Delays in funding are a result of unusual transactions. Unusual transactions are defined as one that deviates from your typical processing activity and account profile. When we setup your account, a personalized merchant profile is created for you based on the information given to us during the application process. Your average transaction size and processing volumes are examples of what we use to build your profile. If you process an unusual transaction, Payfirma’s secure system will flag it for review.
Why do we flag?
Payfirma flags unusual activity for security purposes. It’s a fraud reduction practice we take to ensure your account is secure.
How will I know I got flagged?
You’ll be contacted by the Payfirma Support Team within 24 hours to notify you of the hold. We’ll explain the reason for the hold, the review process, and what to do next. If we can’t get a hold of you, we’ll try again the next day.
What’s the review?
The review includes verifying your transactions. A typical review requires confirming the transaction with you and your customer’s credit card company. You’ll speak briefly with a risk officer to discuss the transaction. Following your chat, the risk officer will contact your customer’s card company to verify the transaction. If further digging is required, the risk officer will ask you for a copy of the invoice for the transaction in question.
Once you’ve cleared the review process, you can expect to receive your funds in your bank account within 1-2 business days.
How can I speed up the process?
Usually, delays fall into the 7-day period but can extend if further consideration is necessary. A simple thing you can do yourself to ensure a seamless review is to provide detailed documents. When an invoice is asked for, make sure it clearly shows your customer’s name, address and phone number before you submit. An invoice to ABC Company, Vancouver will take eons longer to verify than an invoice to ABC Company, 123 Main Street, Vancouver, BC V6E 4A2, 1-800-222-3333.
Pro tips to prevent delays
- If you’re putting through an unusual transaction and know of it beforehand, give us a shout. Sending us an invoice in advance can cut processing times by up to 48 hours.
- Prior to making the purchase, have your customer call their credit card company to inform them of the upcoming transaction.
- If you’re planning on processing out of town, let us know. A jump in international cards used can be seen as an unusual transaction. So if you’re headed to a trade show or plan on selling out of town, give us a heads up.
- Make sure Payfirma has your most up to date info. When you submitted your application, you told us what your highest and lowest transaction sizes were. Keeping us in the loop on fluctuations in your processing volumes will help tremendously. Any changes to your account information and processing activity can be sent to [email protected]
Funding delays are a pain, but they don’t have to be. If you keep these tips in mind, you’ll become a processing pro and never have to worry about delays again.