Please see the FusionPay powered by PaySimple onboarding site for additional information!
● Why do I have to provide my social security number and date of birth?
○ All covered financial institutions must collect and verify information from all significant owners of legal entities and their accounts. They must
collect all of this information when the new account is opened per the
FinCEN legislation.
○ Link to Financial Crimes Network Enforcement Website:
https://www.fincen.gov/what-we-do
● When do I receive my deposits?
○ All transactions will automatically batch out each day by 11pm EST and will deposit within 48 hours. Any transactions run after the cutoff time of 11pm EST will go into the following day's batch.
● When do the fees come out of my account?
○ Fees are debited once a month, not daily with PaySimple. A merchant will receive a deposit for the full transaction amount of all transactions. Fees are then debited between the 3rd and 8th of the month for the previous months processing.
● What is PCI Compliance?
○ Payment Card Industry (PCI) is a mandated requirement that includes a
set of security guidelines formed by the five major credit card brands to ensure that merchants are following best practices in order to reduce credit card fraud and security breaches. PCI compliance is not optional and is required of all merchants by the card brands.
○ If you do not become compliant within 60 days of processing their first transaction, they will be assessed a $59.95 PCI Non-Compliance monthly fee until you become compliant.
3 emails will be sent to the sub-merchant over the course of 8 weeks reminding you of this requirement.
1st Email - Immediately after boarding
● URL for PCI Portal will be provided
● Username & Password will be provided
● Instructions on how to get started will be provided.
2nd Email - sent 4 weeks after Email 1
● Friendly Reminder that account is still not compliant
● Refers sub-merchant to the first email for their username & password
3rd Email - sent 4 weeks after Email 2
● Friendly Reminder that account is still not compliant
● Refers sub-merchant to the first email for their username & password