Accept credit cards as a convenience for your members. Frequently Asked Questions

Transcription

1 Accept credit cards as a convenience for your members. Frequently Asked Questions

2 Frequently Asked Questions: 1. What is Plastiq? An online payment platform enabling clubs to accept all major credit cards for initiation fees, monthly member dues, banquets and more. 2. Is Plastiq a new service? Plastiq recently launched in the club space but is not new to the payments industry. Plastiq was founded in 2010 and processes transactions for businesses in many industries including such verticals as education (tuition), real estate (rent), government (tax), automotive (full car purchases), luxury (boats), and more. Plastiq is headquartered in Boston, Massachusetts, with satellite offices in Toronto, Canada. Plastiq is backed by leading venture capital firms including Flybridge Capital Partners, Atlas Venture and NextView Ventures as well as seasoned payment executives and entrepreneurs including Harvey Golub, former chairman of American Express and Andrew McCollum, one of the co- founders of Facebook. 3. How much does Plastiq cost? Are there any fees to the club? Plastiq does not charge any sign- up, set- up, monthly or processing fees to the club and there are no volume requirements. Plastiq is a free service for clubs. Plastiq does charge a 2.39% fee to your members per transaction for Visa and MasterCard. You have the ability to cover a part or all of this fee. Should you choose to cover any part of the 2.39% fee your member will otherwise pay, a net deposit will be made to your bank account 4. But doesn t credit card processing cost money? Yes. Plastiq takes a portion of the 2.39% fee and pays the credit card companies. Plastiq was created to offer businesses an ability to accept card without bearing the fee burden. 5. My state does not allow surcharging, can I still use Plastiq? Yes, you may use Plastiq in any state. There are over 10 states in the United States that have banned surcharging. Surcharging implies that you, as the merchant, are administering a fee to your members. Plastiq is a third party service. With Plastiq, you are simply allowing your members to use a third party site to make a payment with their credit 2

3 card. Plastiq, through our processor partner, transfers your funds. Thus, with Plastiq, you are not surcharging your members; you are simply providing them the flexibility to pay how they want through a different provider. Even if you live in a state that allows surcharging, you are subject to abiding by a set of rules and regulations when surcharging. If you use Plastiq, we charge a fee and administer the entire program for you, making it simple to use and easy for members to understand. 6. How long will it take for money to post to my account? Generally, 1 to 3 business days. Evidence and details of the transaction will appear immediately online in your merchant dashboard, but the rate at which funds are transferred is dependent upon your bank s internal transfer processes. Plastiq does not touch or move any funds. Plastiq s partner processor, Moneris, will transfer funds to your account. Moneris will not hold funds unless there is abnormal activity on your account. When you sign- up for Plastiq you provide your average ticket size, anticipated volume per year and max ticket size. By way of example, if you said your max ticket was $10k and you ran a $40k charge, Moneris may hold your money and contact you to ensure the transaction is real before releasing funds. Please make sure to provide accurate estimates upon signing up for Plastiq to ensure this doesn t happen. 7. Can I use my own bank to receive payments? As part of the sign- up process we require your bank routing and account number. All Plastiq transactions will be directly deposited to your bank account. You will not see a deposit from Plastiq but rather from the bank you sign the merchant processing agreement with (e.g., Moneris, etc.). 8. How much is our member charged? For Master Card and Visa, 2.39% AMEX fees are being renegotiated and will be released in the coming months. Clubs can subsidize some or all of the fee. For example, a club could pay the fees for up to $500 of a ticket, then the member would be responsible for 2.39% in excess of that. 9. What does the member s credit card statement show? Customers will see two transactions, one for the principal amount of the purchase and one for Plastiq s service fee. 10. Do you accept debit? Yes, however, the fees are the same as credit card transactions. 3

4 11. How safe is the platform? Plastiq is PCI compliant and continuously striving towards having the highest level of security. 12. What are the benefits for the club? Plastiq offers simplicity, security and rewards to members who value convenience, time and money. Plastiq allows clubs to collect funds faster and reduce delinquent payments. Plastiq offers a flexible, platform- agnostic, technology that can integrate with different website providers and accounting systems. Plastiq offers widgets (engagement tools) that connect to a club s web portal enabling clubs to solicit payments immediately. Plastiq payment tracking tools can provide detailed daily reporting. Plastiq settles funds directly to a club s bank account without fees. Plastiq is provided at no cost to the club and requires little setup. 13. What are the benefits for the member? Plastiq is convenient. Members no longer need to write or mail checks. Plastiq is accessible on any internet- enabled device and payments can be made anywhere and at any time. Plastiq allows members to strategically manage their cards reward programs some credit cards have significant rewards programs that are highly valued and regularly used by many club members. Plastiq gives members the flexibility to use the credit card of their choice, with no set spending limit outside of an individuals own credit line. Plastiq is designed to be secure and simple it takes little time to make a payment, and members can save their credit card information, set- up recurring payments or even combine several cards to make a single large payment. Security of paying online through Plastiq s payment portal, placing no sensitive data on the club s server. Plastiq sends receipts after every transaction to allow for full control and payment management. 14. How does the sign up process work? Step 1: Say yes to joining plastiq by completing this form: Step 2: Your sales rep will provide you with an application and a set of documents required for sign up. You may need to provide a void check, financials, proof of non- profit status, among other items (see # s 15 & 16 below.) Sign and this back to your sales rep and Sasha Hoffman with Plastiq, sasha@plastiq.com ASAP. 4

5 Step 3: Get approval within seven business days and be on- boarded. Plastiq will send necessary data to ClubSoft. Step 4: You are ready to start using Plastiq and accept credit card payments. 15. If I m a for profit club how does that affect my application process? Fill out all yellow fields on the application Owner can either be a 50%+ owner of the club; if there are none then any signatory of the club can sign the ownership section Include full year 2012 Income Statement, Balance Sheet, Cash Flow Statement Include a voided check In the body of the include your average ticket size and max ticket size and number of members DO NOT NEED: SSN, personal guarantee 16. If I m a non- profit club how does that affect my application process? Fill out all yellow fields on the application Owner can be any signatory of the club, we only need their name, title, and contact info Include proof of non- profit status Include full year 2012 Income Statement, Balance Sheet, Cash Flow Statement Include a voided check In the body of the include your average ticket size and max ticket size and number of members DO NOT NEED: SSN, Drivers license, personal guarantee 17. Do I have to switch to ClubSoft to use Plastiq? No, Plastiq is platform independent regardless of what vendor you use for website management or accounting. While Plastiq does not do a full integration with other vendors, Plastiq offers various buttons and widgets that can connect to any club management systems provider. If you have ClubSoft, Plastiq offers an integrated product such that if your club allows members to pay online through ClubSoft s Payment Portal, credit card will be added as an option for members to pay, and will work in the same way current ACH payments work. A batch will be created for the payment through Plastiq and will also reflect the payment in the members account in ClubSoft. 5