An introduction to CashFlows and the provision of on-line card acceptance services we provide to Young Enterprise companies Q. What is CashFlows? A. CashFlows is a Financial Services company that provides businesses with facilities to accept credit and debit card payments from their customers. We connect directly with Visa and MasterCard for card transactions to be approved and receive funds from your customer s card issuer. We then pay these funds into an account that you control and can use to pay supplier invoices or transfer money to your company bank account. Q. Am I eligible for CashFlows services? A. As a registered Young Enterprise company, you are eligible for CashFlows services provided you are not selling services classed as prohibited or restricted. These items are a close match to the Young Enterprise list of prohibited products, however for more details on the prohibited services contact CashFlows by emailing info@cashflows.com or call 01223 550920. Q. What services does CashFlows offer? A. Hosted Payment Page: This allows you to accept credit and debit card payments direct from your website. The Hosted Payment Page model uses a simple HTML form to pass information to the CashFlows payment service, for payment processing and can be customised with your business logo Virtual Terminal: CashFlows' Virtual Terminal allows your business to accept debit card payments over the phone or by mail order. You simply need to enter the card and cardholder details into a secure webpage that can be accessed from any PC, tablet or mobile phone which connects to CashFlows for authorisation. You do not need your own website to use this service. E-Invoicing: CashFlows e-invoicing solution allows you to send quotes and invoices to your customers with a Pay Now button that links to CashFlows hosted payment page, allowing your business to accelerate your cash flow. CashFlows also offers a payment method known as VoicePay where a customer can make a payment by using their unique voice signature and speaking into their mobile phone. The Hosted Payment Page and e- Invoicing have this feature automatically included. Alongside providing a guarantee against certain types of fraud, transactions authorised using VoicePay are 10% cheaper than standard transactions. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 1 of 7
All of these services link into a central Management Information system (called AMS Account Management System), which lets you see your total trading activity and the funds that are due to you. For companies wanting to begin trading online but without the technical expertise to build a website, we also offer a simple code example, a buy now button generator and an online store builder. On4 Store Builder: On4 is an e-commerce store builder that helps you set up your business online, allowing you to be trading quickly and simply. It comes equipped with CashFlows Hosted Payment Page allowing you to accept credit and debit card payments. Applying for CashFlows services Q. How do I get started? A. Once you have logged in to your Young Enterprise Account, you can link to an application form for CashFlows services. Go to general guidance/running your company/on-line trading You will need to provide contact details of a member of your team, some information about the business you are running and (if applicable) your website URL. Please make sure contact details are correct, as we will e-mail the named individual to advise once your account is set up, as well as keeping in contact on an ongoing basis. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 2 of 7
Cost of CashFlows services CashFlows prices are listed below for you, and these are shown in comparison with our standard pricing. You will also notice that the monthly fee remains the same, regardless of which service(s) your business takes. Item Standard Pricing Young Enterprise Offering Set Up Fee 99 WAIVED Monthly Fee (includes all compliance monitoring and will only be charged once first transaction has been made) 19.99 5 Debit Card Transaction Fee 0.39 (standard) 0.20 (standard) 0.18 (VoicePay) Credit Card Transaction Fee 2.99% (note in some exceptional circumstances fee may be higher) 2.49% (note in some exceptional circumstances fee may be higher) Gateway Fee 0.20 0.10 (charged on all transactions that pass through CashFlows gateway) E-Invoicing (monthly) 10 WAIVED Virtual Terminal FREE FREE On4 Store Builder FREE FREE Before opening the account you should give careful consideration as to whether your company will generate enough income using these services to cover the costs. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 3 of 7
FAQs on CashFlows Payment Services available to Young Enterprise companies Q. Which cards can I accept? A. Your business can accept all UK-issued credit and debit cards. Q. How quickly can I start taking payments after I have applied? A. Provided you have submitted all the supporting documentation required, we will activate your account within three business days. Q. Does my company need a Bank Account before applying for this? A. Yes, so you can transfer your sales income across Q. Can I add new services to my account that I didn t apply for initially? A. Yes, just contact us and we can add new services to your account. Q. Can more than one individual from my business use these services? A. Yes, Virtual Terminal and e-invoicing can be set up with multiple logins. However you should give careful consideration as to who it is appropriate to give access to. For example, Finance Director, Deputy Finance Director, Sales staff etc. Q. Am I able to run reports on my account to work out how much revenue I have generated? A. Yes, a range of reports are available to help you monitor your business transactions, including a trading summary between two dates of your choosing. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 4 of 7
Q. How will I be charged? A. Your monthly fee will be debited from your account balance on the same day (or nearest working day) each month that the account was set up. Transaction and gateway fees will be automatically deducted from the value of the transaction (e.g. for a payment through your website of 50, 0.20 transaction fee and 0.10 gateway fee would be deducted with you receiving 49.70). Q. What is the difference between a Transaction fee and a Gateway fee A. The gateway fee is charged on all transactions sent for authorisation, regardless of whether the authorisation is successful or not. The transaction fee is only charged on transactions that have been successfully authorised and settled. Q. How soon will I receive funds due to me? A. You will receive funds up to 14 days after the transaction has taken place this is compared to the standard 30 days. You can see the amount you will receive within the Account Management System. Q. Can I accept payment from my customers over the phone? A. Yes, you simply need to log into the virtual terminal and enter the customers card details and transaction details. Following this, just click on OK, which will confirm the payment. Q. How do I change my contact details? A. To change your primary or technical contact details or your business address please email us on customerservices@cashflows.com We can only accept changes to your contact details if the email requesting the change comes from the primary contact registered for your account. Q. How do I reset my password? A. To request that your password is re-set and/or that your account is "unlocked" (if you have input an incorrect password 3 or more times) please email support@cashflows.com. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 5 of 7
Q. Is there a minimum amount I need to have in my remittance account for this to be paid to me? A. No, all funds due to be paid within a batch will be sent to your CashFlows Account enabling you to make a payment or remit fund to your bank account. Q. Is there a minimum transaction amount? A. There is no minimum transaction amount. However keep in mind the Transaction and Gateway fees before agreeing to accept an on-line payment. Q. What s a chargeback? A. A Chargeback is a Dispute by a cardholder issuer. Among other reasons, a buyer may dispute a transaction if: An unauthorised party has made a purchase with the buyer's debit/credit card. The buyer has not received the items he or she purchased. The buyer has been charged multiple times for the same order. The buyer has other concerns about the validity of the purchase. The buyer is unsatisfied with a purchase and has not been able to resolve the problem with the supplier. Please refer to our Fraud, Dispute and Chargebacks Guide for further information. Q. How do I know what is due to be remitted? A. When you log into the Account Management System you will be shown your e-payments account balance and your available funds in your CashFlows Account. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 6 of 7
Q. How do I make a refund? Figure: Transaction details page in your Merchant Administration System 1. Log onto your management administration system at http://www.cashflows.com/admin 2. Search for the transaction that you wish to refund using the transaction facility 3. Click on the transaction reference to open up the transaction record 4. Enter the amount you wish to refund (by default this is the full transaction amount) 5. Select the refund button. An alert box will be displayed enabling you to confirm or cancel the refund request. Q. What happens at the end of the year when we close the account? A. The CashFlows services you are using will be stopped on 31 st July 2014 unless previously agreed with CashFlows and outstanding funds will then be remitted to your account. If you would like to carry on using the CashFlows services after this date, please contact our customer service team on 01223 550920 or email customerservices@cashflows.com and they can discuss that with you. CashFlows Payment Service Information for Young Enterprise Version 2.0 September 2013 Page 7 of 7