Frequently Asked Questions
click on a question / answer for details.
What makes Paygrip different than other processors?
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We understand what being an entrepreneur is all about.
We cater to high-end, low-risk, high-volume merchants who are misunderstood by many large processors.
We are not concerned with application and underwriting fees.
We are stable, knowledgeable and have been in the payments space for a long time.
Many agents and ISO's still hand print your online application, and then fax or email your personal information to the underwriter. As a result, your sensitive, private information may be unsecured at one or more points in this process, opening the potential that criminal entities could obtain that information. From the initial application through delivery to the underwriter, PayGrip employs its own unique, secure electronic means to transport your information.
Our mutual goal is for you to process more volume. PayGrip is developing a custom suite of software tools and a Software Development Kit (SDK) that will provide your business with better insight.
Innovative payments companies like PayGrip are rare – we care about our merchants.
What are your rates? Can I get a discount?
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We are most likely slightly more expensive than your current processor. Most of the time start up merchants are more concerned with the rate, but you get what you pay for in this industry. At PayGrip, we consider ourselves to be your advocate. You are not just a merchant number to us. Most processors use "window shopping" rates in order to sign a business owner, but when you experience large spikes in volume they require a larger reserve or you incur additional fees. In some extreme cases, you can be denied access to your funds for as much as 180 days. In many situations, you are locked in until your contract expires. At PayGrip, your level of service after signing will meet or exceed what came before.
Do you work with most gateways and shopping carts?
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We can interface with anything that employs Authorize.net for our merchants, as well as other major gateways and the approved shopping carts that they work with.
Who do you partner with to authorize and settle credit card processing?
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PayGrip partners with EVO Payments International for our back-end processing. In turn, EVO is underwritten by Duetsche Bank to handle all Visa and MasterCard payments.
Do you underwrite high-risk business?
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Defining high-risk is difficult. We do not process for prohibited merchants. Many processors will incorrectly categorize a merchant as high-risk due to misunderstanding the business model of the organization, or simply because they choose not to comprehend. The most successful Underwriting groups employ a direct conversation with the applicant to obtain answers to outstanding questions, rather than relying on an email thread to classify you appropriately. Many processors will turn business away because they do not understand it, or have never worked with that type of industry before.
That being said, PayGrip does not underwrite merchants that truly fall within the high-risk category. In fact, you may be asked to show a few more documents than with other processors, but that is only to ensure you are setup correctly from the beginning. When an underwriting department wants to understand your business model, it can pay benefits down the road. We know this from experience!
Do you write merchants who are on the TMF (Terminated merchants File)?
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We will not process applications in this case.
Does Paygrip actually do the processing? Handle the money?
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NO. PayGrip is a payments platform that partners with EVO Payments/ Duetsche Banks to set up merchants on the Visa and MasterCard networks, where funds are processed and settled. All payments companies work in this manner. No payment company holds or processes the money. Payment companies are resellers of Visa and Mastercard. Payment companies like PayGrip build unique platforms for their merchants to apply and manage their accounts. Actual processing is performed by EVO/Duetsche Bank.
All payment processors, including PayGrip, are required to be under the umbrella of a major ISO that is, in turn, underwritten by a major bank. That bank then needs to be underwritten by Visa and MasterCard. All funds processed through the PayGrip/EVO relationship run through Duetsche Bank. PayGrip is an ISO, under EVO Payments International, underwritten by Duetsche Bank.
Do you have setup/underwriting fees?
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No. Fees of this type are how independent agents and small companies make money. They usually cater to small start-up merchants who need credit card terminals, printers and supplies.
How long is your setup process?
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Approximately 2-5 business days. At PayGrip, quality is key. Any processor who immediately approves a high volume account will create problems when the merchant processes more volume than what was approved. Getting your merchant account setup correctly from the beginning eliminates these headaches. This is what PayGrip was created for. We will be here when you need us.
