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What is a Merchant Account ? |
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We offer online payment integration with the Nochex payment solution. If you are based in the UK, this will allow you to take secure ecommerce payments on the internet, through your own website or your business website at QuickontheNet.com.
Quick on the Net Limited is officially an Approved Partner with Nochex:
At QuickontheNet.com, we provide essential information on:
How to Apply for a Merchant Account
Nochex Payment Integration
How to Add a Nochex Payment Button
What is a Chargeback?
Nochex Transactions
Nochex Fees
How to Compare Nochex PayPal WorldPay
Nochex Merchant Account
How does the Nochex Merchant Account differ from a regular Merchant Account?
A Merchant Account is simply a relationship between a retailer (a website owner), a Merchant Bank and payment processor for the settlement of credit card transactions. Any retailer who wants to take credit card orders must establish a Merchant Account.
A Merchant Account enables you to accept credit cards as payment for the purchase of goods and services. There are different types of Merchant Accounts. For example, if you have a traditional high street shop or store, you can get a retail Merchant Account. If you want to accept credit cards on your website, however, you need a special type of Merchant Account known as an internet-ready account.
Such an account will be subject to a written contractual agreement between a merchant/business and a bank and/or a payment gateway. The agreement contains the respective rights, warranties, and duties with respect to accepting bankcards like Visa or MasterCard.
What is Nochex ?
More specifically, who is Nochex?
Nochex is an independent UK company, based in Leeds. Nochex has been providing online payment services since 1999 and offer a number of different types of accounts, including personal, seller and Merchant Accounts.
Nochex is certified as a Small Electronic Money Issuer by the FSA and regulated as a Money Service Business by HM Customs & Excise.
What is a retained balance ?
...and why do I have to have one?
Merchants are responsible for chargebacks that arise on their accounts. A retained balance helps protect Nochex against chargebacks and fraud. Should no chargebacks arise on an account over the duration that the customer uses Nochex, then the retained balance will be returned in full, 180 days after the account has been closed.
Additionally, should the customer not experience any fraud or chargebacks in their first period of trading, they can apply to their account manager for a reduction in the retained balance.
All Merchant Accounts will have a retained balance;
there are no exceptions to this rule.
The retained balance is determined by the Nochex credit risk team and is based on various factors, such as the average and maximum transaction values, the type of product being sold and the countries to which a product is sold. For example, a website selling products such as packaging or plants will not be deemed as risky as one selling high-value electrical products or software.
Additionally, should your customer wish to sell to higher risk countries, such as Eastern Europe or sub Sahara Africa, then if this is approved the retained balance will be adjusted to cover the increased risk of fraud. Retained balances can be reviewed by the customer’s account manager after a period of trading.
Further information on chargebacks and the retained balance is covered below.
What is a Chargeback ?
A chargeback (or charge back) is a payment dispute (normally) initiated by the cardholder with their credit card bank. The amount of the disputed transaction is immediately withdrawn from the merchant's bank account, and the merchant can dispute the chargeback with proof of purchase, signature, proof of delivery, etc.
A chargeback fee is usually charged to the merchant on top of the actual transaction costs. A chargeback is usually generated when a cardholder disputes a transaction. However, it can be initiated by another party e.g. the credit card bank itself.
There can be a significant time delay between a chargeback and the original transaction, because they normally occur when some time elapsed after the disputed sale has appeared on the cardholder's monthly statement.
What Assistance will Merchants get with Chargebacks and Fraud ?
One of the biggest costs and risks for most online merchants can be card fraud where cardholder’s details are dishonestly used by someone else to obtain goods from online sellers and merchants. Chargebacks occur when a card holder disputes a card payment. They may arise for a range of reasons including for example the cardholder may claim not to have received the goods, or that the goods were not of acceptable quality, or they may deny that they authorised the card transaction.
The Nochex Chargeback Protection system is a free service that is offered to Nochex Merchants that has been specifically designed to help reduce the risk of card fraud, and give website customers increased confidence in your payment system.
When merchants receive a card payment through Nochex, to help them to reduce the risk of online fraud and ensure that they ship to the correct card holder, Nochex provide merchants with a range of information including the name and address details of the cards used to make purchases from them.
If a Chargeback claim does unfortunately occur, the Nochex Anti Chargeback Team will help merchants to defend the chargeback. Most other payment services make an administrative charge (typically around £10 per letter), for this service when a chargeback occurs. Nochex do not make an administrative charge for defending merchant’s chargebacks and this is included as part of the Nochex service.
In addition to the Nochex Chargeback Protection system, when a payment is received from a fully registered Nochex member, they offer Nochex Merchants the unique Nochex Chargeback Guarantee. If a Chargeback arises because the merchant’s customer denies having authorised the card transaction, Nochex will indemnify you from that Chargeback (Terms and Conditions Apply). For full details of the terms of this guarantee, please see Nochex Terms.
Chargebacks and Retained Balance
With the exception of the Nochex Chargeback Guarantee, in common with all card payment service providers the responsibility for Chargebacks to Merchant’s Nochex accounts lies with the merchant, but they do their best to help them reduce the risks.
When a customer successfully applies for a Nochex Merchant Account, they agree that Nochex holds a retained balance to offset against Chargebacks. The value of the retained balance will be agreed when they apply for a Nochex Merchant Account. The retained balance is normally built up from transactions received. Merchants do not have to deposit this amount themselves and if they close their Nochex Merchant accounts, the retained balance will be refunded to them, less any allowance for Chargebacks.
If merchants have a Chargeback that has been defended by Nochex but is ultimately lost then the cost of that chargeback transaction will be offset against their retained balance.
Online Payment Service
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Nochex Payment Integration
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How to Add a Nochex Payment Button
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What is a Chargeback?
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Nochex Fees
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Compare Nochex PayPal WorldPay
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UK Small Business Bank
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How to Add a Nochex Payment Button
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