Forte is excited to announce that your merchant account will be updated to a new, advanced processing platform. The new platform offers several enhancements that will simplify your payment solution, including the addition of a single deposit that incorporates all card payment types (Visa, MasterCard, Discover, and AMEX) into one single deposit to your settlement account.
Q: Will I be able to rely on the same reporting and time frame for my deposits?
A: Transactions received will be in “settled” status the on following day, by end of day. Reporting for these “settled” transactions will be available the next business day, and the funds will be deposited into your account on this same day.
For example: Transactions received on Monday will be “settled” by end of day on Tuesday. Reporting and funds for Tuesday will be available on Wednesday morning.
Prior to the conversion, funds were not deposited until the day after the report was generated.
*Your funding schedule will not change. These changes will only impact reporting.
Q: Will my transactions look the same in the Virtual Terminal “Search”?
A: All transaction characteristics will remain the same – with the exception of transactions in “ready” status. These transactions may remain in “ready” status for up to, and more than, 24 hours in some cases. This is expected on the new platform.
Q: Will I receive multiple deposits during the conversion timeframe?
A: Under certain circumstances. If transactions are processed early in the day at the same time of the conversion and continue after the conversion is completed, you will receive a deposit of funds from Global on the normal schedule in addition to another deposit for the remaining transactions throughout the day during the conversion. Funding of deposits will occur as anticipated via ACH.
Immediately following the conversion, one deposit will reflect the old format of “Global Pay” (VISA, MC, and DISC) and one deposit will reflect the new format of “Forte Payment Systems” (VISA, MC, DISC, and AMEX). Moving forward, all deposits will reflect “Forte Payment Systems.”
Q: How will my chargebacks be handled?
A: Currently you receive chargeback notifications from Global Payments. Moving forward, Forte will assume the chargeback process. The new process will work as follows:
· Forte will provide all chargeback documentation
· Forte will debit your merchant account for chargebacks
· Chargebacks will be captured on Forte’s reporting
Q: Will my pricing change?
A: Your pricing model will not change. However, your fees will be reflected differently on your billing invoice from Forte. Below are the fees that may appear on your invoice, depending on your processing activity.
· CCPM: Credit Card Processing - Monthly fee
· CCPAMEX: Credit Card Processing - American Express
· CCPAmItem: Credit Card Processing - American Express per item fee
· CCPRFANF: Credit Card Processing Fixed Acquirer Network Fee
· CCP34D: Credit Card Processing Debit Discount Rate
· CCP34Q: Credit Card Processing Qualified Discount Rate
· CCP34M: Credit Card Processing Mid-Qualified Discount Rate
· CCP34N: Credit Card Processing Non-Qualified Discount Rate
Q: Will I receive more than one bill?
A: Yes. Since your account will be converted mid-month, you will receive a monthly statement from Global for transactions processed prior to the conversion, and an invoice from Forte for processing activity post-conversion.