order to accept payments with Brighter Payments, you must have a valid [US, Canada, UK] bank account and address. However, you can accept payments from customers located anywhere in the world so long as they are paying with one of the supported card brands (Visa, MasterCard, American Express, Discover).
Protecting your security and the security of your customers is very important to us. We take a variety of safety and security precautions to ensure your personal data and cardholder payment data are kept safe at all time. Chase uses state-of-the-art cryptographic algorithms during data transmission and in our databases. Our servers are kept in data centers with 24x7 monitoring in accordance with Payment Card Security (PCI) Data Security Standards. All money you collect is held in a protected account by our partner bank, an FDIC insured institution, so your funds are never at risk. Our systems are tested frequently and are in line with PCI compliance requirements resulting in Chase’s Level 1 PCI Compliance rating.
There are a number of reasons why your customer’s payment was declined. Common causes include:
- The card type is not supported
- There are insufficient funds on the card
- The card was reported lost or stolen
- The card has expired
- The payment violates our Terms of Service
- The information entered during payment was incomplete or invalid (ie. name on card doesn’t match name entered)
There are a few different reasons why your account balance isn’t fully available for withdrawal:
- One or more payments haven’t fully processed: Pending payments are payments that are subject to minor delays from reviews. It can take up to two business days for Chase to review a pending payment. Payments are reviewed to protect you and your customers from any malicious activity to ensure the payments are compliant with the Chase Terms of Service.
- There are reserves on your account: Reserves are sometimes held to protect your business against chargebacks or disputes. We set your reserves based on the transaction history in your account as well as the information you provide in your profile, your industry and how you’re using Brighter Payments.
Still wondering about something we didn’t answer here?
Email our Support Team at firstname.lastname@example.org. We’re happy to answer any lingering questions or concerns you may have!
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