What Do Merchant Processors Look at When Reviewing Tax Returns of Merchants?

Getting Started

What is a merchant account?

A Wells Fargo Merchant Services account enables you to procedure credit cards, debit cards, gift cards, and electronic check transactions. These payment methods are convenient for your customers, and give you admission to your funds as before long as the next business organization twenty-four hours when you settle into a Wells Fargo business deposit account. Y'all can settle your Merchant Services funds to an account with another financial establishment; all the same, when you settle funds to a Wells Fargo account, it must be a Wells Fargo business concern deposit account.

Why practise I take to fill out an application? Why exercise you accept to check my credit?

Nosotros enquire merchants to complete an application and then we tin obtain information to appraise the adventure level that your business or organization may accept when processing card payments. We review your credit as part of this assessment procedure.

Can internationally-based merchants open a merchant business relationship?

No. Merchants physically located outside of the U.Due south. cannot process transactions with a Wells Fargo Merchant Services account. Currently, only merchants with a physical business address in the U.S. may process transactions with a Wells Fargo Merchant Services account.

What kind of credit and debit cards tin I accept?

Mutual cards you can accept are Visa^®, Mastercard^®, Notice^®, American Limited^®, and JCB. American Limited and JCB are subject field to processing network approval.

I am opening some other business location and would like to take credit and debit cards. What do I do next?

• If the legal ownership of the new store is the same every bit your existing merchant account with united states of america, and it is also the same type of business organization, we can open up an additional location under your current merchant business relationship unless you lot are opening an e-commerce/online location.
• If the business type of your new store is unlike, you will need to ready a new merchant business relationship for the new location.

If you are planning to open some other location or need assistance, please contact our Wells Fargo Merchant Services Customer Service representatives at one-800-451-5817.

I desire to accept a different card type than Visa, Mastercard, Discover, and American Express. How do I accept other types of cards such as JCB, China Spousal relationship Pay, etc.?

Please refer to the directions below for the preferred card type you wish to have. If yous have additional questions, please contact our Wells Fargo Merchant Services Customer Service representatives at the number provided on your argument.

• JCB requires an entitlement number. If you do not have an entitlement number assigned by JCB, please contact them directly.
• For other card types not mentioned please contact u.s.a. at ane-800-451-5817 for more details.

Equipment

When will my equipment arrive?

New devices or equipment purchased through Merchant Services are shipped by overnight delivery on the next business organisation day following the approval of your new merchant account.

Will the equipment be programmed and tested?

Yes, new equipment is shipped programmed and tested.

Fees and pricing

What are interchange charges?

These are the variable fees charged past the payment networks for processing transactions. Wells Fargo pays these fees on its customers' behalf, directly to issuing banks (the companies that issue payment cards to your customers) and the payment networks, such as Visa, Mastercard, Notice, and American Limited, in compensation for facilitating the substitution of information and funds between your bank and your customers' banks. Factors that bear on interchange charges include menu type, information contained in the transaction, and how/when the transaction was processed.

What are service charges?

Service charges, likewise known equally the Discount Rate, are the amounts charged to authorize, process and settle carte transactions. The service charges you pay are determined past a diversity of factors such every bit:

• Your payment processing methods (face-to-confront with your customers, online, past phone or postal service)
• The types of cards your customers use to pay y'all
• How quickly you settle transactions
• The indicate-of-auction (POS) device you use to take payments

What are monthly account service fees?

A apartment monthly service fee that'southward calculated based on the style you process debit and credit bill of fare transactions. It covers reporting and analytics, 24/vii support, avant-garde run a risk and fraud monitoring, dispute management, and may include payment gateway access.

How are my fees nerveless?

The fees are collected monthly by an automatic deduction from the checking or savings business relationship you lot specified.

Transaction process

How does the card payment process work?

Here is how the card payment process works:

1. Client places an order with the merchant.
2. Merchant submits the order/transaction via their payment/point-of-sale organization (POS such every bit a final, greenbacks register, payment gateway, software). The system forwards the payment authorisation request to the card issuing bank to verify the customer'southward carte business relationship and funds availability.
3. The authorization (or refuse) response is returned via the system to the merchant. This process typically averages around three seconds.
4. Upon receipt of the payment authority, the merchant fulfills the customer's society.
5. Merchant then "settles the batch" of transactions through their POS system. The POS system requests from the merchant's processor to get a group or "batch" of authorized settled transactions. The Processor credits the funds to the merchant'due south account. POS systems are set upwardly to automatically batch transactions each 24-hour interval. Alternatively they can be set for transmission batching, which requires the merchant to close their batch of transactions on a regular ground.
6. Wells Fargo deposits transaction funds into the merchant'south deposit account. When settling to a Wells Fargo business deposit business relationship, funds are available as presently every bit the next business day.

What is an authorization?

An authorization confirms that the cardholder number is valid for an approval on a sale amount. Approval of an authorization request past the issuing bank is confirmation that the cardholder has funds available to brand the purchase. It is not a guarantee of payment.

What information is included on my statement?

Your statement will include a summary of your transaction processing data received, processed, and funded to your checking business relationship. The statement can be used to determine if the deposits and funding records residuum dorsum to your internal business reporting. The epitomize statement is used for merchants with multiple locations. Larn more about how to read your statement in our Guide to Process Card Payments (PDF).

Virtual terminal

What is a virtual terminal?

For merchants looking for an alternative manner to start taking payments, a virtual final enables yous to take payments by manually keying card data into a secure site via a spider web browser on your own device. No evolution work or special equipment needed.

Does a virtual terminal bank check AVS or CVV on the say-so?

Not automatically. Merchants must initiate Address Verification Service (AVS) checks and ask customers for their Card Verification Value (CVV), Credit Bill of fare Validation (CCV), Card Verification Value2 (CVV2), etc. values.

Can you import or export transaction data with a virtual terminal?

Yes. Gateways permit for private batches (files) to exist downloaded or uploaded.

What is a virtual point of sale?

A virtual POS is a browser-based application (like a virtual terminal) that is paired with a carte reader to process in-person payments. Depending on your card reader's capabilities and type of card, a virtual POS allows you to take menu payments past dipping, tapping, or swiping the card. If the bill of fare reader cannot read the menu'due south chip or magstripe, you tin can manually enter the transaction data into the virtual POS application.

Eastward-commerce processing

What is a payment gateway and how does information technology work?

The payment gateway is a link between your website (or the website hosting your goods or services) and your payment processor (Wells Fargo). When your customer makes an online purchase, the data from your website must be sent through a payment gateway to obtain an authorization and for a payment card transaction to be completed.

Payment gateways work with a variety of east-commerce service providers such as shopping carts and digital wallets. Wells Fargo offers e-commerce processing through Qualify.internet^®, a Visa solution. You will need to concord to additional terms and atmospheric condition with Authorize.net for these services.

Why practice I have to postal service a refund/service return policy?

We want to make certain your customers understand fully the production/service they're purchasing and whatever courses of action should they be unhappy with their purchase. Past including your refund/service return policy on your website, y'all assistance reduce the likelihood of disputes from your customers. Visa, Mastercard, Notice, and American Express also require a refund/service return policy.

Can I manually process transactions?

Yes. Yous can manually process transactions with the virtual terminal feature included in all gateways offered by Wells Fargo Merchant Services.

Payment Card Industry (PCI) information security standards

What are the PCI Data Security Standards?

The PCI Data Security Standards are payment bill of fare network (Visa, Mastercard, Discover, and American Express) and industry mandated requirements for handling of credit bill of fare information, classification of merchants, and validation of merchant compliance. Merchants are responsible for the security of cardholder data and must be careful not to store sure types of data on their systems or the systems of their third party service providers. Merchants are also responsible for whatsoever amercement or liability that may occur every bit a result of a data security breach or other non-compliance with the PCI Data Security Standards. The information security principles contained within these standards are based on ISO 17799, the internationally-recognized standard for information security practices.

Do I need to comply with PCI Data Security Standards?

Yes. The program encompasses all merchants and third-party service providers that store, process, or transmit cardholder data.

What are the benefits of existence in compliance with the PCI Information Security Standards?

It is good business organisation exercise to adhere to the PCI Information Security Standards and protect cardholder information. Additionally, Visa, Mastercard, American Limited, and Discover may impose fines on their member banking institutions when merchants do not comply with PCI Data Security Standards. You are contractually obligated to indemnify and reimburse us, every bit your acquirer, for such fines. Please note such fines could be significant, peculiarly if your business is compromised and y'all have not been validated as compliant.

What is cardholder data?

Cardholder data is any personally identifiable data associated with a cardholder. This could be an account number, expiration date, name, accost, social security number, etc. The PCI Data Security Standards apply to all cardholder data stored, processed, or transmitted.

What is a Compliance Nomenclature Level and how is a merchant's compliance classification level adamant?

A merchant's Compliance Classification Level is determined by almanac transaction book. The book adding washed for yous volition be based on the gross number of Visa, Mastercard, American Limited, or Observe transactions processed through your merchant business relationship. It is important to note that the PCI level is based on the annual transaction volume for one card brand. A PCI level is not determined by combining the transaction volume of dissimilar card brands.

What is an IP-based POS environment?

The point-of-sale (POS) surround is the surround in which a transaction takes place at a merchant location (due east.g., retail shop, eating place, hotel property, gas station, supermarket, or other indicate-of-sale location). An Internet protocol (IP)-based POS environs is i in which transactions are stored, candy, or transmitted on IP-based systems, or systems communicating via TCP/IP.

Could my compliance requirements alter?

Yes. As your transaction volume changes, as your payment solution changes, and every bit payment network and industry rules change, your compliance requirements may change. Information technology is your responsibleness to be continuously enlightened of the data security requirements that currently employ to you.

Data store protocol

What rules use if a merchant does not store cardholder data?

If a merchant does not store cardholder data, the PCI Data Security Standards still apply to the environment that transmits or processes cardholder data. This includes any service providers that a merchant uses.

What processing software/applications are currently known to be compliant?

Below you will find a link to the menu processing software programs that Visa has validated to be compliant with the PCI Information Security Standards requirements, including the requirement that after authorization, Sensitive Authentication Data will be purged from the records and systems. Sensitive Authentication Data is certain security information, including the full contents of any track of the magnetic stripe from the dorsum of a card and the cardholder validation code (the 3 or 4 digit value printed on the signature panel of the card). Copies of these software programs that have version numbers older (those with a lower version number) than those indicated must be either upgraded, have a special security patch installed, or be replaced with compliant software to ensure that you do not shop Sensitive Authentication Data in violation of Visa'southward, Mastercard's American Express' or Discover's rules. If you are using any software programs different than the programs indicated, you must confirm with your software vendor that the version y'all are using is compliant with current security requirements.

Access this list of carte processing software programs, and choose "Payment Application Best Practices" nether the "Visa recommendations" section.

Compliance assessment

What is a self-assessment questionnaire (SAQ)?

The PCI Self-Assessment Questionnaire is bachelor for download on the PCI Data Security Standards Council website. If a business organisation chooses to enroll with one of the PCI Security Standards Council Qualified Security Assessors to perform the system perimeter scan, they may complete the approved assessor's Compliance Questionnaire in lieu of the version posted on the PCI Council website.

What is an external vulnerability scan?

An external vulnerability scan involves an automated tool that checks a merchant'south or service provider'south systems for vulnerabilities. The tool will conduct a non-intrusive scan to remotely review networks and Web applications based on the external-facing Internet protocol (IP) addresses provided by the merchant or service provider. The scan will identify vulnerabilities in operating systems, services, and devices that could exist used past hackers to target the visitor's private network. The tool will not require the merchant or service provider to install any software on their systems, and information technology volition non perform any denial-of-service attacks.

Who needs to conduct an an external vulnerability browse?

The external vulnerability scan is applicable to all merchants and service providers with external-facing IP addresses. Even if an entity does not offering Web-based transactions, there are other services that make systems Net accessible. Basic functions such as eastward-post and employee Internet access will event in the Internet-accessibility of a company's network. These paths to and from the Internet can provide unprotected pathways into merchant and service provider systems if not properly controlled. If a merchant or service provider does not have any external-facing IP addresses, they will only be required to complete the Written report On Compliance or the Self Assessment Questionnaire, equally applicable.

Is the merchant responsible for compliance if they have outsourced the storage, processing, or transmission of cardholder data to a service provider?

Merchants should deal but with PCI Data Security Standards-compliant service providers. If there are service providers handling cardholder data on a merchant'due south behalf, the merchant is still responsible for the security of this data and must ensure that contracts with these service providers specifically include PCI Data Security Standards compliance as a status of business. Per payment network rules, yous must inform Wells Fargo if you are using a service provider. Click on this link for a listing of PCI Compliant Service Providers.

Do merchants need to include their service providers in the telescopic of their PCI Data Security Standards review?

Yes. Merchants are responsible for the compliance of their service providers.

Penalties for non-compliance

Are there fines associated with non-compliance of the PCI Data Security Standards?

Yes. Visa, Mastercard, American Express, and Discover may impose fines on their fellow member cyberbanking institutions when merchants do not comply with PCI Data Security Standards. You are contractually obligated to indemnify and reimburse us, as your acquirer, for such fines. Please note such fines could be pregnant.

Are there fines if cardholder data is compromised?

Yes. If cardholder information that you are responsible for is compromised, you may be subject field to fines and other liabilities, including the post-obit:

• Potential fines (at the discretion of Visa, Mastercard, American Express, Discover, or other card companies).
• All fraud losses incurred from the use of the compromised business relationship numbers from the date of compromise forwards.
• Toll of re-issuing cards associated with the compromise.
• Cost of whatsoever additional fraud prevention/detection activities required by the payment networks (i.eastward. a forensic audit) or costs incurred by credit bill of fare issuers associated with the compromise (i.e. additional monitoring of organisation for fraudulent activity).
• Monthly non-compliance fines.

Other PCI compliance resources

Where can I go online to get more data?

Who can I speak to if I take questions?

If yous have questions, please contact our Wells Fargo Merchant Services Client Service representatives at i-800-451-5817.

Scrap card technology

What is the customer experience when they pay with a chip card?

For card present or in-person payments, when a customer presents a fleck card, the merchant asks them to insert it into the slot in the Pin pad or terminal, or tap if the card supports contactless payments. The final guides the client through the process. The customer volition be prompted to authorize the corporeality, and may be prompted to enter their PIN or provide a signature. The chip card must remain inserted in the slot through the unabridged transaction. If information technology is removed too shortly, the transaction volition be cancelled.

What does the payment feel look similar for restaurants and other merchants that take tips?

Accepting tips from a fleck card may vary depending on a merchant'southward bespeak of sale. For instance, wireless point-of-sale solutions can simplify the payment procedure for restaurants since a server tin can take a wireless chip compatible terminal to the table to collect payment and tip from the customer.

Wells Fargo offers POS solutions that cater to restaurants and allow a merchant to capture tips, table mapping, etc.

Once I upgrade my terminal equipment to take flake cards, volition I be able to have and process chip card transactions? Will I be able to accept magnetic stripe cards?

Depending on your POS device, your terminal can assist you in dip, tap, swipe or even keying in a card for payment.

Occasionally you may come up across a damaged scrap, or a chip carte that is non fix to be used. In these scenarios, the flake card terminal or Pin pad may prompt you to swipe the carte. The transaction will be processed equally a magnetic stripe transaction, and if the card issuer approves the transaction, the issuer is liable for whatever chip card-related fraud.

In one case you lot have upgraded your concluding equipment with both scrap compatible hardware and software, it is important to:

• Closely monitor your chip menu transactions
• Ensure that staff are properly trained on merchant credence procedures for chip cards

Contact Wells Fargo Merchant Services Customer Service at 1-800-451-5817 or your Wells Fargo Merchant Services specialist immediately for a replacement device and to avert any related fraud chargebacks to your account if:

• Your currently fleck compatible final or PIN pad all of a sudden stops allowing y'all to insert scrap cards. This indicates a hardware malfunction.
• Y'all realize you are processing all chip cards as swipe transactions.

Nosotros're hither to assist you lot upgrade your equipment to have and process bit cards transactions. Go a quote, or call us at 1-866-380-9828, Mon – Fri, 6:00 am - vi:00 pm, Pacific Time, and Sat, half-dozen:00 am - 3:00 pm Pacific Time.

Already a Wells Fargo Merchant Services customer? Call ane-800-451-5817 or contact your Wells Fargo Merchant Services specialist.

Business organisation Track^®

How practice I obtain access to the Business organization Track portal?

If yous aren't already enrolled in Business Rails, you can self-enroll at any time by following these steps:

1. Go to www.businesstrack.com.
2. Nether Create An Business relationship, click Enroll.
3. Select Sign up with your Merchant Account.
4. Make full in all information designated as required and click Create Account.
5. A screen volition brandish approval status:

• If you are automatically approved, an onscreen approval bulletin will appear. You'll as well receive two divide emails. The outset email volition contain user ID. The second email will incorporate a temporary countersign. Complete temporary password change and Multi-Cistron Hallmark (MFA)
  • Click Continue To Login.
  • On the Business Runway Homepage chose Merchant Login and enter user ID and temporary countersign.
  • Alter temporary countersign and click submit and so click Proceed to Login
  • On the Business organization Track Homepage choose Merchant Login and re-enter user id and newly created password and click sign in
  • You will receive a MFA security code via email. Enter the security lawmaking on the Verify Security Code screen and click submit
  • Review the terms and conditions, select accept if yous wish to proceed to the Business concern Track portal
• If you are non automatically approved, Please check the Merchant Account details and re-submit or contact Client Service to confirm your Merchant Account Details.

What if I forget my user ID or password?

If you've forgotten your user id, go to www.businesstrack.com

• Select "Merchant Login"
• Then select "Having problem signing in?", this will then take you to the next folio where y'all can select "Forgot User ID"

If you lot've forgotten your countersign, go to www.businesstrack.com

• Select "Merchant Login"
• Then select "Having trouble signing in?" to initiate the Self-service countersign reset process
• Enter user ID and submit
• You'll receive a MFA security code via electronic mail. Enter the security code on the Verify Security Code screen and click submit
• On the Countersign reset screen, create a new password and submit

Will my password expire?

Yes, passwords expire every 180 days. You volition exist prompted the get-go time you lot sign on later 180 days to change your password. Y'all volition not exist able to admission the Business organisation Track portal until you lot have inverse your password.

What happens if I do not sign on to Business concern Track for an extended period of time?

In guild to retain your access to the Business Track portal, you must sign on at least once every 180 days. After 180 days without signing on, your access will exist disabled and y'all will demand to brand a new request for enrollment where y'all will receive a new user ID. This is to assist protect your account information from any unauthorized access.

Where can I update my email accost associated with my user ID?

You can click on User Preferences to admission the driblet-downwardly menu and select "Update User Contour" to update your e-mail address.

Digital wallet payments

How can I accept digital wallet payments like Apple Pay^®?

Businesses that accept contactless payments can accept digital payments such as Apple Pay, Fitbit Pay^TM, Garmin Pay^TM, Google Pay^TM, and Samsung Pay. To accept digital wallet payments — also known as digital payments or digital wallets — at the betoken of sale, a concluding enabled with Well-nigh Field Communication (NFC) technology is required.

Additionally, payment gateways can also integrate digital wallet acceptance with your website for menu not present payments.

Merchants with questions well-nigh their terminals or payment gateway'southward capability to take digital payments can contact Wells Fargo Merchant Services at 1-800-451-5817.

Will merchants be charged a higher charge per unit for transactions made through digital wallets?

If the cardholder is making a contactless payment directly on the POS last it volition be treated as a card present transaction.

Merchants with questions should contact Wells Fargo Merchant Services Customer Service at 1-800-451-5817 or their Wells Fargo Merchant Services specialist if they have additional questions.

How can merchants let customers know they accept payments from Apple Pay, Fitbit Pay, Garmin Pay, Google Pay or Samsung Pay?

Many customers may already exist familiar with the universal contactless acceptance symbol. This symbol unremarkably appears on the front of a merchant's contactless capable last or peripheral.

In addition, Apple, Google and Samsung have made stickers bachelor for merchants to brandish at the point of auction.

Which cards can be added to a digital wallet?

Eligible Visa, Mastercard, Discover, and American Express cards can exist used with Apple tree Pay, Fitbit Pay, Garmin Pay, Google Pay and Samsung Pay.

What is NFC engineering?

Near Field Communication (NFC) technology enables devices in shut proximity to communicate. Payment transactions using NFC technology require a contactless merchant terminal and an NFC-enabled mobile device.

Who provides the customer service for merchants wanting to accept digital wallet payments?

Wells Fargo Merchant Services customers tin telephone call one-800-451-5817 if they accept additional questions nearly accepting these payment technologies, or they can call their Wells Fargo Merchant Services specialist.

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Source: https://www.wellsfargo.com/biz/help/faqs/merchant/

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