Setting up your merchant account is the first step in the process of accepting payments in your Regpack project(s).
When you first onboard with Regpack, you will be prompted as part of the onboarding process to complete your merchant account application.
If you would like to access your merchant account application and/or add an additional merchant account to your organization, you can do this by going to Project Settings –> Payments.
Once here, click the red “Setup Merchant Account” button, which will open a side panel with the application.
Note that the information asked in the application is required to confirm that there is a human entity authorized to act on behalf of the business. This prevents unauthorized people from creating an account on behalf of your business. This is also required by the payment processor to comply with KYC (Know Your Customer) requirements of the Patriot Act, along with complying with AML (Anti-Money Laundering) laws like a financial institution. If you have any questions about the details and supporting documentation needed for your application, please email email@example.com.
A note for Non- Profit Organizations:
Non – profit organizations are not required to enter Ownership Information. Please re-enter your company representative’s information in this section to complete the form.
What information is required for the merchant account application?
In the first section, you will be asked for information about your business including your website, physical address, EIN number, etc. For your business address, it is important that you enter a physical address, as the application will not be accepted if a PO Box is given. You also need to include what your business does and what you will be using your merchant account for.
Next, you will be asked “Controller” details. This is the information of your organization’s financial contact. This person is the primary contact for all merchant account-related questions.
Then you will enter Business Owner information for your organization. This information is required by US federal law. All individuals who own 25% or more of a business must be identified and confirmed.
After entering business owner and financial controller details, the application will require processing statements and supporting documentation. Generally it’s required to upload:
- a photocopy of the business owner or the organization’s controller government-issued ID card, which is required by federal law
- copies of processing statements, which are required by the payment processor in order to confirm volume, review chargeback rates, and set your risk profile
During the underwriting process of your merchant account, the payment processor may request additional information such as the following:
-Vendor Contract/Agreements (eg. contract with venue management company, contract with security company, etc.)
-Insurance Information (eg. general liability COI, event cancellation, etc.)
-Have you planned a similar event before? If so, how many?
-Outdoor or Indoor?
-Do you have a plan in case your event is affected by the coronavirus / COVID-19?
Lastly, you will enter your banking information. This is the account you would like your payments to be deposited into. You’ll need the account number, routing number, and banking institution contact details.
You will need to include a photocopy of a physical check or a letter from your financial institution, which is required by US federal law.
Note: Unconfirmed banking information can lead to delays in funding and can result in your merchant account being closed.
*Please note that the name on the account must match match your organization name. Personal accounts are not accepted unless you are the legal owner of the organization.
Deposit Schedule and Payout Currency
Here you also pick your deposit schedule and preferred payout currency:
Payout Currency – Any currency conversions or fees are handled directly by the merchant provider. This is the exhaustive list of currencies that can be processed within Regpack. Only one payout currency is allowed per merchant account.
Payout Frequency – All of the deposit or debit responsibilities are performed by the merchant provider. Usually, there is a 24 hour processing time for each funding event. For example, if you choose a daily payout frequency you will receive funds from the previous day and up to 3 previous days if payments are occurring on weekends. Regpack is a pass through point for all payments. We do not directly access or control any funding or funding events.
A note on payout schedules:
Daily+3: This payout frequency is the quickest payout frequency that Blue Snap offers. Funds collected on one day are sent to your bank 3 business days later. It’s important to note that with Daily + 3 your funds are constantly being held and then released for payout.
For clients who may need to issue refunds, we recommend setting a Refund Reserve in your merchant account. To do this, you enter the amount you want this to be, and we configure your merchant account so that this amount is held from your payouts until met. All refund requests which are made when there are not sufficient funds in your merchant account will then withdraw from this reserve.
Weekly: Weekly payouts are sent out on Tuesday of each week. Funds accepted (Monday – Sunday) will be deposited on the following Tuesday.
Monthly: Funds accepted from the 1st through the end of the month are deposited 15 days later.
Payment Amount and Reserve
You will need to enter a minimal payout amount as well as a refund reserve.
Minimum payout amount – The minimum balance of your merchant account to trigger a deposit. The default minimum is $35 if this is left blank. If your balance is lower than this amount then it will affect your payout frequency.
Refund Reserve – The refund reserve is the amount of your processed volume that is held in your merchant account to process refunds. We recommend a reserve of at least 1000 for each merchant account. The minimum amount is $100 USD to keep the balance of your account from going negative.
Once submitted, our payments team will receive a notification that your application is complete. They will then begin setting up your merchant account, a process that take 1-5 business days.
Once your account is approved, you will receive a notification when your project is ready to accept payments. You can also check the payments tab in Project Settings to see the status of your merchant account. When approved, it will show the account as an option to select for that project.
You will be notified if any additional documentation is needed, as well as when your account is approved to take payments.
Creating Additional Merchant Accounts
It’s possible to have multiple merchant accounts available to use per project for your Regpack account.
To add additional merchant accounts, head to the Payments Tab under Project Settings once you’ve created your new project.
You’ll be prompted to select an existing merchant account or add a new one. Click the button to set up an additional merchant account, and a sidebar will appear to complete another merchant account application.
Once approved, you will be able to select any merchant account approved on your account when setting up a new project.
We recommend setting up additional merchant accounts when you would like the option to process in another currency, or you would like deposits to go into a different bank account.