Banking
What are the advantages of OPS over other payment options?
The Open Payment System was designed from the ground up to work well in debt collection scenarios. It has been in extensive use in a large number of companies across the UK who rely on it for effective debt management and debt collection.
It differs to other systems in that it is optimised for debt collection teams rather than for the more traditional use of ecommerce in selling goods online. Its rich range of reports and real time systems mean that our customers can get a bird's eye view of cash flow in their business at the touch of a button – something other systems aren't built to do.
Can Open Payment System support multiple merchant IDs and aquirers?
Yes, it is indeed possible to support multiple merchant IDs. For example, if your business has various branches / locations you may want funds to be cleared into different bank accounts depending on which customer is paying you.
Can my money be settled into a non-UK bank account?
Any account can be used as long as it is with a recognised clearing bank.
Can I take any card types I want?
Open Payment System accepts cards carrying the Visa and MasterCard logos, as well as JCB, Diners Club International, American Express, Discover, Switch (now Maestro) and Maestro.
Does the Open Payment System Protect my business from charge backs?
The Open Payment System uses 3D Secure as standard for payments made by your customers via the Internet. This means that you are provided with a limited Visa and MasterCard indemnity against charge backs. Furthermore, you may benefit from reduced processing rates from your bank because you are taking payments through the 3D Secure system.
Why do I need two merchant ID's?
Banks like to know whether a transaction originated on the Internet as a card holder not present Internet transaction or if the transaction was a telephone based person to person transaction. They do this by typically issuing two merchant IDs – an ecommerce ID for web based transactions and a MOTO ID for telephone based transactions. This allows them to review objectively charge backs if and when they occur and to ascertain transaction types and volume from the different IDs.
What do I need to tell my bank when I want to set up the Open Payment System?
The Open Payment System will provide you with a 'bank application pack' which will include a standard letter to be sent to your bank on your headed paper. The letter details precisely the service we require your bank to provide and should ensure a quick turnaround in getting you set up on The Open Payment System. In addition, out bank application pack includes forms to allow us to seek competitive quotes from other UK banks for you to undertake a comparison with the deal your bank are able to offer you.
How much will my bank charge me for settlement?
This will depend greatly with each bank, the trading history of your business, your anticipated volumes and the percentage splits between credit and debit card transactions. Our customers have reported charges ranging from 1.25% to 3% for credit card transactions and 18p to 90p for debit card transactions. The fact that your transactions are made using the 3D Secure system should make your rates more favourable.
Does The Open Payment System hold my money for any period?
No. All transactions processed through The Open Payment System are processed directly between the card issuer and your bank account, so you can be certain that your money remains your money at all times.
When do I get the payment in my account?
Payments received via The Open Payment System are sent to the bank network for settlement each night at midnight. Depending on your agreement with your bank payments can typically take three days to fully settle into your account. In some rare cases (for example if you are a concert promoter) it may take longer to settle the funds into your account as your bank may want indemnity against charge backs until your concert has happened.
How does the CSV load into my accounting system
Most accounting software has a facility to import CSV file data. For example, in Sage Accounts you simply go to the File menu and select Import. Then select the type of file and the transactions from The Open Payment System are imported. We can work with you to make this simple process work for you too.
What is a charge back?
A charge back occurs when a payment is made using a credit or debit card and the authorised account holder subsequently challenges the transaction as an invalid transaction. Under normal circumstances the merchant services provider would immediately refund the amount to the account holder and then investigate – possibly affecting your cash flow while this investigation take place. In addition, you may have already provided a service or shipped a product – which means you have lost out in effect twice. 3D Secure provides a limited Visa and MasterCard indemnity for merchants against charge backs, but this cannot stop all charge backs.
What is DataCash?
DataCash are our exclusive partner for processing payments through the UK banking network. Instead of aligning ourselves to a single bank, using DataCash we are able to work with any bank in the UK to allow our customers to accept credit and debit card payments. Moreover, this relationship affords our customers significant room for negotiation on bank rates as they are not tied to using their own bank for payment processing into their company bank account.