Frequently Asked Questions

Here is a list of most frequently asked questions:

1.  What type of merchant businesses do you accept and what countries do you accept merchants from?

We accept all types of businesses - retail, professionals, trade shows, mail order, telephone order, Internet based, and home based businesses. We process for Canadian, United States and International merchants. 

2.  Do I need to incorporate offshore to start processing?

It depends on where we place your account and how risky your account is in relation to the credit card association rules.  If we are able to place your account domestically; you do not have to incorporate.

3. Will you accept a new business?

Yes.

4.  What fees are charged for offshore merchant accounts?

The fees vary depending on the risk the acquirer is going to take on the business.

5.  How long do you keep the reserve for and when is it released?

We follow Visa Operating Regulation by observing the 6 month rolling reserve. The reserves are based on the FIFO method – first in first out. After the 7^th month, the first month reserves are released and so on. The reserves are normally 5% to 10% on net deposits and it is dependent on how risky the business model is.

6.  What if my credit score is bad?

We have a 98% approval rate and even if your credit is bad, you will likely get approved.

7.  How often do I get paid?

We process your transactions in real time and you receive your payments twice a week for high risk merchants and daily for retail merchants.

8. Is there a minimum dollar amount I need to transact?

None.

9.  What is your Turn Around time on your merchant applications?

Our T.A.T is 48-72 hours turn around with all International merchant applications we receive. Domestic Applications are approved within 24 hours. The more information we have on your business, the faster it will take us to underwrite your merchant account.

10.  What types of credit cards and debit cards do you accept?

We accept all brands. The most common brands are Visa, MasterCard, American Express, Discover, and ATM debit cards.  We also do checks by phone and ACH checks.

11.  What is ACH check?

ACH stands for American Clearing House and it is govern by the NACHA (National Automated Clearing House Association) rules. Majority of Americans have either a checking or savings account that can be used as a form of payment through the ACH network.

12.  Do you have electronic monthly statements?

Yes, merchant activity statements are available electronically.

13.  Do you have monthly volume caps on your merchant accounts?

No.

14.  Do we get our own merchant descriptor and merchant account?

Yes, you get to choose your own merchant descriptor and we provide you with your own merchant account. We also offer an aggregator account.

15. Can I host my site where I am now and still use WorldNet Processing, Inc.?

Yes, WorldNet Processing, Inc. can work with you regardless where your site is hosted.

16. What is a payment gateway?

A payment gateway connects securely with a merchant’s web site to transmit credit card and debit card payment information for authorization and settlement through various credit card and payment networks.

17. Why do I need a payment gateway?

A payment gateway is necessary to transmit the customer credit card data between the merchant site, the third-party processor and the acquiring bank.  A merchant web site cannot integrate directly with the third-party processor or the bank without the use of a payment gateway.

18. Do you provide secure encryption on your processing server?

Yes, we provide 128 bit SSL encryption on our browser and we adhere to PCI (Payment Card Industry Security Standard). The payment card industry requires all members, merchants, and service providers that store, process or transmit cardholder data to comply with this standard.

19. Can WorldNet Processing, Inc. wire merchant funds anywhere in the world.

Yes. We require your bank account and the legal name of your company must be the legal name on your check. We abide by the Patriot Act, Money Laundering Act and the recommendations by the FATF (Financial Action Task Force).

20. How does WorldNet Processing, Inc. underwrite a merchant application?

WorldNet Processing, Inc. takes into consideration the business model, what types of products or services sold and method of marketing and the history of the business for existing businesses.